Can you read your credit report to spot signs of fraud?

CPP Group Plc has recently developed a new tool to help the public understand how credit reports can be used to spot signs of identity fraud.

In recent years the term ‘credit report' has appeared all over the place as awareness around the importance of this document has come to light. What many people still don't understand is just how to use a credit report to help detect if identity fraud has occurred.

In an attempt to increase public awareness of the importance of checking your credit report to uncover identity fraud, Life Assistance Company, CPP has created a credit report demo. The tool allows users to flick through the pages of a sample report online and read through information on how to interpret the details your credit report holds, helping you to detect if identity fraud has occurred. Knowing exactly what to look for on your credit report could mean that you pick up on unusual activity quickly which could help stop identity fraud in its tracks.  

How can you find out if your identity has been stolen?

Many of us don't know we've been a victim of identity fraud until it's too late. One of the best ways to determine whether identity fraud has been committed against you is to regularly check your credit report. But what do you need to look for? With 15 different sections a credit report can be a tricky document to navigate and interpret.

Some of the advice covered by the tool includes:

• Check the 'Aliases' section of your credit report. If names appear that you don't recognise it could be a sign that someone is posing as you
• If someone is listed that you don't recognise in the 'Financial associations' section of your credit report it could be a sign of someone acting under your name
• Take a close look at the linked addresses detailed in your report. If an address appears that you don't recognise someone may be using your name at another address
• In addition to checking your credit report there may be more you can do to limit the damage caused by identity theft.

Some CPP tips to help prevent you from becoming a victim of identity fraud:

• If you've moved house recently make sure you instruct the Post Office to redirect your mail to your new address for at least a year. Notify your credit card company, bank, and any other organisations that you deal with as soon as possible.
• Make sure you shred any discarded bills, statements, wage slips or even junk mail that contain your name and address.
• Opt out of having your details available on the edited electoral roll can help to keep your details safe.
• Don't let your debit/credit cards out of sight.
• When online never type credit card numbers, passwords, or any other confidential information into a web site unless its address begins with https and the browser displays the 'closed padlock' symbol.

For more tips on how to keep control of your identity take a look at CPP' free sample credit report as well as other tools and information online.

When describing the new free tool, Michael Lynch, Identity Fraud expert at CPP commented we want to do as much as possible to make sure that the public as well as our customers are taking necessary precautions to protect themselves from identity fraud. Credit reports are spoken about in the media a great deal nowadays but it's not a simple document to understand. We've created this tool as a guide to help people understand their credit report and ensure they're able to quickly identify possible fraud.