Buyers Guide: Identity Theft Protection

Keeping Your Identity Safe

If you are a first time home buyer, one of the keys to buying your first home is securing your mortgage. This is the loan from a lender that will allow you to purchase the property. When you apply to a lender they will look into all sorts of areas, two of the more important areas are income level and credit history. This will show them how much money you make as well as how well you have paid bills and followed up on financial commitments. These can be critical when it comes to the lender pre-approving you for a mortgage and what kind of home it allows you to buy.

One thing that can ruin your credit history almost all at once is identity theft. When your identity is stolen, often it is for financial reasons and often it undoes years of work on having a good credit score and history. Rebuilding it and recovering from identity theft can often be a struggle and long road. If you have your identity stolen, it very well may compromise your chances for a mortgage as a first time homebuyer or if you are looking to upsize or port your mortgage also hinder you.

There are 5 steps you can take to protect yourself. First is to shred it and forget it. Be sure that any mail that contains sensitive information is cut up or shredded when disposing of it, destroying the parts that have your info on them. As an added step, you can also opt-out of receiving marketing mail via Canada Post's website, removing yourself for up to 3 years. This means less mail with your information on it.

Next is watch your Wi-Fi. In a digital age we are often connected to the internet via wi-fi. On top of that, it is rarely just one device. You could have a phone, laptop, tablet, even a smart tv all connected via wi-fi. While the freedom to be connected is great, be sure to lock your wi-fi and monitor for unwanted intruders on your network. Many places are now offering free wi-fi as well now so you can stay connected while out of the home. While this saves your data it also opens you up to possible attacks. If you use a public network think about using a Virtual Private Network (VPN) to mask your identity and protect yourself.

Third, conduct a social media privacy audit. Often these apps and platforms will ask for your birthday and phone numbers at sign-up. Consider not supplying your actual info that could be linked to you. If you do want to enter it or it is required to verify, ensure your settings are private so the public cannot see this info. Phone numbers and birth years can be linked to you and help a potential thief assume your identity.

The fourth tip is a continuation of the digital theme. Make sure you set strong passwords and do not use the same password on all accounts. A combination of upper-case and lower-case letters, numbers, symbols in a string at least 12 characters long make the strongest passwords. You can use a variety of password manager apps now available that helps create and securely store passwords to all of your accounts. Many device companies like Apple and Samsung are incorporating built in systems already to help such as Apple Keychain.

The last tip is to always mind your data. Keep an eye on things like your cookies in your web browser. You can also check in your settings on social media platforms how your data is being collected and used and adjust settings accordingly. When you link apps together, you also run an increased chance of data leaks, so be mindful of what you are linking.

Two quick bonus tips, if you are considering paying by debit or credit, often credit cards offer superior consumer protection and of course help to continue to build your credit. You can also consider using a credit monitoring service. While it is often for a fee, they alert you of suspicious activity and sometimes assist in recovery.

Here at Jump Realty, our agents can help you discuss the financial side of the transaction as well. We work with a variety of lenders and partners and can assist in helping you get that mortgage. We can also provide tips and info like above as well as how to help build a stronger financial case when entering an offer on a home. Our agents always put your best interest as their top priority. No matter if you are looking to buy a home, sell your home, or need any sort of assistance, Jump Realty is here to help. With offices in Windsor, Tecumseh, and Kingsville we can assist you no matter where you are. Contact us today to find out how we can give you a better real estate experience.

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