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Latest News
<< Most Recent Articles
Lying on an application 'can lead to greater credit problems'
People who lie on their credit card applications are ultimately hurting themselves, according to a leading financial expert.
David Kuo, head of personal finance at Fool.co.uk, said that when a lender finds out about any misinformation supplied by an applicant it could affect not only the current application that they are making but also any future attempts to secure credit.
He further stated that actions such as this could impact on a person's overall credit rating.
Mr Kuo said: "Lying on your application doesn't help anybody because what will happen is you will be turned down for your credit card and that again will start to impact your credit profile."
According to Cifas, the UK's fraud prevention service, the number of applicants lying on credit applications increased by 13 per cent in the first quarter of 2008.
The organisation believes this rise to be due to lenders becoming more fastidious as to who they will lend money to.
See how much you could borrow with an unsecured loan from Lombard Direct
© Adfero Ltd
20/05/2008 14:12:08
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