![]() ![]() Look for unfamiliar charges, accounts, or withdrawals. Look for unexplained withdrawals, charges, and accounts. Review your bank account and credit card statements regularly.In Canada, the Financial Consumer Agency of Canada provides information on requesting a free credit report. Space these checks out across the year, and you will know fairly quickly if something is wrong. This is the only free crediting reporting service authorized by the Federal Trade Commission. Check your credit reports regularly for unauthorized inquiries and accounts. In the U.S., you have the right to check your credit report with each of the three major credit bureaus once per year at.Be suspicious of any unsolicited communication asking for personal information. Make sure you shred any documents that have your bank account information, Social Security/Social Insurance number, or other personal information. Be careful with your personal information. Treat your personal information like the valuable commodity it is.You might not even know this has happened until a lender starts to send letters of foreclosure on your home due to failure to make payments. They then sell the home or borrow against the equity. They file the necessary paperwork to transfer ownership of your property to themselves, using forged signatures and fake identification. They then gather your personal information from the internet or elsewhere, and take over your identity to assume the role of property owner or claim to represent you. Scammers will choose a house, sometimes a second home, rental or vacant house. The scary part is, you may not even realize it has happened until it’s too late. Before you purchase title lock protection, know what is included in your subscription and be a smart shopper.Home title fraud happens when someone obtains the title to your property and changes ownership from your information to theirs. The issue is not so much a loss of property as it is a time consuming task of issuing a complaint and working with the legal system to restore what is rightfully yours. If they did not, the problem rests with them, and you are not responsible for any fraudulent activity. However, the lender or buyer of the illegally obtained property should have investigated the title, liens, and impairments which are typically done anytime property is transferred or used as collateral. ![]() It is true that identity theft happens and someone can forge your name. In addition, there are some legal points that should be considered before purchasing title lock protection. Will the title lock company offer an attorney (or attorney’s fees) to work on your behalf to recover your lost property?.Will the title lock company offer restitution or a specific dollar amount should you be evicted from your residence and have to find shelter elsewhere?.Will the title lock company contact the credit reporting agencies to alert them that fraud has been committed?.Will the title lock company work with the lender or buyer to determine the fraud and develop a plan for restitution?.Will the title lock company file a complaint on your behalf with the Federal Trade Commission notifying them of your identity theft?.If these benefits are not part of your plan, your protection may be insufficient and not worth the money. If you decide that fraud protection is a smart move, there are certain benefits that should be part of your fraud protection subscription. For the most part, it is a monitoring service that merely alerts the homeowner that there may be a problem with someone using the homeowner’s identity. In addition, know that title lock protection is not insurance. Should you buy title fraud protection? Monitoring your identity for instances of identity theft is one way you can avoid title fraud without spending additional money. However, according to Forbes () the instances of title fraud are extremely rare and the need for title theft protection is unnecessary. ![]() For instance, if you are elderly and unable to monitor your identity or if you own a vacation home or rental property, you may be at risk. Although there are instances where title theft has occurred, certain demographics are more at risk than others. It may convince you to purchase title theft protection so that you don’t lose your home. The advertising for home title theft sounds ominous and rampant. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |