homehomeabouthomesatisfied clientshomeprocesshometestimonialshomeneighborhoodhomeresourceshomecontacthomegrubb co.spa
sherry benninger . com

home
about
satisfied clients
process
testimonials
neighborhood
resources
contact

GRUBB Co.

home
about
satisfied clients
process
testimonials
neighborhood
resources
contact

GRUBB Co.

Resources: Newsletter Articles:
Protecting Your Credit

In the latest twist in the fast-growing problem of identity theft, thieves have not only stolen personal information, but have used it to open home-equity loans. In some extreme cases, homes have been sold without the homeowner's knowledge.

The good news is that Congress recently passed a law requiring the three major credit bureaus -- Equifax, Experian and TransUnion -- to provide consumers, upon request, a free copy of their credit report once every 12 months.

The bad news is that taking advantage of this opportunity is no longer optional if you want to protect yourself, and your credit. The Federal Trade Commission released a survey last year showing that 27.3 million people were victims of identity theft over the past five years, including 9.9 million in 2003, reporting $5 billion in out-of-pocket expenses. Almost 10,000 identity theft victims had home loans... totaling $300 million... taken out in their names in 2002.

Anyone who has attempted to obtain a home-equity loan knows the toil involved in collecting and copying financial documents for the application process. But, according to a San Francisco security-systems consultant and licensed private investigator, Òbecause so much of the loan process is done remotely now, there's very little face-to-face interaction; amazingly you're not even asked to produce an ID when you apply for a mortgage.Ó

Because the money is actually stolen from the lender, identity-theft victims aren't liable to repay the lost funds and do not lose their homes. It's the lenders who are out of luck. But, the time and effort it will take to clear things up can be considerable, and costly.

Keep Tabs on Your Credit

It is absolutely critical to keep tabs on your credit history on a regular basis. Check your credit reports from each of the big three credit-reporting agencies at least once a year. If you see any credit card or loan accounts that you don't recognize, contact the lender immediately to see if the account is legitimate. Request that credit-reporting agencies flag your credit report with a Òfraud alert,Ó which requires that lenders contact you before extending credit. Californians also can implement an additional layer of protection, and can ÒfreezeÓ access to their credit reports.

Check your credit card statements every month. Make sure there are no unusual or unexpected charges.

Get a crosscut shredder, and make sure you use it on important documents instead of hand-delivering important information to identity thieves going through your trash.

Password protect any computer files that contain important password or account information.

Take outgoing mail to the post office or a USPS collection box, and promptly remove your mail from your mailbox. If you are going on a vacation, place your mail on hold at the post office.

Encourage your parents or elderly relatives to check their own credit reports regularly and be vigilant about protecting their personal information.

Keep good records. One of the most unsettling aspects of identity theft is that it can haunt you for years after the crime occurs. Documenting your case will provide your best defense.

The three major credit bureaus are: Equifax (http://www.equifax.com, 800 685-1111), Experian (http://www.experian.com, 888 397-3742), and TransUnion (http://www.transunion.com, 800 888-4213).



Sherry Benninger

sherrybenninger@grubbco.com

The GRUBB Co., 1960 Mountain Blvd., Oakland, CA 94611

Top of Page


©
Warning: date() [function.date]: It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected 'America/New_York' for 'EDT/-4.0/DST' instead in /var/www/vhosts/80/240791/webspace/httpdocs/sherrybenninger.com/res_article_protect_credit.php on line 425
2024 Sherry Benninger. For informational purposes only.
No reprinting of this material is allowed without express written permission.



privacy policy