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Expert cautions against lying on application forms
19/05/2008
Anyone looking to avoid both a bad credit rating and credit refusals should follow the advice of Fool.co.uk and avoid lying as a way to obtain credit.
According to David Kuo, head of personal finance at Fool.co.uk, over the long term, making false statements to obtain credit will affect an individual`s credit rating and may negatively impact upon the success of future applications.
"Lying on your application doesn’t help anybody because what will happen is you will be turned down for your credit card and that again will start to impact your credit profile," said Mr Kuo.
"The more fraudulent applications that you put in, the more time you are going to be turned down."
Mr Kuo believes that reducing their outgoings - rather than making false applications - is the way for someone to cope with the rising cost of living.
