Cifas marker

Anonymous127

Morning, in december 2016 i got a CIFAS marker for misuse of facility, i recently did a SAR to CIFAS which i can see the marker on the SAR. I want to know once the marker comes off CIFAS which they informed me will automatically fall off after 6 years.. can i resume highstreet banking services? And if so can I apply instantly after 6 years or would i need to wait a period before applying?  

[Deleted User]

It'll drop off your credit record as if it never existed after December yes. Keep in mind the firm / group who applied it may not want you back regardless

Anonymous127

Thank you Farfetch, my concern is the other day I did a quick check on capital one which was a soft search for a credit card which I know i wouldnt have been accepted due to cifas marker, however they said my credit score is too low which Is not correct as its 688 on equifax and transunion which shows good? My concern is even when they do a soft search will this cifas marker show up? Is that why i never passed the soft search? Also it was Lloyds bank who i contacted today and they said they never want to bank with me again.. will other highstreet banks be ok once the marker falls off? 

DullGreyGuy

The credit score you see is one calculated by the credit reference agencies almost purely for you and is just a marketing gimmick for them. No bank is seeing that score as part of their lending decisions. 

Banks have their own logic for deciding if you are a good risk or not, right now you are under 6 years since the marker was applied and so people will be seeing that still. Its likely that Capital One will now keep that decision on file for a while and so whilst the marker drops off in a month or two their record is likely to persist longer than that.

For other lenders that you havent had do any searches on you recently a likely challenge is going to be your lack of recent history as presumably you havent had any mainstream credit products in the last 6 years either. 

Anonymous127

Ok that makes sense but will I at least be able to open a bank account once the marker drops off? I haven't had a high-street bank for nearly 6 years? Also the fact I haven't had a bank account for 6 years nearly will this affect their decision? Do i also need to wait until the bank account closed drops off my credit report before reapplying? 

Band7

Once your CIFAS marker is gone, you will at a minimum be entitled to a basic bank account. That's a current account like all others - just you can't get overdrawn or have a cheque book.

I doubt your old "offending" account will make a difference - though there is probably no point applying at the same bank again as they may have blacklisted you. Perhaps try the banks known for easy application - Starling, Monzo, Chase will only do soft searches, and searches for CIFAS markers.  Then it will only be a matter of not getting another CIFAS marker 

Anonymous127

Thank you but I only want a highstreet bank account once this marker disappears not interested in online banks anymore. So once the marker goes I will be able to get a basic account with any bank apart from Lloyds who added the marker? And can this be done as soon as marker is off my record or would you advise to wait a month or two?  Also when will i be able to start applying for credit cards etc... 

[Deleted User]

Lloyds group - includes say Halifax as well. They might accept you, they might not

Once CIFAS is removed it will be like it never existed, a clean slate. It should be removed immediately on live reports but may take longer on the free ones.

Ignore your pretend credit score, nobody but you sees it. Lenders with any sense refer to credit report (i.e. all the data held on you) though some will simplify things by saying score - they don't mean the score is too low, but rather something on there spooks them in this case the CIFAS

Anonymous127

Ok thank you Farfetch does that mean on the capital one soft search they would have picked up the cifas marker and hence said score is too low? Also once the marker drops of can i apply for a credit card? 

Anonymous127

Could i also ask why the cifas marker for misuse of facility dont show up on experian equifax or transunion

DullGreyGuy

Anonymous127 said:

Could i also ask why the cifas marker for misuse of facility dont show up on experian equifax or transunion

They do, just not to you if you are searching your own records.

Generally, if you suspect someone of fraud, the last thing you want to do is tell them you suspect them of fraud.