ID fraud insurance should offer a copy of credit files, says expert

People looking for ID fraud insurance should make sure the policy offers them a copy of their credit file, Equifax has said.

Neil Munroe, external affairs director of the company, said that if someone steals a person’s ID, they are likely to try to apply for credit in that name so a policy that provides a copy of the credit file is important.

According to CIFAS, the UK’s fraud prevention service, there were 77,500 cases of ID fraud last year.

Earlier this year, research carried out by CPP revealed that London is the worst location for credit and debt card fraud and theft.

Commenting on what people should look for when buying an ID fraud insurance policy, Mr Monroe said: “Some policies may well do more to help take over your case and sort it out for you, and these would be more valuable than ones that just offer you basic advice.”

Tags: credit files, equifax, Financial economics, director of the company, said.neil munroe, Credit rating agencies, london, CPP