Identity Theft Articles

According to the Federal Trade Commission also known as FTC “you or someone you know may have experienced some form of identity theft. The crime takes many forms. Identity thieves may rent an apartment, obtain a credit card, or establish a telephone account in your name. You may not find out about the theft until you review your credit report or a credit card statement and notice charges you didn’t make-or until you’re contacted by a debt collector.” When I read that quote it really made me think just how serious this is and the negative affect this could have on my family and myself.

Being a Mortgage broker I know all too well the value of having great credit, guess what suffers the most when your identity is stolen? That right your credit. Picture this you’re at work you get a call from your wife whose at the doctor’s office because she’s been feeling a bit under the weather, She screams into the phone “I’m pregnant” just as your hearing is coming back she adds “it’s twins” This is actually good news you and your wife have trying to have a baby for the last 10 months while you weren’t planning on twins, this is an added bonus because you and your wife had plan on having 2 kids. And you’re thinking 1 pregnancy 1 set of crazy pregnant wife syndrome and all that comes with that you know what I mean moodiness, swollen feet and those 2am cravings that have you driving all over town trying to find an all night Krispy Kreme donut shop. But at the end of all that 2 kids, done. So you make dinner plans to celebrate, blow her a kiss, hang up, and try to get back to work. a near impossibility, your mind is now racing with all the things that will change. At dinner that night you and your wife laugh, cheered and had a great nonalcoholic dinner. After desert your wife informs you that your 2seater car that you love because it makes you look cool will be replaced by a MiNIVAN. It’s a good thing you had dinner already. But you console yourself by thinking I’ll get an SUV instead. She continues “we need to get a bigger house” This you agree with and suggest looking this weekend.

Let’s fast forward a couple of months your wife is starting show and after many weekends of driving around with your realtor that thinks every house she shows you is perfect for you, you finally find one that is. You make an offer that’s accepted you and your sign the contract every body is happy especially the realtor done deal. Not quite, you still have to get a mortgage. But this is no big deal you have great credit, been in the same job since college over 6 years now making good money. Your only concern is which mortgage should you get. You take a day off work to go with your wife to see your local banker who greets you by your last name you insist that he calls by your first name he agrees and comment how your wife is glowing. At his desk you explain the purpose for the visit and hand him the contract for your new home. He hands you a form to get some basic information that he needs to get the process started. One of the space on the form is for your social security number and for consent to pull your credit which you fill in and sign and hand it back to him. He takes it with a smile and start pounding away on his computer. You turn to your wife who can’t wait to leave to go look at new furniture you assure her this won’t take long just then your smiling banker calls you by your last name, and he’s not smiling anymore. He proceeds to tell you He will not be able to get you a mortgage for that house or any other house. Because not only is your credit score ridiculously low but according to your credit report you already own a house that you took an equity line against and is not paying. I know this story sounds far fetched but believe it’s not I can’t tell how many times I’ve seen this kind of thing happen and just how it can devastate a person.