Fraud 'could damage credit ratings of consumers'

People may face the possibility of debt problems if they are affected by fraud, it is believed.

According to Experian's consumer education manager James Jones, credit ratings may also be damaged if the identities of the country's residents are stolen from them.

He commented: "It's essential we keep a close eye on our finances by checking bank statements regularly and monitoring credit reports for suspicious activity."

Mr Jones went on to say that in the case of a number of consumers, their identities are put "on a plate" for thieves to exploit.

As a result of this, the expert believes that people should do more to safeguard any personal data that relates to them.

People looking to manage credit card debt by keeping a tight rein on their finances may be interested to note that the National Fraud Authority recently suggested that, on an annual basis, the cost of fraud now stands at £30 billion in the UK.

Posted by Gemma Walker.