Debt help demand could soar as ID theft increases
Debt help demand could soar as ID theft increases
Thursday 30th April 2009
New research by home insurer LV has suggested that the number of British people whose credit rating will be badly damaged as a result of being victims of ID theft will rise by 440,000 over the next five years.
This figure translates to an average of 240 people per day being hit by the problem, a worrying factor because some of them may be thrown into debt or locked out of much needed funds through no fault of their own.
Nearly half (46 per cent) of British consumers have been exposed to some sort of credit issue, with 27 per cent of those finding themselves in this predicament blaming it on mistaken identity, LV's research shows.
Some 29 per cent had no idea why they had developed the debts, which underscores the need to protect personal information, according to John O'Roarke, the managing director of LV home insurance.
"Our research shows that an unfair credit rating is a common problem for many and more worryingly, identity fraud is likely to rise sharply in the coming years," he explained.
These findings have prompted the organisation to set up the LV= Identity Fraud Helpline, which will enable people who suspect being victims of ID theft to get help and support on the matter.
LV's research comes as the bank-sponsored Dedicated Cheque and Plastic Crime Unit revealed that it had saved more than £315 million through financial fraud prevention work since its formation seven years ago.
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