Exclusive: HSBC Withdraws Credit Protection Cover For New Look Suppliers
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Easy Tips
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Friday, 20 July 2018
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Credit Tips
HSBC is understood to have notified all those suppliers affected last week. One supplier told Drapers the decision was made as a result of “additional information” not in the public domain. However, there is speculation that New Look’s company voluntary arrangement, which was approved on 21 March and involves up to 60 store closures and 980 redundancies, prompted the decision. One supplier affected said: “To supply New Look in this situation is very difficult.
It was already very low margins. The news follows credit insurer Euler Hermes withdrawing its cover and QBE reducing its level of cover for New Look “in places” in January amid concerns about the retailer’s performance. A New Look spokesman said: “We do not comment on the status of individual supplier arrangements. As previously communicated, we have adequate liquidity to deliver our plans which provides us with the operational flexibility to meet challenges presented by changes in supplier credit arrangements.
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Most identity theft protection companies started as credit monitors, and adapted as the needs of the consumer changed. The services offered by these companies have improved as well. Now credit monitoring is only one piece of the puzzle. Companies and their representatives are likely to review your credit report more frequently than you will if you do it yourself, often daily, weekly or monthly.
There are three credit bureaus (Equifax, Experian and TransUnion) that collect your credit history, and the information on the reports can vary from one bureau to the next, so make sure all three credit bureaus are monitored. Under the Fair Trade and Accurate Credit Transaction Act, each credit reporting agency is obliged by law to provide you a free copy of your credit report every 12 months, when requested. However, if you want to monitor your credit more than once a year it can become costly.
That is why we suggest choosing an identity protection service that will not only monitor your credit but will also send a copy of your credit report and scores to you regularly throughout the year. Why is your credit important, Your credit is essentially your financial reputation. Oftentimes, lenders (banks, credit card companies, loan providers, etc.), utility companies, leasing/rental companies, and employers will look at this report to learn more about you.
If you have poor credit, this could prevent you from getting a line of credit extended, or possibly even prevent you from getting a job. Credit monitoring is not the only way Identity Theft Protection companies help detect threats to your private information, but it is an important part. Make sure to pick a company that monitors all three credit reporting bureaus. Some companies offer to send your credit reports and score to you in addition to monitoring. Beware of websites that claim to give you free credit reports or scores. Always be careful of who you give your personal information to!
Most people nowadays shop with ease and convenience by purchasing from online merchants. This trend was seen during the last holiday season when online shoppers reached record numbers. However, shopping over the internet carries a higher risk for identity theft and credit fraud if you're not careful. Many novice online shoppers often make the mistake of giving out too much financial information.
Some first-timers are simply not experienced in selecting reputable websites. These are the common mistakes that expose online shoppers to credit fraud. To address this concern, here are some prerequisites that should be taken while shopping online. Credit monitoring is also presented here as an alternative solution to protect you from online shopping credit fraud.
Shop only in reputable sites. For first-time online shoppers, it can be very difficult to spot a reputable online shop. You can't always tell whether a website is fake or genuine. Sometimes, even scam sites look very professional and convincing. However, there are red flags that obviously tell you when something's fishy. Poorly designed websites with pop-up windows that do not close are usually telling of internet scams.
Strangely named web addresses could also be suspicious. When you encounter these sites, immediately close your browser and stop shopping. For other sites that are not familiar yet look professional, take time to search for feedbacks or reviews. These can inform you if they are genuine sellers and if they provide good service. The security of the site is also important. Make sure that the payment form of your online seller shows a lock icon on its security bar. Also, the URL of the page should start with https instead of just http.