Cifas Marker
Mason91ldn
Forumite 3 Posts
Good morning,
Not sure if this is the right place to post but here we go.
So I have a Cifas 5 marker (Misuse of facility) and needed some advice so here's some background information.
In October 2019 I was contacted by someone on Instagram offering me the chance to make some money by having money transfered to my account and I would receive a percentage, I was told it was crypto related and the person was making many transactions and needed extra accounts and was told I wouldn't even have to do anything, just hand over the relevant banking details (Online included) and after 3 days I would receive a call and would be given my cut. In the end that never played out like that, the money did pass through my account and was withdrawn from someone one somewhere however I didn't receive any calls or any money and said person was no where to be found on Instagram and phone number disconnected. I was naive in terms of fraud and financial expertise. I was also in a pretty bad situation at the time, i.e unemployed and pretty broke. So I jumped at the chance to make some quick easy money. I fully understand now what happened and that I was a money mule. I also fully accept the marker as although I didn't necessarily know what was happening and that it was a fraudulent transaction the fact I still shared my details itself is a misuse so I accept that.
However here is my questions. In terms of opening bank accounts has been a no go from me. I've attempted to open a basic cash account with every high street bank and tend to always get denied instantly, even if I do get the initial acceptance it gets closed down before the card arrives. Currently I have a prepaid card (CardOne Money) which charges a £12.50 monthly fee. My issue with this is they don't report my ins and outs with any credit reference agencies. Is there any one I can open an account with that would report my finances to said agencies ? To help re build my credit score whilst I wait out the Cifas Marker ? Also what are my other options in terms of building my credit score ? As of course with the Cifas I'm not able to take out credit cards, store credit cards (Buy now pay later plans), mobile contracts basically anything that I can demonstrate I'm able to re pay money and be a responsible lender.
So in essence I'm not arguing with my Cifas Marker I know I will need to wait until 2025 for that to be removed but what can I do in the meantime to build my credit score and also give me some freedom in finance terms.
Any help would be greatly appreciated
Thank you in advance
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You could look at credit builder products such as LoqBox and CashPlus. My partner was new to the UK and was able to successfully use LoqBox to save £20 a month for a year into their 'loan scheme'. This gave him a positive credit history after a year and he was able to get a credit card last month. Do bear in mind though that he had zero credit history - you do not, so your situation is not the same. I am not sure if your CIFAS marker will be an issue.
These two facilities, if they accept you, are not free. CashPlus has a monthly fee and LoqBox charges a £30 fee at the end of the term.
As to the second part, I doubt either of them will offer an account to someone with a CIFAS marker. I think Monzo used to not check CIFAS but I think they learned their lesson on that a couple of years ago.
I've heard of Loqbox so that might be an avenue I will have to go down. I also surprisingly got accepted by Argos for their store credit card where I can do the buy now pay later and so far have purchased a washing machine (Which I've paid off) and a laptop that I'm half way through paying off. Is this a good way to build some credit score ? If i continue to purchase things through the credit card and pay them off in time
Just make sure you're not paying any interest.
You can ask the financial institution who registered the CIFAS marker against you to reconsider based on evidence and statements of fact which you provide, and if the do not reply or you do not agree with their outcome you can escalate your dispute to the Financial Ombudsman and Information Commissioner.
From what you've written however it seems like the CIFAS marker is legitimate. Absolutely legitimate. You provided personal banking details and login credentials to unidentified third parties who - for all you know - could have been using the accounts for terrorist activities. The level of naivety demonstrated here is extreme.
You breached the contract you signed with your bank by providing these details to third parties. You aren't even permitted to let your spouse know the PIN number for your card - if you had done this and the bank found out, they'd be within their rights to CIFAS you for that too. Petty? Perhaps. In the contract you signed with the bank? Absolutely.
I too have fallen foul of CIFAS markers and had an Application Fraud marker recorded against me for six years, during which time I was unable to open even basic bank accounts from all but certain banks - Nationwide, TSB, and CashPlus.
I was right to have the CIFAS marker recorded against me as I had omitted previous addresses from an application - in my head, I was saving time, but in reality, I voluntarily and knowingly provided inaccurate information; and shouldn't have.
The six years have lapsed now and I'm no longer denied credit for that reason. I coped perfectly fine for those six years using a basic bank account from a provider which didn't take too much offence to the CIFAS record in question.
You may find a Misuse of Facility marker has a different effect on you to the Application Fraud marker I had recorded against me, but whatever the case, we both earned our just deserts.
Your post, and @Mason91ldn , is one very rarely seen on here.
Almost no-one holds their hands up and says they've done wrong and when others, like me, read that it reminds us that there are a few people out there who have the humility and guts to admit they did wrong and are prepared to take the punishment.
Yes, big respect 👍👍👍
Good luck with the roads ahead guys.