Mortgage implications of CIFAS protective registration?

redonion

After having some documents stolen, I'm considering getting CIFAS Protective Registration.

I'm expecting to apply for a mortgage in the next few months. What effect might CIFAS have on that? Obviously it'll mean more thorough checks, but might it reduce my chances of getting a mortgage, or reduce my chances of getting the best rate?

They say on their website "Does not affect your credit score" - but it's not my "credit score" I care about: it's whether I get a mortgage, and how much I pay for it. Are those weasel words, or just everyday language?

Looking at it from another angle - how effective is CIFAS at preventing ID fraud? Have bad applications been known to sometimes slip through the net even when you are registered with them?

Clearly a big part of the reason I want to get CIFAS registration in the first place is to protect my credit record for the mortgage, and I expect it's the best thing to do in my position. I do want to understand what I'm getting into though, since I hear once you sign up to CIFAS that's it for a year: you can't change your mind (though I haven't yet found that in writing on their website...).

redonion

redonion wrote: »

After having some documents stolen, I'm considering getting CIFAS Protective Registration.

I'm expecting to apply for a mortgage in the next few months. What effect might CIFAS have on that?

Seems this is an obscure subject indeed, for it to have stumped MSE! Anybody?

kingstreet

Nothing I can tell you, I'm afraid.

I'm only posting now so you know I'm not missing or ignoring you!

bigadaj

I'm no expert but it could work both ways.

What documents have you had stolen, presume that all official channels have been informed, if all you have done is good then you shouldn't retain any liability.

I'd be tempted to avoid this personally, but there is a risk whatever you do.

Thrugelmir

Why do you consider yourself at risk from identity theft?

redonion

Thrugelmir wrote: »

Why do you consider yourself at risk from identity theft?

I lost a bag, then got it back, minus the documents.

Thrugelmir

redonion wrote: »

I lost a bag, then got it back, minus the documents.

Unlikely some is going to pretend to be you to obtain a mortgage.

holly_hobby

Here you go ......

http://www.cifas.org.uk/pr_for_individuals

It won't negatively effect any financial application you make, but will alert members that given your issues, further/additional idenity checks to standard requirements, should be undertaken before releasing any funds.

Hope this helps

Holly

redonion

Thrugelmir wrote: »

Unlikely some is going to pretend to be you to obtain a mortgage.

Oh, OK. I'm not expecting that to happen. I'm expecting they might try to take out loans in my name, or something like that, and that that could be a problem when trying to obtain a mortgage (not to mention being a bureaucratic and/or expensive nightmare to sort out). On the other hand, I wonder whether doing CIFAS registration might itself be a problem when trying to obtain a mortgage, because mortgage lenders might conceivably have decided that it is correlated unfavourably with being a bad mortgage risk (I don't know whether it is correlated in that way, nor whether mortgage lenders take any notice of it).

redonion

holly_hobby wrote: »

Here you go ......

http://www.cifas.org.uk/pr_for_individuals

It won't negatively effect any financial application you make, but will alert members that given your issues, further/additional idenity checks to standard requirements, should be undertaken before releasing any funds.

Hope this helps

Holly

Thanks. I'm aware that's what CIFAS say, but I guess it would come as a surprise if they said anything different: given that mortgage lenders don't publish their risk criteria, nothing prevents CIFAS from saying that, and it is in their interest to say it.

I would guess that CIFAS does not make much difference to one's chances of getting a mortgage. At the same time, I expect they have absolutely no scruples about using all statistical data at their disposal, even when it goes against the best interest of the general public.

I don't have any reason to think there even is a correlation that lenders could use, but it wouldn't surprise me if there were one.

holly_hobby

The CIFAS registration notes the reason for the marker. So as stated, would identify that the data subject themselves have raised the marker due to identity theft worries - hence why the Firm will take a more detailed approach to verification of the applicants identity.

Holly