A NEW service has launched that promises to stop people from taking out loans, credit cards and other financial products in your name.
Those who sign up to the free Vulnerability Registration Service can ensure applications made in their name are automatically declined – handy for those who aren’t planning to take out any credit themselves.
Alternatively, those who think they might apply for credit in future can set-up a referral flag, which means they have to give verbal consent before any applications can be approved.
There is no cost to register and your preference and details will be held for at least three months, after which users can ask to have their information removed if they feel they are no longer at risk.
It comes as one in five adults is a victim of financial abuse in a relationship, according to research by Cooperative Bank, with partners often running up debt in their other halves’ names.
Meanwhile, fraudsters have been known to steal personal details, and then take out financial products in others’ names.
Help for abuse victims
IF you’re suffering from abuse or worried about someone who is, there is help available.
There is more information about domestic violence and how to rebuild your life following financial abuse on Refuge’s website.
Currently, the service has a number of payday lenders signed up, but from January it’s expecting major banks, high street retailers and insurers to also join – although it wouldn’t name any providers at this stage.
If you have a Lasting Power of Attorney to act on someone’s behalf, you can register their details and sign up to the service on their behalf.
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This week, new rules about how overdraft fees are charged came into effect, leaving some customers nearly 300 per cent worse off.
It comes as the Financial Conduct Authority found overdraft charges were ten times higher than payday loans.
For more ways to reduce your debt costs; from cutting your spending to getting £175 in free cash for switching accounts, we explain how to help you get your bank account back on track before Christmas.
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