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Identity theft is when somebody uses your personal information for their own financial gain. This can take on many forms, such as someone stealing your credit card details, hacking into your bank account or even applying for loans in your name. Criminals have also been known to conduct businesses in another person's name.
Your credit report and identity theft go hand-in-hand. If you are a victim of identity theft it could have a major impact on your credit rating, but by checking your credit file (which you can do for free with finder) you can stay alert to irregularities and errors and quickly report instances of identity theft.
In the guide below you can find out more about identity theft, some ways your identity might be stolen, how it affects your credit and how you can protect yourself.
Banks know your credit score, so why shouldn't you? The Finder app updates your score automatically each month and lets you know if it changes. Pop in your phone number below to get your download link.
By submitting your phone number, you agree to the Finder privacy policy and terms of use
Research from finder revealed that a record number of Australians were affected by scams in 2017. People made 161,572 complaints to the Australian Competition and Consumer Commission (ACCC) in 2017, with scams costing us more than $89 million. Phishing scams were the most common, with 26,000 Australians targeted in 2017. Investment scams accounted for 35% of all money stolen and 4,711 Australians reported scams involving social media.
If someone has access to your financial or personal details they can seriously damage your credit file.
They can apply for new loans, credit cards and mobile phone contracts in your name with no intention of ever paying back any money they owe. They can also max out your existing credit cards and spend money already in your bank account.
The majority of this information will be recorded in your credit file and affect your ability to access credit in the future.
Information that's recorded in your file includes:
There are several simple steps you can take to avoid becoming a victim of identity theft:
Anyone can be a victim of fraud, so it is important to know what to look for and how to respond once you find out your identity has been compromised. Here is what you should do:
There are further steps you can take if you feel that the above did not help rectify your situation, or you find that the steps you took were not recognised by certain businesses or agencies.
Finder's free credit report service gives you a free copy of your credit report and credit score and will also notify you whenever something on your credit report changes. You can check your credit report at any time to make sure the information is correct.
So while identity theft is a crime on the rise and there are more ways you can be caught out than ever before, a cautious approach to managing your details can ensure you won’t become a victim.
Get your credit score and comprehensive report now!
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