Your records are investigated. The credit provider(s) will then conduct their own investigations and notify us of the outcome. We can then remove any fraudulent information from your credit record.
You can also put a ban on your Equifax consumer credit report. The initial ban period is for 21 days and can be extended. This can help prevent fraudulent accounts being opened in your name. The ban period means that if a credit provider requests your credit report as part of an assessment of a credit application Equifax cannot share it unless you have provided written consent or if it is required by law.
To help reduce the chances of credit fraud happening to you, follow these simple steps:
- know what is on your credit file - Order your Equifax credit report
- Use My Credit Alert to monitor your Equifax credit report so that you receive e-mail notification every time a credit application is made using your personal details
- sign all your new credit cards as soon as you receive them
- store your cards and personal ID items in a secure place
- shred any paperwork that contains your personal details or account details before throwing it away
- contact your financial institution immediately if your cards are lost or stolen
- keep your PIN confidential and separate from your card
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Comprehensive credit reporting changes mean consumer credit reports can now include ‘positive’ credit information such as if you make your credit card and loan repayments on time. Previously personal credit files could only hold ‘negative’ information like credit enquiries (applications) and defaults.