Santander 123 account application, gone to underwriters

englandcrew

On Thursday I applied for a joint 123 Santander account via the telephone. My partner has her main account with them and I have two savings account with them. We both have great credit history but for some reason it has gone to the underwriters to look at.

Im not applying for an overdraft so very surprised it is being looked at.

Im in the process of applying for a mortgage (early stages) Im worried this will affect my application. Has anybody any recent experience with this happening and what could they be looking at?

Thanks

anselld

Have you ( or she ) applied for anything else recently? It may be flagged for number of recent credit searches ie 123, mortgage, any others?

davethorp

I have a fairly poor credit history (although it is improving) and was recently accepted for a Santander 123 account so I wouldn't worry too much

innovate

I wouldn't worry, this is probably just a regular check. Or there might be a simple inconsistency with your credit files, like either or both of you not being on the Electoral Register, or being on it with slightly different spelling of name(s)?

englandcrew

anselld wrote: »

Have you ( or she ) applied for anything else recently? It may be flagged for number of recent credit searches ie 123, mortgage, any others?

We have not applied for anything else, the mortgage company havent carried out a search on us yet as they are waiting for the paperwork from us. The only search will be the one Santander carried out.

Im still worried but less so with the above comments, hopefully it should go through ok.

Would they refuse us on the grounds that we do not want the overdraft?

davethorp

We don't have an overdraft on our 123 account although that's because we don't qualify for one at the moment

datostar

I recently opened a 123 account online and was given an overdraft facility without asking for it. I don't actually recollect seeing anything about overdrafts on the application. Possibly they consider an overdraft automatically with all applications? .

Sampong

I have this email also, saying that the account application is being reviewed by an underwriter.

My credit history is good, but in January I was the victim of attempted ID fraud and this shows on my credit report under CIFAS.

Just goes to show that ID fraud can happen to anybody because I take all the sensible precautions against it.

innovate

Sampong wrote: »

My credit history is good, but in January I was the victim of attempted ID fraud and this shows on my credit report under CIFAS.

Sorry, I don't quite get this - you were the victim of attempted ID fraud, and something about this shows on your credit file? If there was any erroneous data on your credit file, have you not had it removed?

Paul_01

A CIFAS marker can appear on a credit file long after the initial attempted fraud. Assuming it was third-party fraud (as opposed to you committing the fraud yourself) then it is designed to give lenders a nudge to look at applications a bit more closely due to the past issues.

In theory it shouldn't adversely affect any future credit applications, as you were the victim after all, but I have seen posts by people who claim that a CIFAS marker for third-party fraud has indeed caused credit declines.

The actual data caused by the fraudulent activity can be removed from a credit file, but the CIFAS marker can remain.

Sampong

^^^^ Basically what he said.

Jan this year I had a statement (with a zero balance on it) come through the door from one of those clothing catalogue companies you see advertised on TV. Knowing that I do not have an account there I phoned them immediately, and they put me through to their fraud department.

They had already flagged the account up as fraudulent (clever people) but after a conversation the lady said she would put a CIFAS marker on my credit file and explained that it doesn't (shouldn't?) affect your credit worthiness but will prompt financial institutions to take a closer look at me when any applications are made.

Any financial institutions who are a member of the scheme not get a pop up on their screen telling them that I was the victim of ID fraud and extra caution is required.

Personally I think it is unnecessary as no doubt the fraudster has long since moved on, but it does cause some extra inconvenience to me. For example I have recently applied for a savings account somewhere and they are asking for proof of address which, as you know is generally done electronically. Just little things like that which "bug" you.

I use Equifax online to view my credit report, this information does not appear in my "credit file" but in a separate section specifically called CIFAS UK Fraud Prevention Service.