IS YOUR ELECTORAL ROLL DATA UP TO DATE?
Equifax advises consumers to make sure their data is up to date to get the best credit deals
London 5th September 2007 – As local councils send out this year’s Electoral Roll registration forms to UK households, Equifax, the instant online credit information provider, is highlighting the importance of completing these forms correctly. Electoral Roll information is provided to credit reference agencies to verify a person’s identity for credit checking purposes, plus it is vital for fraud prevention. This is why consumers need to make sure they are registered properly, as this information will appear on their credit file and will be used by lenders.
“With rising incidences of credit and ID fraud, lenders place considerable importance on electoral roll data to verify an individual’s identity”, confirmed Neil Munroe, External Affairs Director, Equifax. “The accuracy of an individual’s electoral roll data is therefore crucial in them being able to get credit. And this goes right down to making sure address descriptions are correct – especially if you live in flats or a house with a name. Whatever you use when applying for credit and loans should be exactly the same as your electoral roll data.”
Equifax is also offering important advice about the ‘opt out’ box on electoral roll forms. Whilst all Electoral Roll data is available for credit purposes, consumers are given the choice as to whether they want to ‘opt out’ of their data being used for general identity verification and direct marketing. When individuals opt out, companies have to find alternative information sources in order to verify their identity, which can slow down the process dramatically. Far from making life more convenient for consumers, opting out can actually make something as simple as paying for goods over the phone or online a lot slower.
“Opting out will not necessarily reduce the amount of ‘junk’ mail an individual receives. In fact, it can increase the risk of a person falling victim to ID fraud, as direct mail may still be sent to an old address” concluded Neil Munroe. “A more effective way for an individual to prevent junk mail is to register with the Mailing Preference Service. This should ensure that the name of anyone who registers is removed from mailing lists.”
Equifax ensures its Electoral Roll data is kept up to date by inputting changes from 397 councils every month for its Rolling Register. The data from the Electoral Roll is important to help credit providers verify the identity of applicants, making the lending process quicker and minimising the risk of fraud.
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For just £11.95 consumers can obtain a copy of their Credit Report, instantly, online at www.equifax.co.uk
If you are looking for commentary on this subject, Equifax can provide consumer credit information experts who have extensive experience on this issue.
If you would like to arrange an interview please contact Cecile Stearn, Claire Foster, Kate Clements or Elinor Puzey at HSL on 020 8977 9132 or email claire@harrisonsadler.com
About Equifax
Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customised insights that enrich both the performance of businesses and the lives of consumers.
Customers have trusted Equifax for over 100 years to deliver innovative solutions with the highest integrity and reliability. Businesses – large and small – rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, and much more. We empower individual consumers to manage their personal credit information, protect their identity and maximise their financial well-being.
Headquartered in Atlanta, Georgia, Equifax Inc. employs approximately 5,000 people in 14 countries throughout North America, Latin America and Europe. Equifax is a member of Standard & Poor’s (S&P) 500® Index. Our common stock is traded on the New York Stock Exchange under the symbol EFX.
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