How your credit report can help you to prevent being stung by identify fraud

How your credit report can help you to prevent being stung by identify fraud

Identity fraud is a serious and growing problem that affects individuals as well as businesses, so it's important to stay vigilant at all times to the possibility of your identity being used for criminal purposes.

While this doesn't mean avoiding using your credit card or bank accounts for fear of being defrauded, getting into a routine of checking all your accounts on at least a monthly basis should give you the peace of mind of knowing that your identity is safe.

It's not only your bank and credit card accounts that can fall victim to fraudsters though, meaning your credit report should also feature on the list of essential documents to check on a regular basis. Your credit report contains details of current and previous loans and other enquiries, and if you spot someone trying to use your identity to take out a loan, you stand a better chance of stopping it if you're quick to take action.

In the past, viewing your credit report tended to be a costly and time-consuming process, but thanks to the internet it's now possible to view your credit report online when you need it. If you have identity protection insurance, your insurer will also carry out routine checks of your credit report on your behalf and alert you by email or text at the first sign of any suspicious activity.

If you think your identity has been compromised, the best thing to do is view your credit report online. There are a number of signs to look out for, such as, a credit card on there you've never taken out, or is there a loan registered at one of your old addresses? Other signs include failing to receive bills, statements and other correspondence on time - either through the post or by email - which could indicate that thieves have redirected your post to another address.

Similarly, if you receive calls or notices for credit cards and items that you haven't purchased, this can also be a tell-tale sign that your accounts are being used by other parties - making it essential to check your accounts immediately and cancel any purchases or loan applications made in your name without your consent.

Even if you haven't lost any items containing your bank details specifically, thieves can still make use of documents such as driving licenses and passports to steal your identity, so it's just as important to report these documents missing and apply for replacements as soon as you notice their absence.

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