Question:

How lenders provide mortgage fraud protection?

Answer:

Banks, unions and all type of lending institutions combine efforts with the government and police to provide greater mortgage fraud protection to their borrowers. There are security and fraud task forces whose goal is to examine closely mortgage fraud cases and determine how to better prevent fraud. Also, technology and software is being constantly updated to help reduce fraud cases. There are many types of mortgage fraud, with identity theft gaining popularity.

Personal Mortgage Fraud Protection and Prevention Tips

If you are offered a loan that sounds too good to be true, it surely is. Do not supply your personal information by any means.

Do not fill in personal information in pop-up windows online. If you are applying for a loan via the internet, make sure you have researched the lender.

Reduce the number of identification information you carry around. Leave your SSN card at home to minimize the risk of identity theft and as means to increase fraud protection.

Regularly check your credit reports to make sure no one has used your accounts without authorization. You are entitled to one free credit report once a year from Equifax, Experian and TransUnion.

If you are changing your mailing address, make sure your creditors and employers do not send your bills to your old address. Also, identity thieves may be going through your garbage and collect your mail, so make sure you shred any forms containing your personal information before dumping them and collect your mail promptly when received to avoid becoming a mortgage fraud victim.

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