Personal security does not remain a conundrum. It is, indeed, true that fraudulent activities and ID theft are vehement in today’s highly-progressive living. But, running your credit information from the credit reference agencies provides general knowledge on what has been posted on your credit report. In fact, early signs of fraud on your credit can be ward off by these reports.
The credit reference agencies are commercial companies storing your credit profile in connection with varied sources. They provide information through credit reports to the potential lenders and service providers to check on an applicant’s “creditworthiness”. And, the three leading credit bureaus in UK are Experian, Equifax and CallCredit.
They provide all compiled credit reports containing personal information, addresses, and electoral units. Aside from these, filed court judgments and bankruptcies are posted on your reports. Details on your payments history like derogatory or key delinquencies, balances, outstanding accounts and repayments are displayed. In fact, accounts that are transferred to collection companies could be seen on the reports. Furthermore, rosters of credit checks from third parties (with provided authorization from the person) are shown in the reports.
In this way, one can always verify about the existing significant information. If suspicions arise, then, proper government agencies can run investigation on each and further conduct legal actions.
Accumulating credit information and sharing access to these data with the local and central government, banks, credit card companies, car companies and service providers are the function of these companies. These mean that all companies and corporations associated with credit. But, these agencies allow people to view their credit reports for free or with a corresponding fee. At the same time, access to the key information is protected by the Data Protection Act. So, certain government departments can gain access to the information to see if there are involved financial crimes and money laundering.
Since the details posted on the report are sensitive, housing and tax benefit claims could be further investigated using the significant details. Potential fraud could occur when there were several applications for the tax credit under different names. To double check, authorities can roll out names and attached addresses in different electoral units. Investigators can pull up the detailed credit report to support or abate the case or claims of the opportunistic claimants and potential fraud.
The government is adamant in taking actions against fraud and it is taking extreme actions in fighting it as well. However, concerns in privacy was taken a look as well on top of the benefits of the users. But authorities gives assurance to the public about the strict conditions bound to these credit reference agencies. On the other hand, these three major companies do not clearly point out how they are rewards through this service.