Hidden debt problems boost mortgage fraud figures

The latest fraud figures from Experian represent sobering reading for those working in the mortgage and savings industries, with a rise in individuals hiding past debt problems in order to qualify for new financial products.

Almost a quarter (24%) of mortgage fraud reported between April and June 2012 was due to individuals disguising credit information from their past, in order to make their application more appealing to the lender.

For one in five applicants (21%), application fraud came in the form of lying about their work history, again to improve their chances of approval.

Overall, mortgage fraud alone rose to 39 in every 10,000 applications – seven more than in the same period of the previous year, and a clear indication of the risks faced by creditors in the current climate, with first-party fraud on the increase.

At the Cash Protection Agency, we are committed to helping you recover money owed to you, whether due to fraudulent information supplied by the debtor, or simply because they have failed to pay on time.

We adopt a firm but professional approach, and can represent you whether you want to take a compassionate approach, or simply want your money as soon as possible – and we will always work to recover the maximum amount possible in the minimum time.

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