Many people lie to get their hands on a credit card
According to a recent report a worrying number of consumers in the UK stretch the truth or even lie outright in order to try and get their hands on a credit card and other forms of finance.
The data comes from the UK’s fraud prevention service, CIFAS, and shows that the number of people that lie about certain things on their applications for credit cards and finance is quite worrying.
Credit cards have already been blamed for adding significantly to the UK’s personal debt mountain, and many of those that are suffering financial difficulties are trying to deal with credit card debt.
Telling lies in order to get a credit card puts consumers at the risk of quickly finding that they cannot accord repayments, or puts them at risk of being rejected right away once their lies are discovered, and having their credit ruined.
Lying about a credit rating was highlighted as one of the most common on applications for credit cards and finances, according to the data from CIFAS. Many people lie about their credit history if it is a bad one in the hope that they can fool the lender and get the finance that they need, but according to officials many do not realise that the lender will carry out checks on the credit file so will be able to verify this information.
Another common area about which lies were fold involved how long the applicant had been at their current address. The figures suggested that many of those that had been at their address for a relatively short period tended to exaggerate these timescales in order to try and improve their chances of getting credit.
Comments
Leave a Reply