The recent
Equifax data breach was one of the largest hacks on record – about 140 million
Americans are potentially affected.
Yesterday’s news reported even more consumers may be exposed to identity
theft than this original estimate. The
implications for buyers applying for mortgages is significant, since the data
that was compromised includes social security numbers, addresses and credit
card information, etc. There will be an
effect on mortgage processing both in terms of slowing down the process -due to
more verifying and cross-checking of information by lenders - to out-and-out
mortgage fraud. As a consumer, if you
have been affected, it will and likely increase your cost of processing.
What should you do to detect if your
credit records have been compromised and better yet how can you protect
yourself from fraudulent use of your credit identity? Here are three worthwhile recommendations
from security experts in the field:
1. Check Your Exposure – see if the Equifax breach affected
you. Go to httpps://trustedidpremier.com/eligibility/eligibility.html
2. Freeze Your Accounts - if you have been affected (and
even if you have not but wish to better secure your information), contact each
of the big credit-reporting companies to freeze your credit, either online or
by calling ( TransUnion 888 909 8872, Experian 888 397 3742, Equifax 800 349
9960). By freezing your accounts you
will be able to use your credit cards but no one will be able to access your credit
scores or get information without your knowledge or permission.
3. Monitor Your Credit – many credit card
companies offer a free service where you can check your credit regularly. You can also purchase a monitoring
service. It’s far less complex to undo
fraudulent activity if you pick it up early, rather than after months of
activity.
These suggestions represent an added
burden to you, but in this world where consumer credit files are so critical to
being able to borrow for a home or auto or large purchases, “an ounce of
prevention is worth a pound of cures!” At Beninati
Associates, we’re looking out for you!
Source: “How
Equifax Breach Could Hurt Home Sales,” realtor.com (September 18, 2017).
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