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How to protect your sensitive financial information

31st October 2011

If you have secured a payday loan both online or offline, there should be some paperwork that you will have printed off or have been given to document the money borrowed. Using the information, you can ensure that you incorporate the repayments into your budget for the next month. However, once you have used all of the information to your advantage, what should you do with the papers you have been given?

Research has recently been conducted regarding how responsible we are with the papers that we have been given – potentially including payday loan applications. If you think about it, this could include sensitive financial information such as our bank account details, dates of repayment, our address, and so on. Even the simplest of information can make you susceptible to fraud, particularly if further findings can be made.

The statistics regarding how responsible we are with these vital pieces of information is nothing short of concerning. For starters, 44 out of every 100 of us won’t dispose of bills and pieces of paperwork in the correct way. Normally, it is recommended that you place any compromising information into a shredder, meaning that any of the digits or data about you would be unrecognisable. Some identity theft is conducted through the documentation that can be found in someone’s bin, and so you want to ensure that you are leaving no trace of your finances in the trash.

Identity theft is a real problem, and the cases are rising by a third on average each year. If your bank account was to be wiped tomorrow, would you be able to afford to repay the payday loan that you have taken out? Could you handle the pressure of being able to restore your financial situation as you try to trace back the fraudulent activity that’s been conducted?

Remember – payday loan providers will check your credit rating in advance of accepting your application, and some of the fraudulent commitments they would have made in your name can appear. Because of this, you should check and double-check that all of the entries made on a credit report are correct, and also that they are yours. The risk that is associated with being declined from a payday loan is significant because of how it makes your credit report worse, and short-term credit would be a whole lot harder to receive if you have the challenge of clearing your name from debts that could have been wracked up using credit cards and other assets.

You should always treat paperwork concerning payday loans and other financial agreements with the utmost care –like liquid gold. Just like you shield your PIN at the cash machine or keep information about your salary to yourself, ensuring you are careful with papers is important. Don’t forget that leaving passwords, usernames and PIN numbers around the house is also a high-risk thing to do. Becoming sensible with your finance may seem daunting, but it is a necessity that will keep you secure.

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