Identity Theft
Identity theft is a serious crime; its impact on consumers and businesses is staggering. Current estimates by the Federal Trade Commission indicate that there may be as many as 10 million victims of identity theft each year. Studies estimate that victims of identity theft spend $5 billion to undo its harm, while businesses lose nearly $50 billion in revenue annually.
The FTC has received thousands of real estate-related identity theft complaints. Many consumers first learn they are victims of identity theft when they are in the process of renting or buying a home, derailing their real estate dreams while they work to rebuild their good name and destroyed credit. Identity thieves may also rent or purchase a home fraudulently. Clearly, identity theft is an important issue impacting both home buyers and real estate professionals across the nation.
What's New
NAR is working with the FTC on a new nationwide campaign to educate consumers on how to minimize risk of identity theft and quickly fight back if they become a victim: AvoID Theft: Deter, Detect, Defend . Preparing for its official launch by early summer, the new initiative aims to educate and empower consumers to protect themselves against identity theft and to minimize the damage it can cause.
On behalf of our industry, NAR plans to play a key role in the fight against identity theft by reaching consumers with much-needed information at points where financial investments and credit is top-of-mind. To arm our members with the materials necessary to join this effort, NAR, in cooperation with FTC, will have numerous resources available to make it easy for any REALTOR® to communicate about identity theft to existing and potential customers.
Together, the NAR and FTC can help educate consumers to take the necessary steps to deter, detect and defend against identity theft. While no one is immune from identity theft, these steps make it more difficult for identity thieves to steal a consumer's personal information. This will help consumers better protect their credit, and increase the likelihood of realizing their home ownership dreams.
Deter Identity Theft
Consumers can deter identity thieves by safeguarding their personal information.
Detect Identity Theft
Consumers can detect suspicious activity by routinely monitoring their financial accounts and billing statements. Many consumers learn that their identity has been stolen after the damage has been done. The faster consumers detect the theft, the more they can limit the damage.
Defend Against Identity Theft
Consumers should defend against identity theft as soon as they suspect a problem. It's important to act quickly to minimize the damage.
Opt Out of Credit Prescreening
Credit prescreening is the process by which credit bureaus evaluate your credit data and develop lists for sale to third parties who either sell the information to credit providers or make offers of credit themselves. Often, these lists result in unsolicited offers of credit through a variety of communication methods, including direct mail. Often such offers fall into the hands of identity thieves. Therefore, opting out of prescreening can be a good way to reduce these risks.
To learn more and "opt out," visit https://www.optoutprescreen.com/ or call 1-888-567-8688
