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You can do better than after the horse has bolted

13 August 2008 Be the first to comment

Retired member

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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480 opinions 23 members 13 March 2023

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A Finextra member

03 September 2008

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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Helen Child Founder & CEO at Open Banking Excellence (OBE)