Equifax: Be ‘cautious’ about ID fraud
June 11, 2008 by admin
Filed under News, News-Credit-Cards
Consumers should be more wary of people trying to steal their identity details, an expert at Equifax has advised.
Neil Munroe, external affairs director at Equifax, said that an individual’s personal credit profile could be worth “several times more” than their maximum limit on their credit card.
According to CIFAS, the total number of fraud cases the organisation received by the end of the first quarter of 2008 was 52,286, which represented an increase of ten per cent compared with the same period in 2007.
The number of occurrences which involved a fraudster impersonating someone in order to takeover their bank account were up by 146 per cent.
Mr Monroe commented that the authorities should also make an effort to combat the issue: “There is a list of precautions that individuals should take but it’s not just an individual’s fight, it is a combined fight and the government need to be doing more around it and so do companies.”
Mortgage borrowers advised to plan ahead
October 26, 2007 by admin
Filed under News, News-Mortgages
People considering taking out a mortgage are advised to allow plenty of time for the application process, said John Charcol.
The industry experts have said that there are some attractive fixed rates on offer but that their popularity means that lenders are struggling with applications and so it is advisable to apply in good time.
“Swap rates, the rates that fixed rate mortgages are priced on, have moved favourably in the last few weeks, and two-year Swaps are now at 5.74 per cent.
“The drop reflects the City’s revised view that Bank Rate will be cut soon, especially with inflation now at 1.8%, which is most likely to be in the first quarter of 2008,” the firm commented.
Furthermore, it said that applicants should talk to a broker about how long the application process might take in order to be able to figure in any delays.
It said that variable rate mortgages can be “withdrawn at a moment’s notice” but that the same was not so true of fixed rates.
Abbey was found to have the best offer, with a two year fixed rate of 5.58 per cent with a fee under £1,000. Meanwhile Brittania is “leading the way” for five year fixed rate offers with a rate of 5.39 per cent.
Credit card spending set to rise
January 24, 2007 by admin
Filed under News, News-Credit-Cards
The amount of money spent on credit cards is set to increase sharply in 2007, according to Morgan Stanley.
New research from the firm has led to predictions of a 68 per cent increase in credit card spending in the first three months of the year compared to the same period in 2006.
The Morgan Stanley Card Index shows that Brits intend to spend £1,228 on their cards during the first quarter of the year, a vast increase when compared to the £730 spent between January and March last year.
One reason for the rise is said to be increased comfort with spending on plastic, with consumers happy to buy everyday products such as groceries using their credit card.
Morgan Stanley’s research makes for positive reading, with repayment figures at the highest they have been since 1998, meaning consumers are using their cards sensibly.
“The results of our research show an increased confidence in the use of credit cards as a financial aid,” said Patrick Muir from Morgan Stanley.
“It is encouraging to see that people are using their credit cards sensibly, with credit card spending and repayment figures increasing in tandem.”
Mr Muir also pointed out that consumers appear to be becoming more skilled in using their credit cards to maximum personal gain.
“Cardholders are becoming increasingly clever when it comes to being rewarded for the purchases they make, and with a wide variety of reward schemes available, ranging from collecting points to cash back, spending on credit cards is fast becoming the most appealing way to pay when compared to other methods,” he added.
