Cases of identity theft are rampant, not just globally, but in India as well. As per ‘Fraud Report, 2016’ released by Experian India, “it is the most prominent forms of cyber frauds in banking and financial services industry” today. As per the same report, identity theft made up for 77% of fraud cases in Q1, 2015. The most incidents of frauds continued to remain in Consumer loans, followed closely on its heels were credit cards, then auto loans, mortgage loans and personal loans. Falsification of address proof is the most widely used method by fraudsters, notes the same report. “Identity theft” is large enough to be called an industry in itself.
When the magnitude of the problem is so large, one cannot be too careful with it. “Prevention is better than cure”, this age old adage sounds perfect for today’s times. It is better to be cautious with your details than make amends when the damage has been done. Here are ways to examine your own report and spot fishy accounts.
Your CIBIL Report Holds the Key
What do you do when you have had a nasty fall and you suspect a fractured bone? Your doctor gets an X-ray done. Similarly, if you have a suspected fractured credit health, you must check your credit report. Take financial experts’ word for it, your credit report can help you locate signs if your identity has been compromised.
Look for these:
If answer is yes to any of the questions above, then let the alarm bells ring. Having an account feature in your report, which you do not recognise, might mean that someone else assumed your identity to take a loan. Unauthorised enquiries on your account would indicate that someone has been trying to take advantage of your good credit score and applying for credit without your knowledge. If outstanding limit is more than what you have in mind, then may be someone is using funds in your name behind your back like using a credit card online.
What to Do If There Is a Dubious Item on Your Report?
If you are wondering on how to correct CIBIL report when there is suspicious activity in your report, then contact CIBIL immediately. Raise a CIBIL dispute through their website and contact the bank as well. If it is a credit card, have it blocked. The bureau will raise it with the lender to nab the suspected thief.
If the dispute is resolved in your favour, you never know how many points your score will escalate.
Technology has made its way into this space as well. Apps such “Hunter” are used by authorities to scan for duplicate documents and catch identity frauds to nip them in the bud. These apps have been fairly successful in the recent past.
Ways to Avoid Fictitious identity
Statistics for identity theft are shocking. No one wants to spend their hard earned money cleaning up the mess left behind by a thief. Checking your credit report is the easiest way to find out if someone has been using your good financial name to acquire benefit, at your cost. It could be the result of a human error but it’s better to be safe than be sorry, so don’t forget to dispute discrepant items.
You can’t always escape thefts but you can minimize the damage by being proactive. Keep a constant vigil on your credit report to be sure your identity is protected and financial future is secure against identity frauds. Request for a copy of your credit report through their website or ask for a free copy today at www.freescoreindia.com.
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