Credit fraud prompts identity theft

Credit fraud prompts identity theft

Most instances of identity theft are prompted by criminals looking to instigate false loan and credit card applications, it has been claimed.

And victims of identity fraud should report the incident the instant they become aware of it, credit reference providers Equifax have has advised.

This will ensure that the victim is covered for as much loss as possible and failure to do so may end up costing them more.

Spokesperson Neil Munroe said consumers should check their credit file through an organisation such as his, or Experian, to see if anything untoward is on there.

ìYour credit file is a very strong early warning indicator of whether, one, anyoneís tried to make any credit applications, or unfortunately, two, if theyíve actually managed to get credit in your name,” he said.

Meanwhile, changes made recently to the way victims of credit card fraud report it means they now only have to contact their provider in the first instance, who will then liaise with police.

Previously, victims had to co-ordinate between both their banks and the police.

© Adfero Ltd

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