Identity Theft

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Identity Theft

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Everyone needs a solid credit history.

Do you realize that your name can be used without your permission?

That's a record that shows you pay your bills promptly and on time. Whether you are an average consumer or a large corporation, credit is a necessity for the successful operation of our daily lives. If you’re a corporation, you may need to acquire funds to launch a new product or campaign. If borrowing, you’re credit worthiness will come into question. If you’re an average American consumer, we use credit for everything from buying gas or going to the department store to financing a home, a car or putting a child through college. Think how difficult it would be to buy a $30,000 or even a $50,000 car without credit!

The simple fact is that you’re credit risk can have a serious, direct effect on your lifestyle. The importance of building and maintaining a positive and accurate credit rating is the key to assuring your financial well-being. If funds are needed but not readily available we must turn to financing. And again, the key to financing is an accurate and positive credit rating. One source of somewhat low-cost credit may be your house or car. If you own equity in it, you can turn it into a fund generator.

Home-equity loans are sensible for major endeavors such as financing a child's education or making an investment. But no endeavor is possible if there is erroneous information being reported to your credit file.

The sad fact is that there are criminals who will take advantage of your good name and credit for their own gains. According to CBS Marketwatch; scam artists rob Americans of $40 billion a year by selling them worthless investments, getting them involved in phony partnerships and taking their money for hollow land deals, or worse. The smaller criminal or identity thief would just “take over” your identity and credit to get what they want. However, there are ways you can protect yourself and your economic stability.

Identity theft is the number one rising white-collar crime in America;

striking every 79 seconds. The Federal Trade Commission (FTC) recommends that you check your credit report at least twice a year for accuracy. You can obtain this in seconds on a computer from authorized online providers. They can provide a merged report with information from all three credit bureaus safely and securely online in seconds. This saves time and hassle from going to different sources and waiting possibly weeks.

To take a proactive approach you can take advantage of a credit monitoring service. From providers like Equifax, Trans Union, or Experian, monitoring your credit helps alert you early of any “fishy” activity. The earlier you can detect it, the easier it is to repair.

Even though the maximum dollar amount you’re legally responsible for when your identity is stolen is only $50; the possible legal fees and wasted time and effort in repairing the damage caused to your credit rating can add up to be quite overwhelming. It has been estimated that the average time wasted on just correspondences to repair a damaged credit rating is about 175 hours. There’s no telling how long it could take to get your credit rating back in order. During all this time your financial plans can be halted. Don’t become a victim and let your economic dreams suffer. Take the proactive approach and monitor your credit today!

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California Department of Real Estate, real estate broker. Equal Housing Lender.