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How Credit Protection Functions For Everyone

How Credit Protection Functions For Everyone


    

How Credit Protection Functions For Everyone

by Jean Nicholson

A person needs credit protection especially one who does not have any existing record of accountabilities for he has high credit rating and certainly qualifies for loans or credits. There have been a lot of misconceptions about credit protection that this is only for those who have financial problems. In reality, the people who have no financial liabilities are more vulnerable targets of identity theft.

Whatever is the result, initial ranking shall be imposed. All vital information of the person as reflected on the application shall be given a corresponding credit score and the final phase shall be the personal interview. In rare cases, banks do ocular inspections. Banking institutions usually do background and credit checks based on the existing database. They look for the applicants name on the negative section of the database.

Most often personal interviews are done through the phone this time calling the bogus applicant. After the interview and having satisfied the interviewing officer with all the answers, a good mark shall be added in favor of the supposed applicant. Once the application is approved, the thief will claim the proceeds of the loan or the card and then liabilities will then be charged to the name of the real persons name. The thief purports to be same person and answers confidently for points to qualify either for a loan or a card.

The indebtedness is caused by the impostor and he can never qualify for any loan or card unless he clears his name through payment of liabilities. This is a classic example of a tragedy due to a stolen identity. By the time the real owner of the borrowed identity needs to apply for a loan or card for himself, he will surely be disqualified being a delinquent debtor not his own making.

It is very important to secure your name and identity by being careful when giving personal information to someone. In fact, other information can be fabricated by perpetrators such address and contact numbers to mislead banks or loan agencies. If you are one of these people, it is high time that you consider having for yourself credit protection.

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