CIFAS Material Falsehood - Application Fraud Question

burston0193

I was stupid and made some applications for credit with fake employer details and documents. A company called CIFAS have added me to the database.

I want to know if this affects everyone in my house? Will it mean everyones bank accounts will be closed down and refused any credit for 6 years? I dont mind if its only affecting my name but dont want it to impact anyone else.

[Deleted User]

No it effects only you unless you are financially linked with them ie have a joint bank account or mortgage etc.

eco_warrior

Been a while since I approved any sort of lending but the Cifas marker would flag up on the address then the underwriters would check it out. I can’t see any reason why it would affect the other residents as they haven’t done anything wrong.
Others on here may know better.

T-G-C

There is little non-historic information or facts about CIFAS and how those are specifically affected when filed against, however I can provide some insight for you.

As the CIFAS database is marked against the address of the fraud, it could have some noticeable impact on other residents residing there.

There is no black or white answer on whether this would deter a lender from granting someone else in the household credit, however it would be at their sole discretion. If the fraud is not in another person's name, a bank should not, for this sole purpose, close their account, unless there are serious concerns regarding the level of risk of fraud taking place on the account. For application material falsehood, I would not generally consider this to pose a serious threat to other residents' associations with financial institutions. For more serious crimes such as money laundering or first-party account fraud, then I would advise you to prepare for such event.

CIFAS entries can last from between 13 months to indefinitely, depending on whether the lender is satisfied the fraud has finished and the nature of the fraud taken place. The lender is able to remove the entry, however this would not usually be granted prematurely. Most lenders, who have the right to retain their entry for 6 years, will uphold this for the entire duration.

For further information and guidance, please contact CIFAS. Their advisers will be able to discuss the implications of your entry and whether this will impact others from obtaining credit under your address.