Posted 13th December 2007

The value of Credit Reports

Following the debacle of the recent child benefit data loss by her Majestys Government, the value of credit reports offered by Experian and other credit agencies has never been more valuable.

Why?

In recent years, identity theft has become a major topic following the explosion of internet retailing, social networking sites such as myspace and facebook, email and the requirement of data for almost everything we buy whether this is for insurance or taking out a tenant loan for example. The loss of the child benefit data affecting over 25 million people is likely to affect many tenants living and working in the UK.

So what can be done?

Many commentators in the industry warn that most identity theft occurs months down the line, therefore, the advice seems to be remain vigilent with all aspects of your personal finance. Unsurprisingly, the credit reference agencies are offering a service whereby for a fee you can view your monthly credit commitments and all recent credit applications to ensure everything is correct and that no one is trying to apply for credit in your name. In other words, this monthly credit report becomes an early warning system to guard against identity theft.

For more information on credit reports, visit the Credit History Check page.

Please Note! YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT. ALL SECURED OR UNSECURED LOANS ARE SUBJECT TO STATUS. SECURED LOANS ARE SECURED ON PROPERTY.

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