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Fraudulent credit cards applications on the rise
19 May 2008
More people are lying on their credit card applications because of the credit crunch, according to Fool.co.uk.
Rising food and fuel costs coupled with higher mortgage payments has meant that people are turning to credit to cover their financial shortcomings and are lying on their applications in order to get it.
According to CIFAS, the number of people lying on applications for credit has risen by 13 per cent in the first three months of 2008.
By lying on applications people are likely to damage their credit rating and endange their chances of getting credit in the future.
David Kuo, head of personal finance at Fool.co.uk, said: "Lying on your application doesn’t help anybody because what will happen is you will be turned down for your credit card and that again will start to impact your credit profile."
Failing to disclose a previous address where a person's credit rating has been affected is the most common lie on an application, according to CIFAS.
