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Nearly half of Britons have experienced some sort of credit problem, according to new research.

Statistics compiled by LV= show this is the case for 46 per cent of Britons, which equates to around 21 million of the UK’s adult population.

"Our research shows that an unfair credit rating is a common problem for many and more worryingly, identity fraud is likely to rise sharply in the coming years," comments John O’Roarke, managing director of LV= home insurance.

He adds that people are also increasingly more likely to be targeted by fraudsters, which emphasises the need to protect personal information.

Additional findings show that 40 per cent of those targeted by identity fraudsters have been denied a credit card, with eight per cent having to pay legal fees to rectify the problem.

Furthermore, victims are reporting an average cost of £2,100 to clear their name, with 29 per cent revealing they had no idea why they had encountered a problem.

Emma Holyer, a spokeswoman for LV=, recently said that people in this situation may find they are turned down for certain financial products.

She said that people should try to get hold of their credit report in order to pinpoint the problem.

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