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Why check your credit report?

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by Sarah Orrill

12/11/10 in Identity Fraud/Theft |

Would you know if your identity had been stolen and was being used by criminals? For most people, the answer is no. Not until it's too late. It can take over 13 months to realise your identity has been stolen (Experian, March 2010) and with cases of identity theft continuing to rise at an alarming rate it’s essential that we take precautions to protect our identity.

One of the most effective ways of spotting whether you’ve been a victim of identity fraud is to regularly monitor your credit report. Your credit report is a document that shows when and where credit has been taken out in your name. Experian reported that 61% of victims of ID Theft found out through accessing their credit report (March 2010).

When you check your  credit report you need to ensure your details are up-to-date and that everything is as it should be. If there are any names that appear that you don’t recognise, this could mean someone is posing as you. If there are any credit or loan agreements you don’t recognise, you could be a victim of identity theft. Contact any companies detailed in the Credit account information section to try and get full details of any accounts that have been set up in your name and to notify them of the suspected fraud. You should ask these companies to put a hold on any further action until they have investigated the account. You can also check your bank accounts to make sure you recognise all of the payments going out.

Look out for the warning signs

There are many other symptoms of identity fraud that you should look out for. These include:

  • Not receiving bills, statements or other regular correspondence when you expect them. This suggests that a thief could have given a different address in your name or had your post redirected
  • Receiving credit cards that you haven't applied for
  • Having credit or loan applications unexpectedly refused
  • Receiving correspondence or calls from debt collectors relating to items that you haven't purchased
  • Have you moved recently? If so, make sure you instruct the Post Office to redirect your mail to your new address for at least a year. Notify your credit card company, bank, and any other organisations that you deal with as soon as possible.
  • Are you on the edited electoral roll? Opting out of having your details on the edited electoral roll can help to keep your details safe. This won’t affect any applications for credit.

Remember to stay vigilant and to protect your name. Don’t forget your credit status is affected by your financial associations. If someone is listed on your credit report that you don’t recognise this could be a sign that your details are vulnerable. Read more about protecting your identity.

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