I have a Cifas Marker but still have bank accounts open.

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Klaudmjj
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#1
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#1
Back in December 2019, I have done something stupid, I opened an N26 bank account, and let someone use it in exchange for money. It was stupid and I regret it now. I didn't think twice about it as this wasn't my main account so I saw no risk in it and wasn't ever educated on the risks.
When this happened, they never shut my account, they just froze it, and later on due to Brexit n26 couldn't operate in the UK anymore so I thought everything was going to be ok.

Anyways, I'm reading all these horrible stories on how people can't get bank accounts and any sort of credit with Cifas markers. I have a misuse of facility marker from Cifas, logged in May 2020. I didn't know it existed until about last year I contacted N26 and they said that received reports from other banks about a marketplace scam where someone sold designer clothes but in the end, the buyer never got the clothes. I know I have until May 2026 for it to eventually disappear.

I know I should be thankful, which I am, all my bank accounts are all intact, I have even switched bank accounts using the current account switch guarantee service, and nothing was done to my new bank account either, this was in September 2021.

One thing I am confused about is why are they letting me have these accounts open?

I haven't really been applying for much credit as I have everything I need at the moment, but I have been pre-approved for credit cards, which later on got rejected, one credit card by my bank, and one by capital one. I have also tried opening a savings account, which was open at first, but later on, got a text saying due to further checks they are closing this new account. Again, confused on why they closed this one but not my current account.

I am thinking of getting a new car soon, PCP finance, will this marker likely ruin my chances of getting this car or are these checks not really relevant as I essentially don't own the car on PCP.

Thanks for your time.
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martin7
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#2
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#2
(Original post by Klaudmjj)
know I should be thankful, which I am, all my bank accounts are all intact, I have even switched bank accounts using the current account switch guarantee service, and nothing was done to my new bank account either, this was in September 2021.

One thing I am confused about is why are they letting me have these accounts open?

I haven't really been applying for much credit as I have everything I need at the moment, but I have been pre-approved for credit cards, which later on got rejected, one credit card by my bank, and one by capital one. I have also tried opening a savings account, which was open at first, but later on, got a text saying due to further checks they are closing this new account. Again, confused on why they closed this one but not my current account.

I am thinking of getting a new car soon, PCP finance, will this marker likely ruin my chances of getting this car or are these checks not really relevant as I essentially don't own the car on PCP.
Once an account is open, the bank isn't going to know you have a Cifas marker unless they have some reason to check for one.

So if you have an account, and you don't do anything with that account that would cause them to do a Cifas check (like, for example, apply for an overdraft facility, or a change to an existing overdraft) then they might simply not realise that you have a marker.

You don't say whether the savings account which was opened and then closed was with the same bank as your current account is with.

Every time you do something like apply for a new account or card with your existing bank means that they might run a Cifas check and put two and two together and consider closing your current account.

I suspect you can forget about using PCP to buy a car. Don't let your Cifas marker stop you applying, but don't be surprised if you get turned down. (It doesn't matter that you won't own the car; you're in physical possession of the asset.)
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Klaudmjj
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#3
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(Original post by martin7)
Once an account is open, the bank isn't going to know you have a Cifas marker unless they have some reason to check for one.

So if you have an account, and you don't do anything with that account that would cause them to do a Cifas check (like, for example, apply for an overdraft facility, or a change to an existing overdraft) then they might simply not realise that you have a marker.

You don't say whether the savings account which was opened and then closed was with the same bank as your current account is with.

Every time you do something like apply for a new account or card with your existing bank means that they might run a Cifas check and put two and two together and consider closing your current account.

I suspect you can forget about using PCP to buy a car. Don't let your Cifas marker stop you applying, but don't be surprised if you get turned down. (It doesn't matter that you won't own the car; you're in physical possession of the asset.)
The saving account I opened was with the same bank I am with now. I’ll avoid applying for anything through my bank for now, until that marker is gone. What’s odd tho is I applied for this bank account while having this cifas marker, and yet still go accepted, possibly something to do with the current account switch gurantee?
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martin7
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#4
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#4
(Original post by Klaudmjj)
The saving account I opened was with the same bank I am with now. I’ll avoid applying for anything through my bank for now, until that marker is gone. What’s odd tho is I applied for this bank account while having this cifas marker, and yet still go accepted, possibly something to do with the current account switch gurantee?
It may be that they didn't check, or that they didn't care.

A Cifas marker isn't, in theory, an absolute block on opening account. It's just another data point a bank will consider as part of the process of opening a financial product. In practice, having a Cifas marker will mean an automatic rejection; but maybe you just got lucky.

The current account switch guarantee covers the process of transferring an account from one provider to another -- i.e. a guarantee that the transfer happens in a certain timeframe, that direct debits and standing orders get transferred, and that any credits to your old account will be rerouted to the new one. It doesn't, as far as I know, require a bank to accept the transferor as a new customer if they don't want to.
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YaliaV123
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#5
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#5
I wish people would just take responsibility in CIFAS threads instead of blaming someone else or feigning ignorance.
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Klaudmjj
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#6
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#6
(Original post by YaliaV123)
I wish people would just take responsibility in CIFAS threads instead of blaming someone else or feigning ignorance.
Yes, I am taking responsibility, it's a punishment that I'm willing to wait out. I'm just thankful that I got lucky enough to have my bank account, phone contract, etc. It's a shame as my credit score is absolutely perfect, the only thing letting me down is this Cifas marker.
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YaliaV123
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#7
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#7
(Original post by Klaudmjj)
Yes, I am taking responsibility, it's a punishment that I'm willing to wait out. I'm just thankful that I got lucky enough to have my bank account, phone contract, etc. It's a shame as my credit score is absolutely perfect, the only thing letting me down is this Cifas marker.
It doesn't really seem like you have been punished at all.
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Klaudmjj
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#8
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(Original post by YaliaV123)
It doesn't really seem like you have been punished at all.
I think I have since I cannot take out any credit at all, and don't even want to risk attempting to buy a house which I was planning on before I found out about this Cifas Marker.
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