There probably aren’t many of us that have a flawless credit history – tough times, younger years and bills that just couldn’t be paid all leave a mark on our credit record. We can all look make and regret a financial decision or two I’m sure! Although this doesn’t affect our day to day life, it can affect you when you want to apply for credit in the future – even if it’s for big, essential things such as a new car or a mortgage to move house. Sometimes you don’t realise just how big the impact can be until you’re declined credit or given an extortionate interest rate on a loan.
There are things that we can do to improve our credit score – make sure we’re on the electoral role, pay off any unpaid debts and even set up payment plans for outstanding amounts as it all makes a difference. The quicker you try and get your finances sorted the better, it can take up to 6 years for something to come off your credit rating!
What is a CIFAS Marker?
CIFAS Markers – Credit Industry Fraud Avoidance System – it’s a system set up by a fraud prevent membership company. Lots of companies are members and share their data with others, for the purpose of reducing crime and fraud. A company, if they feel they need to can put a marker on your record – this leaves a note on your credit file to say in their opinion, there are possible risks associated against having you as a customer. For example, an application fraud marker or a first party fraud marker. It encourages any company to do further checks before they make a decision on whether to lend you credit – you may even have a marker on your account if you have been a victim of fraud before. You might not even know it’s there until you apply for credit. But it’s a good idea to keep a check on your credit report monthly for any changes.
What To Do When You Have a CIFAS Marker
If you have reason to believe you have a market on your account, you should make a Direct Subject Access Request to CIFAS – This will give you written evidence of exactly what is on their database and what is marked on your account. You can then take steps to contact the company that has placed this on your records and ask for it to be removed. If they decline you should go back to CIFAS with this evidence and ask that your account is reviewed. After this, you can then contact the relevant ombudsman for their final decision. It’s a lengthy process but it can reap benefits if you do manage to get it removed.
