People lying to get ahead in the credit stakes
Friday, November 16, 2007/
Ever twisted the truth to get some credit? You’re not alone. As many as 2.7 million Australians have lied to financial institutions to obtain credit.
New research by Veda Advantage identifies the extent of temporary amnesia when completing credit application forms. Some 2 million people have admitted to under-estimating expenses and credit commitments, 1.2 million have over-estimated asset values and 800,000 have fibbed about their income stability. It also reveals men are more likely to stretch the truth on their credit applications.
A bit of a ‘Robin Hood’ vibe seems to be going on when people apply for credit, the study shows, with 1.9 million of adults saying they have been denied credit despite a good payment history. Meanwhile, four in five Australians in debt worry about being able to service those debts.