Plans Put Forward To Lift UK Mortgage Lending
February 17, 2009
Mortgage lenders have drawn up a plan to help kick-start the mortgage market amid falling house prices and a squeeze on the availability of home loans.
The Council of Mortgage Lenders (CML) have put forward a plan to free up UK banks and building societies to offer new home loans.
It wants the Bank of England to guarantee a market in mortgage-backed securities and covered bonds.
It hoped This would encourage investment in the market for these products, pushing funds back into mortgage lending.
Lack of Confidence
The CML said that the biggest issue in the mortgage market was the lack of available funding to support new mortgage lending.
This has led to a squeeze in number of mortgage deals on the market and the cost of these loans rising.
The lenders’ body wants the Bank to essentially offer a form of secured lending. Which is hoped would help persuade investors to buy mortgage-backed securities – something that has dried up during the credit crunch.
The scheme could be set up rapidly and would act as a catalyst to restore market confidence, the CML said.
Unlike the Bank of England’s Special Liquidity Scheme – which allowed banks to swap £50bn of mortgages for government bonds – it would cover new mortgages and investors would still take the credit risk.
“A year into the credit crunch, there is no merit at all in waiting until the autumn before taking steps that will help the housing market to remain more resilient,” said CML director general Michael Coogan.
The plan would probably receive a cool welcome from those who believe it would involve the state having to underwrite the housing market.
Others might suggest that the drought in mortgage finance would continue without any action.
200 Percent Increase in Phishing Incidents During the First Quarter of 2008
February 17, 2009
APACS, the UK payments association, has published figures showing a 200 percent increase in the number of phishing attacks in the UK. During the period January to March 2008 there were 10,000 reported incidents a new record.
Phishing is the name given to false emails that claim to be from banks and other financial institutions but are actually sent to you by fraudsters. These emails typically tell you to click on a link that takes you to a fake website identical to what you would expect to see. You are usually then asked to verify or update your personal security information but, by doing so, you are actually giving your information to the fraudster who has created the fake website. The fraudster then uses the details to access your real online bank account and take your money.
Number of reported phishing incidents* targeted against UK banks and building societies Q1 2006 – Q1 2008
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
|
|
2006 |
2,369 |
2,738 |
3,967 |
5,102 |
14,156 |
|
2007 |
3,394 |
3,830 |
8,931 |
9,642 |
25,797 |
|
2008 |
10,235 |
- |
- |
- |
- |
A typical phishing incident, involves thousands or even million’s of emails are sent out blindly by fraudsters, in the hope of trying to con unsuspecting people into clicking on a link that will send them to a fake website. The criminals’ objective is to fool people into thinking it is a genuine site so they will enter their online banking security information.
Sandra Quinn, director of communications at APACS, says:
“Although online banking fraud losses fell last year the fraudsters clearly aren’t giving up. Phishing scams are continuing to rise and they are becoming ever more sophisticated, which is why we want to remind people to remain wise to them. The advice is quite simple: just remember that your bank will never send you emails asking you to disclose PIN numbers, login details or complete passwords – if you receive an email of this nature you should delete it. If you think your details have been compromised you should contact your bank immediately.”
APACS research shows that although the number of people either deleting or taking no action when receiving a phishing email has increased from 75% in 2006 to 82% last year, there are still nearly one in five people who don’t follow these common sense precautions. Also, although 93% of people have anti-virus software on their PC, almost one in three people (29%) don’t have any anti-spyware software on their computer.
To avoid phishing scams, we advise you:
- Always be suspicious of unsolicited emails that claim to be from your bank; delete any phishing emails that you receive your bank will never send an email asking for sensitive account information.
- Never give your login details, PINs or passwords in full by email – banks will never request these in this way as email is not secure way to transmit account data online.
- Always access your internet bank account by typing your bank’s web address directly into the address bar on your web browser;
- Ensure that there is a locked padlock or unbroken key in the bottom right of your browser window when accessing your bank’s website. The beginning of the bank’s internet address will also change from ‘http’ to ‘https’ when a secure connection is made.
- Make sure PCs you use for any online transactions are equipped with up-to-date security and virus protection.
- Take extra care when using an internet cafe or public computer for online banking if possible avoid using a public network when making financial transactions online.
- Phishing emails can be reported directly to most banks via their website or to APACS at reports@banksafeonline.org.uk.
How do I order my free credit report?
