UK Money News
1st May 2008
Card fraud victims urged to inform provider immediately
Victims of card fraud must act quickly to prevent long-term damage to their credit rating, according to a credit rating provider.
In the popular mindset it is sometimes thought that the effects of card fraud are largely mitigated for the victim by the fact that lenders compensate them for their loss.
However, according to Helen Lord of Experian, the crime can also cause long-term damage to finances, in particular to the card holder's credit rating.
Consequently it is vital that card holders regularly check their accounts for suspicious activity, Ms Lord said.
She warned: "If the problem is solved quickly there shouldn’t be any lasting damage to your credit report.
"Failure to act straightaway could allow a thief to take out loans or credit cards in your name, and the longer the fraud goes undetected, the more damage it will cause to your credit rating."
Over the course of 2007 incidence of credit card fraud affecting UK consumers rose 25 per cent, figures from payments agency Apacs show.
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