Mortgage Insights Blog

Did you know that the average loss suffered by the victim of an identity theft case was $31,356 last year? But the victims are not the only losers from identity theft, it was estimated that US businesses and financial institutions lost nearly 50 billion dollars last year to fraud and identity theft alone last year.

Avoid becoming one of the 10 million Americans who fall victim to identity theft each year. Here are some tips you can follow to help avoid falling prey to these unscrupulous criminals.

• Be sure to check your credit once a year. By law you are allowed one free credit report from each of the 3 major credit bureaus. Order yours by creating an account at www.annualcreditreport.com or call (877) 322-8228

• Add a Fraud Alert to your credit. Help avoid identity theft by adding these alerts that require the credit bureaus to notify you when new accounts are opened under your credit. You can add them at no cost and they are good for 90-days, call the bureaus directly: Equifax (800) 525-6385; Experian (888) 397-3742 and TransUnion (800) 680-7289.

• If you notice there has been a new account recently opened you can use Credit Freeze to stop credit thieves from continuing to use your credit. Credit Freeze information can be found at The California Department of Consumer Affairs website including costs charged by each of the bureaus. Go to: www.oispp.ca.gov/consumer_privacy/consumer/documents/pdf/cis10securityfreeze.pdf.

• Another way to protect yourself from identity theft is to review your Social Security Earnings and Benefits statement annually. Review these statements carefully once a year. This is a great way to spot whether or not someone else has been using your social security number, usually by an undocumented foreign national or illegal alien. To order a free copy of your latest statement call (800) 772-1213

• Stop the influx of junk mail and remove yourselves from unwanted solicitation lists. One of the easiest ways for a criminal to gain your personal information is to get it form your discarded junk mail, especially all those credit card offers. To remove yourselves from “trigger lists” and other “firm-offer” lists, go to www.optoutprescreen.com or call (888) 567-8688. You can elect to remove your information for 5 years or indefinitely. This is probably on of the most powerful ways to protect your identity!

• Stop unwanted catalogs and other junk mail. The typical adult will receive up to 41 pounds of junk mail annually. Help reduce your chances of suffering form identify theft by limiting the amount of junk mail you receive and help keep the planet green by reducing the consumption of materials used to produce junk mail. To remove yourself from some catalog and junk mail lists go to www.dma-consumers.org/cgi/offmailing and www.41pounds.org. Junk mail produces more CO2 than 2.8 million cars!

• Give yourself some peace in the evening by adding yourself to the “Do Not Call” registry. Register your phone numbers at https://www.donotcall.gov or by calling (888) 382-1222

In the unfortunate event that you discover that you have fallen prey to identity theft then use the following resources to report the incidents.

When reporting ID theft or Credit fraud, immediately contact the three major credit bureaus by calling Experian (800) 525-6285, Equifax (800) 301-7195, and TransUnion (800) 680-7289. Immediately contact the Social Security Administration fraud line at (800) 269-0271 and the Federal Trade Commission ID Theft Hotline at (877) 438-4338.

Report ID Theft to your local police department and keep copies of the report for creditors. Many times, credit card companies will not even speak with you regarding fraudulent purchases or charges until you have filed a police report and can provide them with a police report number.

Access the FTC’s new website for additional guidelines and tips to follow for victims of identity theft: http://www.consumer.gov/idtheft/recovering_idt.html