Take a quick look at your email spam folder. If it’s anything like ours, you probably have at least a half-dozen emails telling you that you’ve won an exciting prize, or maybe even a couple from banks saying there is a problem with one of your accounts. It’s an easy way to show that there is fraud everywhere, in every part of our life.
But, there are some steps you can take to make life more difficult for would-be scammers, even those who target the real estate industry.
Identify theft is a common form of fraud, and the results can be devastating. Therefore, it’s important to control and limit information you share on social media platforms. Avoid responding to fun-looking posts that ask for your background information such as family names, schools you attended, streets you grew up on, pets’ names, etc. While some posts may be innocent fun, others can be attempts to gather background information about many people at once. It’s best to avoid at all costs because you never know!
Credit fraud is also a major concern and one that can cause a lot of personal damage. Remember the Equifax breach that exposed the data of 145 million Americans just a few years ago? Unfortunately, this happens more often than we’d like to believe.
One way to avoid such fraud is to secure your credit file with the three major credit bureaus – Trans-Union, Equifax and Experian. This is a relatively simple process that helps safeguard your personal credit file. It takes about five minutes to do this on the website of each credit reporting bureau. And, the “unfreezing” process when you are applying for a mortgage or a car loan is just as quick and simple. It’s definitely worth the effort and provides some much-needed peace of mind.
Mortgage fraud is yet another concern. While most mortgage companies are reputable, there are some that have had issues in the past. Working with your Realtor, you can review the credentials of any mortgage company before committing to do business with them. And when you do make your selection, have an attorney review any documents you don’t understand.
On a positive note, most financial and real estate transactions and open house events are concluded legally, ethically and without incident every day. That said, it’s always best to take a common sense approach with everything you do to ensure your financial safety. If your credit isn’t locked, please give it strong consideration.