3 Tips for Preventing Title Fraud
When a criminal steals your identity, they have the opportunity to commit title fraud. This is where they will use your information to transfer your home into their name, sell your house, or take out a second mortgage. This is a short-term scam that offers a big payout to the thief. There are multiple ways that you can protect your identity to avoid this situation. Even if you’ve already suffered from identity theft, there are ways that you can minimize the damage. Here are some early detection tips for title fraud prevention.
Keep Track of Withdrawals
If somebody steals your identity, they might have access to your bank account. Most people have remote access to their bank account through mobile phone applications and the internet. When a criminal gains access to your bank account, they’ll likely take money out or transfer money to their account. Keeping track daily of your banking information will allow you to discover if someone has gained access and is making withdrawals or transfers. You can then contact your bank to put a stop to the action and minimize the damage.
Stop Receiving Statements
If your credit information is still in your name, you should consistently be receiving bill statements and bank statements. When a criminal steals your identity, they’ll likely transfer this information. The result is that you’ll no longer be receiving these statements. It’s a good idea to know when you typically receive these statements as your bank will send them to you around the same time each month. If you recognize that you’re no longer receiving these statements, you should call your bank to find out why. It could be that your identity has been stolen. Discovering this early will limit the damage caused by the action.
Call From Unknown Debt Collectors
When someone steals your identity, they’ll start collecting debts as they receive multiple loans. Having stolen your identity, they’ll have no intention of paying back these loans. The debt collectors will start contacting you to repay the loans. If you don’t recognize the debt collectors that are calling you, it likely means that someone has stolen your identity and has been accumulating debt in your name.
Title fraud is a result of identity theft so the earlier you discover the theft, the less damage will be caused. These title fraud prevention tips will help you discover if you’ve been a victim of identity theft.