Identity Theft And Real Estate Professionals
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As a real estate professional, you are out in the public eye. You have your phone numbers, addresses, and personal information everywhere so you will be noticed and gain business. But you are also exposed to identity theft.
Different Flavors of Identity Theft:
When your identity is stolen thieves can use it different ways. Running up credit is the most prevalent crime, but there is another one that has happened to a Washington appraiser. A competitor stole her identity and was appraising homes under her name!
Kathy Carpenter was reading an email on an appraisal when it hit her, she had not done that appraisal. What unraveled next was a sordid tale of identity theft by an office worker from another appraisers office who stole Kathy’s identity and performed appraisals under her license.
The thief, Jean Faye Dodge, has been caught but Kathy is still fighting to find out and rectify the damage that has been done.
She wasn’t clear what to do next. She did everything victims of identity theft are advised to do, including flagging financial accounts. But then she was surprised that appraisal regulating agencies in Washington and Oregon didn’t seem to know how to respond. Lenders didn’t seem to want to hear about it. Only one lender agreed to search appraisal reports to find Carpenter’s name; this is how she knows Dodge did at least 16.
Nobody seemed concerned Dodge appraised a commercial property and a million-dollar property, both of which are outside of what Carpenter’s license allows.
Since none of the buyers had defaulted on the loans that had been based on fraudulent appraisals of what the property was worth, people just didn’t care.
“Nobody had my back,” Carpenter said.
Read the rest at Columbian.com.
If you are a real estate professional, make sure that you check you credit reports regularly. And follow up on calls that make no sense to you if the person thinks that you have done work that you know you have not done. The quicker you stop identity theft the less work you have getting your world back together quickly.
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Comment by Joshua Dorkin @ BiggerPockets on 8 September 2008:
This is just a scary situation. As you said, agents are particularly at risk because of their exposure. I recommend all agents have the credit agencies put protection on their accounts (I forget what it is really called), whereby anytime a credit card is opened, loan taken, or other credit related transaction is executed, you are contacted to confirm that you’re the one making it happen.
Safety first!
Comment by TegoV - Albuquerque Real Estate on 8 September 2008:
This is not specific to being a Realtor but I had a credit card stolen in the mail last year. By the time I realized it (2 days) they had spent $3000 and rented a car (that was never returned). Needless to say, I have credit monitoring now.
Comment by Mom on 11 September 2008:
To Oly’s son? Please respond today, thank you
Comment by Monica on 16 September 2008:
Joshua said “I recommend all agents have the credit agencies put protection on their accounts (I forget what it is really called), whereby anytime a credit card is opened, loan taken, or other credit related transaction is executed, you are contacted to confirm that you’re the one making it happen.”
How’s the market in your area
My ground is Newtown-Bethel-Redding and Ridgefield. I cannot tell you the number of times I have left a credit card at a store or my cell phone sitting on the counter of dunkin donuts.
I have a large family, mil house so my parents live with me along with the 4 kids, dog and lets not forget my husband.
After hearing some horrific stories myself I decided not to be one of those that say “this can never happen to me”. I registered with Trusted ID because it gave be the Biggest Bang for My Buck — I was able to cover the entire family on one account, at one cost.
I used their service IDFreeze to put Fraud Flags on my credit, which means EXACTLY WHAT YOU SAID:
Before anyone can use my identity to open ANY TYPE OF CREDIT ACCT — I get a phone call to verify who I am and approve the application. Wow what a thought “taking control, being proactive and protecting yourself and family.”
It’s a good feeling to know I can open my statements and not see any surprises — well unless of course the teenager did something crazy. That I can deal with.
Happy House Selling and Be Safe Out There
Monica
Comment by Jim on 14 January 2009:
Credit Monitoring is a good start, but it is not the solution. What about the other 4 types of Identity Theft? I am a Licensed Real Estate Broker in WA and an Independent Associate of PrePaid Legal Services Inc. I specialize in Identity Theft protection and Risk reduction, so I know quite a bit more about it than most REALTORS. What do you do when the thieves use your Identity for other reason’s. Like the person who left their wallet at a restaurant and was arrested a month later because somebody had a fake license made with their information, got a ticket, and then never showed up for court. The real person had a warrant issued and was arrested at his office. Try explaining that one to your designated broker or clients and co-workers. I invite you to ask any “Identity Theft Protection” company what their policy on restoration is and then contact me @ Jim@GetEqualAccessNow.com if you would like more information.
Comment by Mario on 22 January 2009:
a real state broker named Rosa helped my mom find a house to buy, but she also walked away with my moms personal information, and a second loan she took out on my mom’s credit. this woman refinanced the house just six months after my mom moved in to the house, she is now on the run. Rosa scammed my mother and two of her friends, walking away with thousands of dollars, couple of new cars and a huge house whic she bought on other peoples credit.