Bad Credit Rating Can Be a Symptom Of Identity Fraud

Released on: June 04, 2012, 4:05 pm
Industry: Financial

-- /EPR NETWORK/ -- In 2012, we are more aware of the problems that arise from identity fraud than ever before, however a recent survey by has suggested that we still do not fully understand the extent to which someone stealing our identity can affect out future chances of getting a loan.

Lead researcher, Peter Richardson, said "It is well known that most identity fraud cases are financially motivated. Fraudsters commonly open bank accounts, take out credit cards and attempt to take out loans using your name, address and history as a means of bypassing the credit checks. The result is potentially devastating to the victim's financial affairs, however the biggest problem is the bad credit rating you could pick up along the way."

Your credit rating is important, it's the first statistic a lender will check when deciding whether to offer you that mortgage you urgently need, or that credit card you have applied for, even the new mobile phone contract you wanted. If you have a blackmark on your credit record due to a fraudsters activity you could mistakenly be refused finance, it is thought over 4000 UK residents have found themselves in this unfortunate situation. have noticed a steady rise in applications for short term loans for people with a bad credit score, as a result of the economic climate and issues resulting from events such as identity theft the number of people with bad credit is trending upwards with no immediate signs of slowing down.

With identity fraud rising year on year, experts have advised people to be extra vigilant with personal documents such as bank statements and utility bills and regularly shred them. By protecting your personal information you can vastly reduce the chances of being victim to ID fraud in the UK, reports show that people earning above £35,000 a year and living in London are most at risk. If your credit record has been damaged it is recommended that you request your own file from one of the leading credit agencies and have any mistakes removed as soon as possible.

Since 2010, has helped thousands of people with bad credit and provides a free service to compare and apply for bad credit loans online. Information about suitable credit cards, debt consolidation, mobile phones in the UK and a financial blog is also available for UK consumers.

Press Contact:


Back to previous page
Home page
Submit your press release