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Credit blacklisting due to fraud 'on the up'
The number of people whose credit rating has been badly damaged by identity theft is set to double over the next five years, according to new research.
Credit blacklisting has affected nearly half (46 per cent) of people in the UK and of those, a quarter blamed their poor rating on mistaken identity or being incorrectly linked to another person, according to a report from insurer LV=.
The repercussions of such identity fraud can include being refused bank services such as credit cards or even a mortgage. Individuals may also have to pay up to £2,100 to clear their name.
John O'Roarke, managing director of LV= home insurance, said: "In the last ten years we've seen a massive increase in the number of people targeted by fraudsters, illustrating the importance of vigilance in protecting personal information and monitoring for any problems that might prove to be a 'symptom' of identity theft."
Figures released yesterday from Cifas revealed that identity theft has increased by 40 per cent in the first three months of the year, compared with the same period in 2008.