What are CIFAS markers and how do I remove them?

CIFAS Marker Removal Guide: CIFAS markers explained

CIFAS markers and bank fraud indicators are likely to have come up in your credit applications, whether you were applying for credit for yourself or others. These markers can make it difficult to get credit. This is a serious inconvenience. There are some things you can do if you have problems with CIFAS markers. This article will answer some of your most frequent questions about CIFAS markers and provide guidance on how to get past them.

CIFAS markers explained: Quick Links

What is CIFAS exactly?

What are CIFAS markers and how can they help?

What is the difference between a CIFAS mark and a nondisclosure agreement

What are CIFAS markers and how can they affect me?

CIFAS markers are a problem for credit applications.

What are the various types of markers?

What happens if CIFAS markers are removed?

Is there an equivalent database that contains indicators of bank fraud?

Setfords can help you remove markers.

What is CIFAS and how does it function?

Credit Industry Fraud Avoidance System is a non-profit membership organization dedicated to fraud prevention. It maintains a large database on fraudulent behavior in the UK. CIFAS is a non-profit organization that focuses on fighting crime and fraud. Its members include many sectors, including financial institutions. They use it to access and report on possible fraud.

What do CIFAS markers signify and what are they?

An adverse decision is when a financial institution (bank, insurance company or loan company) suspects you or your company of financial crimes and places CIFAS marks on your credit report. This indicator may be used by other organizations to find out more about you and the risks of lending to your company.

What can I do if my Internet account is disabled?

CIFAS markers are often not known to many people until they apply for credit or are denied.

If you are a victim of fraud, CIFAS can show a record on your credit report of your CIFAS marker. If you do not have one of the two types of markers (Victims of Impersonation and Protective Registration), then CIFAS can only help you to access it. The financial institution that placed the mark on you has no legal responsibility for letting you know about it or explaining why it is there.

What can CIFAS markers do for me?

CIFAS markers against you could have the following negative consequences

Most likely, you won’t be approved for credit, including a mortgage, auto loan, overdraft or cell phone contract. Even if you submit an additional application, your application may still be rejected.

Even if you do not have any accounts affected, financial institutions might close them if they are concerned about activity on any of them.

It is almost certain that the application for a bank account will be denied.

If you are less than 21 years of age and don’t have a bank account, the Student Loans Company may deny your request for student loans.

If you work in financial services, a CIFAS marker could hurt your career or prevent you from applying for future jobs.

Red flags on the part of a company’s board could mean it is unable to get loans, other types credit or banking services.

This is not a complete list. There are many ways a CIFAS mark could harm your business. Get in touch immediately if you have been affected to discuss your options.

CIFAS marks are a roadblock in obtaining credit.

Richardson Lissack consultants choose a more flexible and balanced job that is both satisfying and fulfilling. Many credit applications are automatically reviewed. For example, a store credit card or vehicle financing can be automatically checked. This automated process will be stopped if a CIFAS mark is placed against you. Your application will need to undergo additional checks.

Due to their past history, financial institutions might be less likely to lend to CIFAS-marked individuals.

What are the various types of markers?

There are eight types of CIFAS markers. Each CIFAS marker stands for something different and each one has a different duration. These are their respective names:

Protective registration. This is a sign that you might pay CIFAS directly or another third-party service. It is valid for two years.

Victim of impersonation. This document is filed by a lender to prove that you are a victim of identity theft. It is valid for 13 months and can be renewed annually.

First party fraud. If the defendant did not intend to repay future instalments for swapped goods and services, this defense may be used. It can be used for up to six years.

Facility Takeover. This marker is used to record a bank account that has been taken over and used for unauthorised transactions. It can last up to six years.

Missuse of the facility. If someone creates a fake account to illegally use the facility, this is called fraud. This can last up to six years.

Asset conversion. This marker records the transaction if an individual sells something they don’t own, such as a car that was used under a condition sale, hire purchase, condition hire, contract hire, leasing, or rental agreement. You may keep it on your records for up to six year.

Application fraud. If someone applies for credit using their real name but provides false information, such as employment, pay or documents, it is called false identity fraud. In some cases, it can go on for up to six years.

Insurance fraud. The Department of Insurance may use this signature to show that consumers are being deceived when they purchase financial insurance. If incorrect information is provided while filing a monetary insurance claims, it can be filed.

What can be done to remove CIFAS markers?

CIFAS markers from financial institutions can be very inconvenient. It is possible to remove them before the deadline.

It can be complicated to remove the CIFAS marker because it is complex. It is advisable that you consult a lawyer experienced in the removal of CIFAS markers before you start. This will help you determine if it is possible and what steps you need to take.

Get a CIFAS Report that details your marker. This report will reveal what charges have been brought against you, and who they were. The financial institution that filed the marker can be contacted for more information, but they are not legally required by law to give any additional information beyond what is on your bank statements.

Your lawyer and you can then pursue the financial institution directly. It is almost certain that you will have to prove why the marker should not be revoked. Simply stating that it was maliciously filed does not suffice.

The credit grantor will then provide its final response. If they refuse to remove the marker, you may take them to court. CIFAS must respond within 14 days.

CIFAS may refuse to remove an offender. A complaint can be made with the appropriate Ombudsman or another similar body. This usually refers to the Financial Ombudsman Service (for banks) or the Communications and Internet Services Adjudication Scheme (for mobile phones).

In certain situations, a court review may be possible to remove the CIFAS marker. Your lawyer will help you decide if and how to proceed with a judicial review or injunction if this does not remove the CIFAS mark.

Do you know of any other databases that contain bank fraud indicators?

Two other databases that are similar exist in the United Kingdom. However, they have far less information about an individual. SIRA and National Hunter are just two examples. National Hunter uses terms such as ‘inconsistency and suspicious to determine if someone’s account status “clear” is “refer.”

You may be able, in certain circumstances, to challenge these databases the same as a CIFAS mark. This can be done by your solicitor.

Richard Lissack’s help in marker removal

Richard Lissack is available to assist you if you believe you are the victim of an unfair CIFAS marker being filed against your company or you. Our solicitors are experts in this field and can help you reach a solution. We are available to discuss your case and offer assistance.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button