MCO Capital loan

Debtfreeatlast_2

Don't think I have, your credit reference will show a potential lender what bank accounts you have, it may even give account numbers. Hence anyone lending should match Bank account DOB and years at address before lending. I have a feeling Payday loans might currently work outside certain rules and regs hence the fixed max of £300.

I think MCO have been turned over, and maybe more than once. The assumption that they are frauds I think is wide of the mark I really do not believe Experian would allow them to continue to use their services, and if it was a con oufit, why even both with checking and registering the search and loan account with Experian? After all you summise they are not sending out any money, so why even bother with Experian?

grahamqat

You could be right Debtfree. I thought the reason for the credit checks was to sift the ID fraud applicants from Legit ones, and get more info for when the debt is sold on. Legit applicants will probably have a poor credit rating so their debt and ID is worth less. This is supposition, but the main reason why I have gone down the line of suspecting MCO in all of this is that their company profile is typical of a fraud outfit. Registered as non-trading. Main director has 15 other directorships (Law). Have returned only zero accounts. Only capitalised to £100 etc etc. Also, do you not think the web-sites are very suspect? They seem to me to be more geared towards ID fraud than loan applications. Only time will tell - maybe we'll never get to the bottom of it. Even if MCO are innocent, their incompetent allocation of loans has caused all this trouble and they deserve all they get!

davidbuk

Debtfreeatlast wrote: »

I think MCO have been turned over, and maybe more than once. The assumption that they are frauds I think is wide of the mark I really do not believe Experian would allow them to continue to use their services, and if it was a con oufit, why even both with checking and registering the search and loan account with Experian? After all you summise they are not sending out any money, so why even bother with Experian?

I think it would have been impossible for MCO to have not noticed this sudden surge in loan applications from people over a very short space of time. If it isn't them as a company that is the guilty party then it has to be one of their employees. They are not a big enough concern for this to have slipped under their radar.

If they are entirely innocent why have they put nothing on their websites or issued some sort of statement about the fraudulent applications.

davidbuk

grahamqat wrote: »

Also Debtfree, you may have stumbled on the common thread between all 5000/10000 ID victims - They may share say 5 or 10 different surnames only so very few fraud bank account names would be needed. Incidentally the name of your bank account can be anything, it doesn't have to have any connection to your actual name.

I have a very unusual surname there's less than 50 people in the country with it so I don't think that is the link.

grahamqat

Found this on the Shropshire Star web-site:

"Telford police spokesman Chris Ammonds said: “We believe this is a scam. Whoever is behind the MCO Capital Finance and Help Loan demands is trying to obtain money from people which they simply do not owe.”
A number of people around the country are known to have answered the demands and paid up but Mr Ammonds said, fortunately, no-one in the...."


Read more: http://www.shropshirestar.com/news/2010/10/16/police-warning-over-scam-debt-firm-mco-capital-finance/#ixzz12zjRLVe6

Seems the police here have decided that MCO are the criminals behind the scam. Dont know if they've conveyed this to NFIB though. Thanks about the name David - there goes another theory!

geomacl

I too am not sure about the potential for a specific set of surnames to have been targetted. There have been a number of newspaper articles re MCO etc. up here in Scotland and the range of surnames was quite wide.
At present I am ambivalent as to whether MCO are victims or perpetrators - their total silence on the issue is very puzzling and I would have expected them to be more vocal if indeed they were also victims - similarly IJ! Why have neither one of them done the decent thing and sent out a circular letter of apology/explanation to all of us who have had our identities stolen - and WHY are demanding letters still being sent out in their name - in some cases twice or three times to the same person????:eek:

grahamqat

Surname theory in the bin now! Still cant believe MCO is legit unless the loan application system was entirely computerised and the software wasn't as good as it should have been so did not spot patterns, bank account name mismatches etc. Haven't got a third letter yet - are there people on this thread currently getting letters Geomacl? I should look back over it but it's got a bit big now!

geomacl

grahamqat wrote: »

Surname theory in the bin now! Still cant believe MCO is legit unless the loan application system was entirely computerised and the software wasn't as good as it should have been so did not spot patterns, bank account name mismatches etc. Haven't got a third letter yet - are there people on this thread currently getting letters Geomacl? I should look back over it but it's got a bit big now!

Yes grahamqat - there were some people in the forum who had received 2nd or 3rd letters withing the last week or so.:mad:

piglets3_2

I have a theory that the fraudsters used an on line information site. Information can be sorted by Area, occupation, Directorships, name, age etc. If the loan applications were genuine, would this not be reflected % wise with the most common surnames in UK? There may be a pattern showing an uncommon beginning letter of surname with these loans.

grahamqat

Nice one piglets3 - I'm sure whatever the source was it was fairly public domain, contained very simple info only and was either free or cheap. Do you have a link to this site or is it a generic reference? Thanks for that update Geomacl - hard to reconcile letters going out still with Fraud Squad in the office; perhaps the boys in blue are licking the envelopes?