February 17, 2009
Ordering your free credit report is easy and simple. Click Here or on one of the banners to be transported directly to the Credit Expert site then simply fill in the short 4 step form and you’ll gain instant access to the Credit Expert service from Experian were you can view your complete credit report free for 30 days.
To obtain a copy of your credit report online you will need a valid credit or debit card this is to verify your identity only your card WILL NOT be charged unless you chose to order an optional credit score or wish to continue online access after the 30 day trial is up.
The Credit Expert service is provided by Experian the UK largest and number one credit reference agency used by all the major banks and financial institutions so you can be sure the information provided will be transmitted and treated with the highest security.
How can I improve my credit rating?
February 17, 2009
Avoid making late payments try to pay on time setting up direct debits can help you to avoid human errors in forgetting to pay a bill.
If you are declined frequently, your credit report will have tell-tale searches recorded, and no account information – lenders will assume that you have had trouble getting credit.
When you move house, contact your local Electoral Registration Officer to arrange to be put on the electoral roll right away.
Check your credit report for errors – regularly.
Remove anyone on your credit report who is not financially connected to you parents siblings or ex partners can sometimes be incorrectly linked to you and this can have a negative effect on you credit report if they have a poor financial history. Its your right to have anyone e.g. wife or current partner not financially linked to you removed from your file.
Don’t pay anyone who claims they can ‘repair’ your credit report, credit rating or claim to hide judgements. Most of the methods they use are unlawful, and can easily end up with a fraud warning on your credit report that you won’t be able to remove for a very long time.
Make sure your credit report is accurate with a 30 Day Free Trial of Credit Expert
Who else has seen my credit report?
February 17, 2009
Your credit report enables you to see who has viewed your credit information either for credit applications or otherwise. This is recorded in the credit applications and searches section of your credit report – searches are kept on report for 2 years and enables you to see who has viewed your credit information.
Applications for credit will be noted as a credit search footprint, other viewings of your credit report, such as when you apply for a job or a flat, noted as an enquiry footprint.
No one can view your credit file without your permission except the taxman, the DSS, the police or others with court approval.
What should I do if there are errors on my credit report?
February 17, 2009
You have a statutory right under section 159 of the Consumer Credit Act 1975 to have errors corrected on your credit report.
To do this, if the error relates to payment history information, you will need to contact the lender directly. As every month, lenders report your payment history to the credit reference agencies lenders will then notify Experian of the changes for the next monthly update. There’s little point complaining to the credit reference agency, as the source of information is from your lender. If you are not happy with the lender’s response you can then lodge a Notice of Dispute with the credit reference agency. The information on your credit report is then marked as ‘disputed’ until the matter is resolved within a set 28 day period.
If you are still not happy with the outcome, which is unlikely, you have the right to complain to the Information Commissioner, and you can also pursue a claim for compensation for any loss, under rights you have under the Data Protection Act 1998.
If the Electoral Roll information is incorrect you will need to get written confirmation from the Electoral Registration Officer at your local council and forward copies of this to each of the three credit reference agencies.
For any queries regarding Court information (County Court Judgments, Decrees etc) you need to contact the Court concerned, quoting the case or plaint number.
Any insolvency queries should be addressed to the trustee or supervisor who originally dealt with the case. See www.insolvency.gov.uk for more details on insolvency.
Queries on fraud warnings should be directed to the company that lodged the warning on your report. Please also see www.cifas.org.uk for more details.
Can you tell me why I’ve been refused credit?
February 17, 2009
Unfortunately we are unable to answer this question. The organisation you applied to made this decision and different lenders base their decision on different factors. We are not told why you have been refused so you would have to ask the lender concerned.
It may be that the information on your credit report was taken into consideration but lenders do take other information into account, such as the information you provide on your application form. Credit industry guidelines encourage lenders to give clear explanations about their decisions to refuse credit and they should explain whether the decision resulted from information held on your credit report, as a result of credit scoring, or because of something else.
If you believe you were refused credit when you shouldn’t have been, you should check your file urgently to make it contains no errors or for signs that you have been a victim of Identity fraud.
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How can I obtain regular credit reports?
February 17, 2009
When you register with Credit Expert – the credit monitoring service from Experian.
You gain unlimited online access to your credit reports as well as alerts by e-mail or SMS text to significant changes to information held about you for as long as you subscribe to the service.
A monthly membership fee is payable though if you wish to access your file after your 30-day free trial
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