Numerous rejections for current accounts despite excellent credit score!! Unsure why

Ryan_K

Hey Forum,

I have had this frustrating issue for the past few years of trying to open a current account and a credit card accounts only to be rejected despite having an excellent credit score with Experian. I am thinking of getting a mortgage with my boyfriend and I fear there is going to be another rejection. Any suggestions or advice would be greatly appreciated.

Below is a summary of what has happened to date.

In November 2017 I was ejected for a current account with Clydesdale bank. I was declined for a Santander credit card in January 2018, despite having a current account containing a sizable amount of cash with Santander since 2015. I was declined for a current account with HSBC in March 2019 and most recently declined for a Virgin Money current account in August 2020. Santander, HSBC and Virgin Money asked me to provide proof of ID and address during the application process.

I tried to get to the bottom of the rejections with the banks, however each of them have advised to go back to Experian and check my credit report and the information they hold on me. I have an excellent credit score with Experian, I have spoken to advisers at Experian and they cannot find anything of error in my report. I have looked at my credit report with both Experian and TransUnion and they seem to match.

I have asked the bank Managers to liaise with the under writers but yet again, there was no answer for the rejection. 

I work full time, with a decent wage, I have no loans or credit card bills.

I have also applied to join MSE Credit Club in 2017 and in 2018 which was also rejected. On emailing MSE they advised to go to Experian also.

In March 2017 I was contacted by Rate setter as they had received an application for an unsecure loan in my name. I replied straight away as it was not an application I had made. They contacted CIFAS to make them aware of this application. This application doesn’t appear on the TransUnion or Experian account. Experian have advised me that this activity is no longer on my file and has not reflected negatively on my score.

I have contacted CIFAS and there was nothing there regarding fraud.

Yesterday I managed to open a Halifax current account as this is the provider that my boyfriend has for his current mortgage. They didn’t ask me to provide any documents for proof of ID or address.

 In an attempt to move forward does anyone know why there could be numerous rejections? and how I could possibly resolve the issue? All help greatly received

[Deleted User]

Your excellent credit score is not a factor in lending.  You need to go through all your files carefully to see what the issue may be - Experian, TransUnion, Equifax (as well as CIFAS and potentially Hunter).

It sounds as though you have a fairly thin file, unless you have credit accounts you haven't mentioned. Lack of history plus repeated searches may be causing the problem. Whereas Experian will tell you that having no credit history makes you an excellent customer, lenders strongly disagree and they're the ones making the decisions.

Start by look at your three CRA files and see what appears on each.  The current account declines are the most concerning, and suggest there may be something lurking in the background.

Ryan_K

Thanks zx81 for your reply.
Regarding the thin file comment, I have a Barclays current acc for 10yrs and a credit card with them for 7 years. I started to use the credit card more over the past few years and clear the balance each month. I also have 3 other current accounts with NatWest, Nationwide and Santander.  I never had an issue with opening accounts until the rejection from Clydesdale bank in November 2017. 

I rechecked the CIFAS email and they had listed these 2 records (I had missed these previously): 
1) Retail Money Market Ltd recorded a false identity marker with reference xxxxx on 20 Apr 2017, matching on details you have provided.
2) Clydesdale Bank PLC recorded a false identity marker with reference xxxxx on 01 Nov 2017, matching on details you have provided.
Upon checking retail money market I found they are also known as rate setter (I did not make any applications with this company). They (Rate Setter) assured me that this episode of identity theft was alerted to CIFAS and it would not reflect negatively. I did apply for an current account with Clydesdale and this was the 1st episode of rejection.
I am not too sure what these records mean and whether they are having a negative impact on my ability to open accounts. 
I am uncertain what to do next, what would you advise?
Would you recommend contacting CIFAS to see if these records can be removed from my file? 
Many thanks. 

[Deleted User]

What category of marker are they showing as?  That sounds like a cat 1 marker, which means they believe you committed the fraud.

If so, that's a big problem.

Ryan_K

The email did not outline what category marker it was but said the following.
"The first record relates to details provided within an application – the False Identity marker. This

includes all the information provided to our member by an impersonator.

The second record is a Victim of Impersonation or Victim of Takeover marker. This includes the

genuine details of the victim, including their correct contact details, and is intended to protect the

innocent victim from being further impersonated."

The email also said most Cifas members also use one or more fraud prevention agencies other than Cifas.
Do you know of another agency? 
Also do you know how I go about rectifying these issues? 
Thanks

MattMattMattUK

Have you completed a DSAR from CIFAS? Is that the email you say you recieved?
https://www.cifas.org.uk/contact-us/subject-access-request

You can also request an SAR from National Hunter.
https://www.nhunter.co.uk/contactus/

penners324

Sign up to Credit Karma and ClearScore and MSE credit club to access your records for free to see what is shown on there.

Ryan_K

@ MattMattMattUK thanks for your reply,
Yes, the email I was referring to was a DSAR from CIFAS.
I will check to see what information National Hunter hold.
Do you have any recommendations as how to proceed from here?
Thanks