New service saves time and stress for victims of identity fraud

Victims of identity fraud will find the task of setting their credit record straight much easier with a new Victims of Fraud service, unveiled by the three leading UK credit reference agencies, CallCredit, Equifax and Experian.

The new system significantly reduces the number of telephone calls that need to be made, and time taken to resolve issues caused by identity theft. Anyone suspecting they are a victim of identity fraud now only needs to contact just one of the three credit reference agencies. That agency will then automatically notify the other two. All three agencies will then work simultaneously to case-manage the restoration of the individual's credit file which will involve each providing the victim with their credit report, contacting financial service providers where there has been fraudulent activity and providing an on-going update of progress on the case.

The new service was set up after calls from the National Consumer Council (NCC) for a number of recommendations to make life less traumatic for identity theft victims.

Identity theft is one of the UK's fastest growing crimes, affecting more than 100,000 people every year. The Home Office estimates identity fraudsters steal £1.7 billion annually. According to a YouGov poll in November 2007, one million UK employees admitted losing disks, drives or laptop computers containing confidential personal information. Often consumers are vulnerable to identity theft through no fault or negligence of their own.

‘The joined-up approach taken by the three agencies is a welcome step forward and we fully support this initiative. It simplifies the whole process of sorting out the mess left behind by fraudsters and helps victims get their finances back on track,' said Anna Fielder, senior policy advisor for the NCC.

Mark Ward, head of consumer services at Callcredit comments: "Becoming a victim of identity theft can be extremely distressing. By jointly taking on responsibility for managing the recovery process, the three credit reference agencies are aiming to make getting financially back on track much easier for the individual involved."

Neil Munroe, External Affairs Director at Equifax said: "There has been much effort put into encouraging consumers to take the greatest responsibility for their personal identity. It's only right, therefore, that they are given the best possible support should they become victim to this invisible and invidious crime. The collaboration between the three credit reference agencies should go a long way to reducing the stress experienced when ID fraud is identified."

Helen Lord, Director of Fraud and Regulatory Compliance at Experian commented: "Through Experian's well-established Victims of Fraud service we get to witness the distress and inconvenience that victims suffer. By collaborating with the other credit reference agencies on this issue, together we can play our part to help reduce the stress of becoming a victim of identity fraud."