Published On: Mon, Jun 29th, 2020

Fraud markers threaten small firms hopes for a Bounce Back Loan | The Crusader | Finance

Few, if refused, are able to find out why and currently that is a cause of immense resentment. Account and credit checks are very much part of the loan vetting process and proving stumbling blocks. CCJs for small amounts, resolved several years ago, are one example. Fraud markers, perhaps for something like the long-forgotten consequence of confusion over names or changed addresses or more seriously the result of identity theft, could also be scuppering traders’ hopes.

That possibility arose last week when Crusader was investigating loan rejections that some businesses found inexplicable as they appeared to meet every requirement.

Fraud prevention service Cifas is one of the approved organisations overseeing checks for loans which inevitably have become a magnet for criminals.

Whether you are waiting to hear about a Bounce Back loan, been refused or may seek help in future, checking this aspect with the National Fraud database is free, can be done by making a Subject Access Request to Cifas and is well worth it.

++ If you’ve been affected by this issue or feel you’ve been a victim of injustice, please contact consumer and small business champion Maisha Frost on maisha.frost@express.co.uk ++;

And if you don’t agree with the information that comes up you can challenge it by contacting the organisation that registered the information.

Many disputes are often resolved at this stage.

But if they are not, Cifas can also carry out an independent case review, and if still not satisfactory it can be referred to the Financial Ombudsman.


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