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Freeze Fraudsters Out Of Your Credit File Coming Soon

Nick Clegg, leader of the UK Liberal Democrat Party, and David Howarth, MP for Cambridgeshire announced their new party policy on protections against identity fraud during a recent visit to Cambridge Labs to watch a CHIP and PIN attack demonstrated.

Credit rating companies are exempt from aspects of the Data Protection Act and can forward personal information about an individual’s financial history to companies without the subject’s consent.

Nick Clegg proposes to give individuals the rights to “freeze” their credit records, making it more difficult for fraudsters to impersonate others.

All they have to work out is how - and how to unfreeze it. Current identity methods will probably fail. Perhaps you could freeze/unfreeze it with your mobile phone?

It's certainly a step in the right direction.

Someone missed an opportunity to lead the way and now the government is doing it.

There might have been a better outcome for the credit rating providers if they'd chosen to show some ethical leadership like Nick.

Nick Clegg,  leader of the Liberal Democrats
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Comments: (2)

A Finextra member
A Finextra member 21 October, 2008, 09:17Be the first to give this comment the thumbs up 0 likes

Perhaps we need a petition.

Actually, I started one on the No 10 Downing Street, to petition the government to make it mandatory for CRAs to independently check with the subject before they release a reference.

 

http://petitions.pm.gov.uk/References/

Maybe some like-minded people would like to sign it.

A Finextra member
A Finextra member 21 October, 2008, 10:11Be the first to give this comment the thumbs up 0 likes

Good work.

I'd be up for it but don't qualify unless I take up British citizenship (on the cards).

If they claim cost is an issue I'm sure we can find a way to do it economically. Anything less than the cost of ID fraud is a monetary win, but it is worth almost any price to prevent the inconvenience and frustration suffered by victims.

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