Protect Yourself from Identity Theft

What is identity theft and how does it affect getting a mortgage?

You've probably heard on the news lately about people who have had their identity stolen. Sometimes, without your knowing, others gain access to your credit card numbers, Social Security number, passwords, etc., and use that information to run up large bills and ruin your credit. (see Determining Credit Risk for more information).

Although you can usually unravel an identity theft over time, you don't want this to happen at a time when proving your credit worthiness is of vital importance. If you plan to apply for a home loan in the near future, check your credit standing. You can contact Gwen Hoople at 510 301 3037 for help with this. But when it comes to maintaining your privacy, prevention is the key.

Keep your private information private!

Be meticulous about your personal information - developing these behaviors will greatly diminish the chances for someone to steal your identity.

• Regularly change your passwords and PIN numbers for accounts, ATMs, website access, etc. Try not to use obvious passwords such as your birth date or the name of a loved one. Mix digits with letters for maximum security.
• When shopping or charging anything, be sure you get the customer copy of the receipt.
  
• When you get a credit card statement or other bill, check it carefully to make sure you made all the charges.
  
• When you receive offers for preapproved credit cards, tear them up or shred them before discarding them.
  
• Shred all papers that include personal information before discarding.
  
• Don't provide personal information over the phone to strangers unless you initiated the phone call and are sure who's on the other end of the line.
  
• Don't give out your Social Security number unless you know who you're giving it to and how they will use it.
  
• When ordering new checks, pick them up at the bank instead of having them mailed to you.
  
• Don't put personal information on your computer home page or in a computer profile open to the public.
• If you run across your personal information somewhere on the Internet, demand that it be removed.
  
• Take a look at your credit report at least once a year. If you find any inaccuracies, follow up with the credit bureau.
  
• If you want to be notified each time someone applies for credit in your name, add a fraud or security alert to your credit reports. This requires creditors to contact you before issuing you additional credit. To place an alert, call the three credit bureaus at the numbers below, and select the voice prompt for fraud victim assistance or for placing a fraud alert. These lines are available 24 hours a day, seven days a week.

Credit Bureau Fraud Victim Assistance