Identity Theft and Home Equity

9:53 pm Anything Texas

As if we don’t have enough to worry about, now we have to worry about people digging through our garbage.  The Identity Theft Assistance Center has a new report identifying people with large amounts of home equity are becoming increasing targets.  Home equity lines of credit is very appealing to these criminals because of the reserves.  Home owners need to be diligent and check their accounts on a regular basis to ensure no tampering has occurred.

The Federal Bureau of Investigation released their annual mortgage fraud report in April.  In the report, home equity mortgage credit fraud is cited as an “emerging scheme” in the battled real estate and mortgage markets.  Identity Theft criminals have long targeted people with poor credit.  This practice came about with the emergence of the “sub-prime” market.  If you are not familiar with the sub-prime market, it was basically a way for people who could not afford loans obtain loans.  It required very little identification which made it a prime target of identity thieves. 

Now that the lenders have seen the errors in their ways and tightened up their requirements, Identity theft thieves are looking for new avenues.  These new avenues require going after people with good credit.  Home equity loans are attractive because they are as easy to open up as a credit card account.  All they need is a little bit of financial information.  And where do they find it?  You got it…..right there in your garbage can.

How this usually goes down……. thieves will pose as home owners online and request home equity accounts.  After the account is opened,  they will send a fax to the bank requesting a wire transfer.  The bank unknowingly calls the crooks to verify the transfer.  And in a blink of an eye the money is out of the account.

We are seeing a lot more requests from home owners requesting to be set-up on a quarterly schedule.  We provide free security containers where you can drop your junk mail and all your other paper work to be picked up for on-site paper shredding.  This service starts as low as fifty dollars per visit.  People often overlook paper shredding and take an attitude of “it won’t happen to me”.  Mobile document shredding takes about ten minutes to set up and we work to your schedule.  Give us a call and see why we are the fastest growing paper shredding company in Houston.

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