UK Money News
18th June 2008
Credit card companies 'lax with credit checks'
Millions of Britons who have been granted credit cards over the last year were not subjected to basic credit checks, a new survey has revealed.
A poll conducted by YouGov on behalf of uSwitch.com found that 84 per cent of people who had submitted successful card applications were not asked to provide proof of income.
Furthermore, just 14 per cent not asked about their salary or outgoings by their provider.
The lack of checks enabled five per cent of the sample to successfully lie about their income in order to secure a card.
Responding to the findings, Simeon Linstead, head of personal finance at uSwitch.com, called on credit card companies to shore up their processes which he claims could be putting millions of vulnerable customers at risk of falling into problem debt.
Mr Linstead commented: "The fact remains that just because a consumer appears to have a 'suitable' credit score, it doesn't mean they are always honest about their income and actually have the cash available each month to pay the bill.
"The credit squeeze will back some consumers into a corner and, in sheer desperation people will resort to lying about their salaries as this is such an easy loophole to exploit."
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