CIFAS MORTGAGE MARKER

MaryNB

If you can't get a bank account you haven't a hope of getting a mortgage. It's about trust. If you they won't trust you with something as simple as a bank account they won't trust you with a 6 figure loan.  You'll need to wait until the 6 years is up. I presume you haven't been able to take out any type of credit over the last 5 years? If so your credit file might need some work when the 6 years is up. Getting a credit building credit card and using it sensibly will help, or something like a phone contract. 

Even after 6 years it might be best avoiding the bank that was involved in putting the cifas marker on your file and any banks under the same parent company, their internal records may go back beyond 6 years. 

MattMattMattUK

lukevain said:

Hi all. I’m new to this so have just signed up to comment. I have a CIFAS marker and it would’ve been on my file for 5 years in September so it’s coming up to the end. I am however currently in the position where I wish to apply for a mortgage, but am worried that this CIFAS marker may stop me from obtaining one. I’m unable to open a bank account with it, so it makes me thing what is even the point in applying for a mortgage? It really shocks me the extent that this marker affects your financial life. It effectively makes sure you don’t have one! I’ve appealed to CIFAS, and the company that placed the marker, and also the FOS. All of which weren’t able to do anything - so I just feel backed into a corner. I really need a mortgage, but can’t help but feel this will heavily effect my chances in obtaining one. If anyone has had experiences regarding this, please feel free to share. Thanks, Luke.

If you have a fraud marker which is what I suspect you mean then you will not get a mortgage until the marker expires or unless you can have it removed. It is also likely that the lender who placed the marker will never allow you to bank with them regardless of six years passing. 

Also the chances of getting one removed now are almost zero as so much time has passed. If you were genuinely completely innocent then you might have been able to have it removed at the time, but if it is accurate then they will not remove it.

GeordieGeorge

lukevain said:

Hi all. I’m new to this so have just signed up to comment. I have a CIFAS marker and it would’ve been on my file for 5 years in September so it’s coming up to the end. I am however currently in the position where I wish to apply for a mortgage, but am worried that this CIFAS marker may stop me from obtaining one. I’m unable to open a bank account with it, so it makes me thing what is even the point in applying for a mortgage? It really shocks me the extent that this marker affects your financial life. It effectively makes sure you don’t have one! I’ve appealed to CIFAS, and the company that placed the marker, and also the FOS. All of which weren’t able to do anything - so I just feel backed into a corner. I really need a mortgage, but can’t help but feel this will heavily effect my chances in obtaining one. If anyone has had experiences regarding this, please feel free to share. Thanks, Luke.

Why does it shock you? Banks don’t want to Gand over their money to people who are known to commit fraud; they know that it comes with a very elevated risk of it just disappearing.

What is it that you want to appeal; do you believe that the recorded information is incorrect?

lukevain

I've tried every avenue possible for the marker to be removed as yes, i do believe it was placed incorrectly. I've asked the organisation that placed the marker on there for more information, but all they've been able to elaborate on is that it relates to a 'transaction'. I am NOT a fraudster, and have never/would never commit fraud! I've seen a comment on here from someone that claims to be going through the mortgage process with the same marker on their file, so it gave me a glimmer of hope. I do however still have the same bank account that I had when I was 18, i also have another bank account that I opened in the last 3 years, as well as three credit cards...

ThisnotThat

lukevain said:

I've tried every avenue possible for the marker to be removed as yes, i do believe it was placed incorrectly. I've asked the organisation that placed the marker on there for more information, but all they've been able to elaborate on is that it relates to a 'transaction'. I am NOT a fraudster, and have never/would never commit fraud! I've seen a comment on here from someone that claims to be going through the mortgage process with the same marker on their file, so it gave me a glimmer of hope. I do however still have the same bank account that I had when I was 18, i also have another bank account that I opened in the last 3 years, as well as three credit cards...

If you've taken it to the FOS and they've found in the bank's favour then you have no chance.

They're consumer-centric to a fault.  Although they err occasionally, it's incredibly rare.  You'll just have to wait another year and two months.

MaryNB

lukevain said:

I've tried every avenue possible for the marker to be removed as yes, i do believe it was placed incorrectly. I've asked the organisation that placed the marker on there for more information, but all they've been able to elaborate on is that it relates to a 'transaction'. I am NOT a fraudster, and have never/would never commit fraud! I've seen a comment on here from someone that claims to be going through the mortgage process with the same marker on their file, so it gave me a glimmer of hope. I do however still have the same bank account that I had when I was 18, i also have another bank account that I opened in the last 3 years, as well as three credit cards...

Your first post said your weren't able to open an account with it. That is wildly different to opening a bank account and 3 credit cards...

Is it definitely a CIFAS 6 marker? There are different types of markers.

lukevain

MaryNB said:

lukevain said:

I've tried every avenue possible for the marker to be removed as yes, i do believe it was placed incorrectly. I've asked the organisation that placed the marker on there for more information, but all they've been able to elaborate on is that it relates to a 'transaction'. I am NOT a fraudster, and have never/would never commit fraud! I've seen a comment on here from someone that claims to be going through the mortgage process with the same marker on their file, so it gave me a glimmer of hope. I do however still have the same bank account that I had when I was 18, i also have another bank account that I opened in the last 3 years, as well as three credit cards...

Your first post said your weren't able to open an account with it. That is wildly different to opening a bank account and 3 credit cards...

Is it definitely a CIFAS 6 marker? There are different types of markers.

There’s no need to be funny about it. I am unable to open any bank accounts since the marker was placed, However have likely been able to retain the bank accounts that were opened before the marker. I’ve also been able to apply for credit cards and had my credit limit increased since the marker was placed. It’s definitely a Cifas six marker and will expire next September. As I’ve evidenced, S I’ve been able to obtain some sort of credit since the marker was placed, I can’t help but be slightly hopeful that a mortgage may be approved. It’s all slightly confusing as the information is conflicting. Even though it is still a level six marker, i’m still able to open credit accounts and have my limit increased.