How to spot signs of fraud on your credit report

Scammers stole £1.17 billion from UK consumers in 2023 through payment fraud, so it quite literally pays to be vigilant. One of the simplest ways to keep an eye out for fraud is to check your credit report regularly.

We recommend checking your report like you would your bank statement - it’s often the first sign that you’ve been a victim of identity theft. It’s also an opportunity for you to correct anything that doesn’t look right.

If you’re not sure what you should be looking for, don’t worry. In this article, we’re going to walk you through your report, step by step, so you know exactly what to check. Don’t forget, with ClearScore Alerts, you’ll receive a notification when something’s changed or is due to change on your report. Monitoring these updates is a great way to stay on top of things while you wait for your new report.

To tackle fraud from all angles, why not follow our top tips for protecting yourself from fraud?

When you open your credit report in the ClearScore app, the first thing you’ll see is your Overview. In this section, you can track all changes to your report (as well as upcoming changes). Each time your report’s updated, make sure you recognise everything in this section. For example, if you see a new credit account that you weren’t expecting, it might be because someone has taken out a credit card in your name.

At the bottom of your overview page will be a list of your current accounts and credit cards, as well as any debt and overdraft limits. Hopefully, you’ll be aware of any debt you owe on these accounts from checking your bank statements, so nothing here should come as a surprise. However, if someone has committed fraud on one of your accounts, the debt value might be different to what you were expecting.

It’s worth remembering that your report is a snapshot of your finances on the day it’s generated, so balances can be up to 8 weeks out of date. But if you’re convinced the numbers don’t add up, we suggest you check with your bank that what you’re seeing is correct. It’s also worth getting in touch with Equifax to check that the information on your report is right - find out how to do this here. After all, mistakes can occur, so we recommend confirming that the balance is correct before taking further action.

Because the ‘Personal’ section of your report contains exactly what it says on the tin, you should be able to check this fairly quickly. Take a couple of minutes to scan your personal details and make sure there are no discrepancies, for example, check that your current address is in fact your current address and not somewhere you lived years ago.

What are CIFAS markers?

At the bottom of the ‘Personal’ section, you’ll see any protective registrations listed against your name. A protective registration is a paid service from CIFAS (a national fraud prevention service) that helps protect your identity from being misused.

CIFAS will put a flag next to your name in their database, signalling that you’ve either been a victim of fraud in the past (or could be particularly vulnerable to fraud in the future) or that you’ve paid for security. Companies and organisations that are signed up as members of the database will see that you’re at risk and take extra steps to prevent fraudsters from using your details to apply for credit. For example, if you apply for a product or service online, after seeing the protective registration, the lender should make an extra effort to confirm that the application is really from you, not someone posing as you.

You can apply for a protective registration on the CIFAS website, or if you already have one, check that it’s still showing as active on your report.

Your ‘Accounts’ section contains information about any credit and current accounts you hold. They’re split into sections like ‘credit cards’, ‘loans’, ‘mortgages’, etc., to give you the important details at a glance.

Firstly, check the overdraft balances on any current accounts listed. If anything looks strange here, it’s best to compare the figures to your bank statement and speak to your bank if you’re still suspicious.

Then check that everything else is in order, such as the mortgage and utility sections. If you see something you don’t recognise, like a telecoms account that’s been recently opened but you don’t remember opening it, get in touch with the provider for further information. It might be a mistake on your credit report, but it’s possible that someone’s opened an account using your details.

The ‘Corrections’ section shows you any notices of correction you’ve added to your report within the last 6 years. A notice of correction can be used to explain any information on your report that you don’t think accurately represents your financial situation, for example, if you missed a payment because you were ill and couldn’t pay. It’s a short statement you can submit to credit reference agencies, who’ll add it to your report for prospective lenders to see.

This section is unlikely to be of any use when searching for fraud, as it’s made up of information you’ve submitted - fraudsters are unlikely to take the time to submit a notice of correction on your behalf. We suggest you skip this section and head to ‘Searches’.

In the ‘Searches’ section of your report, you’ll see a list of everyone who’s looked at your credit report. This includes soft searches (such as quotation searches), which happen when you check your own credit report or your offers, and hard searches (or ‘credit application searches’), which show up when a lender checks your report after you’ve applied for a credit product with them.

Pay particular attention to credit application searches in this section; an unexpected hard search is often the first sign that someone’s committed fraud against you. If you spot a search you don’t recognise, this could be because someone has applied for credit in your name.

Follow these steps to check whether the search is, in fact, fraudulent. This isn’t always the case - the search might simply be a quotation search, which happens when you check the offers that you’ve forgotten about.

A quotation search will look something like this:

• HDD-PRICE COMPARISON-BARCLAYCARD for Credit File Request, or
• CAPITAL ONE (EUROPE) PLC for Credit Quotation

If you think you’ve been a victim of fraud, follow these 5 steps to prevent further damage:

1. Act quickly Contact your bank(s) and lender(s) and let them know what’s happened so you can claim your money back.

2. Contact ActionFraud ActionFraud is the UK’s national reporting centre for fraud and cybercrime. You can file a report online or talk to their specialists by calling 0300 123 2040.

3. Contact CIFAS - the leaders in fraud prevention CIFAS offer a ‘Protective Registration’ service. Banks or lenders will see this when you apply for credit, and they’ll take extra security measures to ensure that the application is actually from you.

4. Monitor your ClearScore report Your report is updated once a month, but you can stay on top of any upcoming changes with ClearScore Alerts. If you don’t recognise something, you can dispute it with Equifax here.

5. Contact Victim Support Victim Support is an independent charity that helps anyone affected by crime. Get in touch for free and confidential support, 24 hours a day.

Your credit report isn’t the only place you might spot signs of fraud. Learn more about what to look out for here, and follow our top tips for keeping yourself safe online. The best thing you can do is be vigilant, check your credit report and bank statements often, and take action quickly if something doesn’t look right.

Your credit score tells the story of your financial reliability, and understanding it is the first step to taking control of your financial future. With ClearScore, you can access your credit score and full credit report completely free, updated weekly, for life.

Here's what you get:

1. See your credit score and report, always free Access your complete Equifax credit report, giving you a comprehensive view of how lenders see you. Check your score anytime, anywhere, with no hidden fees or charges, ever.

2. Understand what affects your score Get clear insights into what's helping or hurting your credit score. Track payment history, credit utilisation, account age, and recent searches. See exactly which factors are making the biggest impact on your score.

3. Spot errors and opportunities Review your credit report weekly to catch mistakes that could be dragging your score down. See all your credit accounts, payment history, and any searches in one place, updated regularly so you're always in the know.

4. Get personalised tips to improve Receive tailored guidance on how to build your score over time. Whether you're starting from scratch or working to improve an existing score, you'll get actionable steps matched to your situation.

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• Free forever - Track your score and report with no fees, no trials, no catches
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• Take control - Understand your financial health and make informed decisions about credit

Your credit score affects everything from mortgage rates to mobile phone contracts. With ClearScore, you can track your progress, spot opportunities to improve, and build the financial confidence to reach your goals.

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