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Identity Theft

These days people are becoming increasingly worried about the problem of identity theft.

This is where someone uses your personal details illegally, often to apply for things like loans and credit cards. This can obviously lead to problems for you if they then default on the loans.

How Credit Reports Can Help

One way to keep tabs on this problem is to keep an eye on your credit report.

Credit reports show what loans and credit you have taken out. They also display information on any searches on your credit report. When you apply for credit, the lender will almost always check your credit report when making a decision. This will show up on your credit report.

If you see any loans or credit accounts on your report that don't belong to you this can signal a problem. Checking the searches can also show up if someone has been applying for credit in your name.

How to get your Credit Report

There are now a number of places where you can get your credit report online for a small fee or even for free. This can be a fast and easy way of accessing your credit report.

You might also want to look into a credit report monitoring service. These allow you to keep an eye on your credit report from month to month. Many services will alert you to any changes that appear on your report. This can give you the information you need as soon as possible if someone is misusing your identity to apply for credit.

What to do if you think you're a victim of Identity Theft

If you notice something suspicious on your credit report, you should first contact the police.

You should also contact CIFAS. This is an organization established by the lending industry to deal with fraud issues. They can then put an entry on your credit report for your protection.