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).
No comments:
Post a Comment