Daniel Head can’t take credit, move banks or even secure a new mobile contract because his bank mistakenly put a fraud flag against his name and refused to remove it
Daniel Head has worked hard to build up a strong financial base and an excellent credit rating over the years. He has never fallen into debt or suffered financial difficulties.
But he can’t take out credit, move banks or even secure a mobile phone contract because Barclays (LSE: BARC.L - news) , his bank for 12 years, mistakenly put a fraud flag against his name and refuses to remove it.
Financial institutions (NasdaqGS: FISI - news) have almost unfettered powers to share concerns about customers with other companies through credit reference agencies and fraud prevention registers such as Cifas and the National Hunter database.