Your Credit Score & Credit Report

In order to maintain a healthy credit report, one should know about all possible factors that can affect their chances of borrowing money. CIFAS Marker is one such thing that should concern you.
Here, we have covered different aspects of improving credit score & understanding the CIFAS Marker on your Credit Report. & How can you remove CIFAS Marker from Credit Report.
Let us understand how you can get your credit report, what is there on your report, and can it be improved. Our objective is that you feel confident about dealing with your debts and enhance your financial capabilities.

Your Credit Score

Your credit score is an assessment by a particular lender of how much of a credit risk you are. It is based on its own criteria and typically including CRA information.
A CRA might also provide your “credit score” for a fee, but this is just an indication based on the information they hold and isn’t the same as an individual lender’s score.
A good credit score is no guarantee you’ll be able to borrow money, as different lenders have different criteria for choosing customers.
Each CRA can provide you with what’s known as your “credit score”. The lower this number is, then the higher you are considered a “credit risk” and lenders may be less likely to give you credit.
The number is just a guide that CRAs give you, but it’s not used by lenders when they’re making their decisions about whether or not they should lend money to you. They use the information they get from CRAs and apply their own criteria to make their decisions, and they don’t make these criteria public.
However, you can use your credit score as a rough guide to how likely the CRA thinks that companies will lend to you.

Improving Your Credit Score

If you’ve had trouble repaying debts in the past, and you’re thinking of applying for credit such as a mortgage you may want to improve your credit score, to lessen the chance of being refused credit and increase your chances of obtaining a better rate of interest.
The first step is to obtain your credit report and make sure that all the information held about you is correct. Make sure you’re on the electoral register and keep your household utility bills up to date. Don’t have too many separate cards or accounts, if you have a lot, especially ones you don’t use anymore, consider closing some of them.
Taking out a small amount of credit and repaying it on time may improve your credit rating by showing you can use credit responsibly, A good example of this is getting a credit card with a small limit, spending on it, and clearing the balance straight away.

What Does a “CIFAS” Marker on My Credit Report Mean?

CIFAS is a national fraud prevention service. It can place “Protective registration” and “Victim of impersonation” warnings on your credit file.

A “Protective registration” is a paid service that protects your identity from misuse. It’ll stay on your credit report for two years. You can apply on the Cifas website.

A “Victim of impersonation” is filed by your lender for your own protection if you’ve been the victim of identity fraud. It’ll stay on your report for 13 months from the date of entry.

If one of these is on your credit report, it gives potential lenders a fraud warning, telling them that in the past you’ve been a victim of fraud, or could be particularly vulnerable to fraud in the future. It is likely that all your banking facilities may get withdrawn.

What Does This Mean When I Apply for Credit?

Any application for credit may be subject to further checks to prove your identity. Because this is often a manual check, if you’re applying for credit your application could be delayed.
Having a marker under this section will not automatically mean your application will be rejected. It’s there to protect you from being a victim of fraud.

What If The Cifas Marker is There By Mistake?

If you think that a Cifas warning is on your credit file in error, you can get in touch with the lender who put it there to see if they’ll remove it.
Keep in mind though that they’re unlikely to remove an entry on your report if they believe the reason the marker was put on your credit file was justified. Creditors are legally obliged to report any fraudulent attempt on your account to the credit reference agencies.

Need help in assessing & improving credit report? Contact Us Today, get free advice & a free appointment.