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An article relating to this blog post on Finextra:

Credit referencing agencies team for ID fraud service

UK consumers that fall victim to identity theft will now need to contact just one credit referencing agency - rather than three - to restore their credit records.


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You can do better than after the horse has bolted

Wouldn't it just be easier to prevent the ID theft in the first place or is ID theft profitable for credit bureaus? It seems hardly likely. Prevention - not joint mopping up, it doesn't prevent the trauma and inconvenience. Hold hands and mop up, mopping up an endless mess? Whoopee.

Maybe you can jointly form a separate 'mop brigade' and spin it off in the market. Get my point?

Not really the best you can do is it?

 

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A Finextra member
A Finextra member 03 September, 2008, 09:32Be the first to give this comment the thumbs up 0 likes

We offer an IDSwitch System and as a consumer, I can switch my account to OFF by default and turn it ON only when I know I'm applying for credit. Merchants, banks and other businesses that extend credit, mortgage loan or grant an account to an individual will have to check with this system before granting the credit or account. This is not a mop-up system. It actually prevents IDTheft.

But you are quite right. This system would eliminate a lot of these clean-up services. It would also eliminate a lot of the work that some organisations do, such as compiling fraud statistics, reporting them, and defending financial institutions to consumers.

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