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Statement issued in response to ACPO announcement 6th March 2008

10 March 2008

Mel Mitchley, Director of Industry Relations commented “The recent report from The Association of Chief Police Officers (ACPO) into rising mortgage fraud makes some acute observations on the way mortgage applications are verified.

“With businesses spending between £3 and £8 pounds per applicant simply trying to obtain, check out and send back documentary ID, paper-based checks are costly and time-consuming. On top of this, sophisticated photo-editing, copying and printing software available from any desktop means that fake documents can be very hard to spot, even for trained staff.

“The use of electronic verification as recommended in the ACPO report is the only effective way we have of tackling this problem. It avoids the pitfalls of a manual, documentary process because a broad based, diligently sourced electronic ID is much harder to fake. Systems such as our own online money laundering prevention system, CallML, can also incorporate additional anti-fraud checks, such as thorough deceased checks and those which show the applicant may no longer lives at the given address.

“With mortgage fraud apparently on the rise, lenders should increasingly look towards electronic verification to minimise the risk of approving bogus applications.”

About Callcredit:

• Callcredit (www.callcredit.co.uk) is the UK's most innovative, state-of-the art credit reference agency, with an extensive range of information and value added services for businesses and individuals.
• Callcredit check (www.callcreditcheck.com) is the consumer arm of credit reference agency Callcredit, providing consumers with instant online access to their credit report and services to help them monitor their credit status.
• Callcredit has harnessed state-of-the-art information technology with an unrivalled knowledge of the industry's needs to develop a range of innovative information solutions. Solutions that are enabling major lenders and a host of other blue chip companies to address regulatory requirements, make better credit decisions, target new customers more effectively and manage existing customers more profitably.
• Callcredit is one of six core businesses that form the Callcredit Information Group. The other five are:
  • Database management company EuroDirect
  • Market analysis firm GMAP Consulting
  • Online payment service provider, Legatio
  • Scorecard development and affordability assessment specialist DecisionMetrics
  • Marketing services and database specialist, Broadsystem

  For further press information contact: Jane Fordham, Katie Moore or Sophie Smith at the Callcredit Press Office on 0207 067 0600 or callcreditpr@golinharris.com

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