As a mortgage borrower, identity theft protection is something that should be on your radar. With so much personal and financial information exchanged during the mortgage process, it’s important to know why identity theft protection is crucial for mortgage borrowers and to take steps to protect yourself from fraud and identity theft.
Here are some tips to help you secure your identity during the mortgage process and beyond.
- Work with a reputable lender or mortgage broker. Do your due diligence and research any professionals you’re considering working with. Read reviews, ask for referrals from friends and family, and check their credentials.
- Be careful about who you share your personal information with. When filling out mortgage applications or providing financial information, be careful about who you share it with. Never give out personal or financial information to someone who contacts you unsolicited. If you receive a call or email requesting this information, hang up or delete the message and contact your lender or broker directly to verify the request.
- Consider using a credit monitoring service. Consider using a credit monitoring service to keep tabs on your credit report and alert you to any suspicious activity. This can be especially helpful during the mortgage process, when your credit report may be pulled multiple times.
- Freeze your credit report. Another option to consider is freezing your credit report. This prevents anyone from opening new accounts in your name without your permission. Keep in mind that this can also make it more difficult for you to open new accounts, so weigh the pros and cons before taking this step.
- Monitor your financial accounts and credit reports regularly. Finally, be vigilant about monitoring your financial accounts and credit reports even after your mortgage has closed. Set up alerts for any activity on your accounts and regularly check your credit report for any errors or fraudulent activity.
- Ask your lender if they provide identity theft protection during the process and or after as a borrower benefit.
Identity theft is a serious problem, but it can be prevented. By taking these steps, you can help protect your identity and your financial future.
Here are some additional tips to help protect your identity:
- Use strong passwords and change them regularly.
- Be careful about what information you share online.
- Shred or destroy any documents that contain your personal information before you throw them away.
- Be aware of phishing scams.
- Report any suspicious activity to your lender or the credit bureaus immediately.
Protecting your identity may seem like a hassle, but it’s an important step to take to safeguard your finances and personal information. By taking these steps and staying vigilant, you can help prevent identity theft and enjoy a more secure financial future.
Did you know?
- Identity theft is a crime that affects millions of people every year.
- The average victim of identity theft spends 200 hours and $1,200 to recover their identity. FTC
- You can freeze your credit report for free at each of the three credit bureaus.