Feeds

Fraud victims urged to use DPA to rebuild credit ratings

You've got me all wrong

Top three mobile application threats

UK victims of identity fraud are being urged to use the Data Protection Act as a tool to restore their credit rating.

E-Victims.Org, a former internet support group for those affected by cybercrime, said that even after victims are able to establish fraud and absolve themselves of liability to fraudulent debt they are still left with a black mark against their name on credit rating reports.

Simply contacting credit reference agencies to ask for corrections to be made is often not enough to restore reputations, the group argues. The problem arises because credit reference agencies collect and republish data sent to them by lenders. Inaccuracies in that information will be passed on to credit reference reports.

Lenders need to alter their records to reflect that a consumer has not run out on a debt but been a victim of identity theft. E-victims.org reckons the Data Protection Act can be used to push lenders to reconsider their opinions, a process that otherwise take years to go through. In most cases loans can eventually be secured even with imperfect credit histories but interest rates will be higher than for those with unblemished records.

"We still advise victims to contact the three credit agencies to identify inaccurate information and to put in a notice of correction. But then we suggest that victims use the Data Protection Act to get the underlying records changed," explained Jennifer Perry, managing director of e-victims.org.

"Under data protection law consumers can demand to see the details of transactions made in their name, and have the right to correct anything inaccurate." If the lender fails to respond to a request to alter their files, or refuses to do so, then the credit reference agency is unable to amend a victim's record. Data Protection Act requests create an incentive for lenders to "investigate and make changes to erroneous data", Perry added.

A factsheet, Clearing up your credit report, is available from the e-victims.org website here.

The advice comes at the start of the UK's National Identity Fraud Prevention Week, which runs form 6 to 12 October. The week aims to raise awareness about the dangers of identity theft, alongside support to victims of fraud and fraud prevention advice. More info is on the campaign's website. ®

Combat fraud and increase customer satisfaction

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.