Money News
13th August 2008
Fillip for victims of credit card crime
Consumers who fall victim to credit card fraud have been lent a helping hand with the news that credit rating agencies are to share information.
Following an agreement between CallCredit, Equifax and Experian to notify each other of reported crimes, a consumer will only have to inform one company of the incident rather than all three.
The move follows calls for a streamlining of the system by the National Consumer Council (NCC) which claimed that the process of customers telling all three companies could often take months.
Anna Fielder at the NCC said: "All three agencies will now work simultaneously to case-manage the restoration of the individual's credit file.
"This 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."
She added: "It [the new scheme] simplifies the whole process of sorting out the mess left behind by fraudsters and helps victims get their finances back on track."
Credit rating agencies provide copies of consumers' credit reports for as little as £2.
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