Saratoga News

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Buyers, beware of identity theft

When a credit card goes missing or an Internet account is jeopardized, consumers need to know identity theft is a real and devastating possibility.

That's why the National Association of Realtors and the Federal Trade Commission have formed a partnership to help prevent identity theft. The program, "Deter, Detect and Defend," aims to educate consumers, particularly homebuyers, about the effects of identity theft and the ways they can protect themselves.

Thomas M. Stevens, National Association of Realtors president, made the announcement with Deborah Platt Majoras, FTC chairwoman, at the Realtors Midyear Legislative Meetings and Trade Expo in May, attended by a record-setting 10,000 Realtors, guests and exhibitors.

"People's dreams of home ownership can be dashed in an instant if their identity is stolen," Stevens said. "As America's leading advocate for home ownership, National Association of Realtors is arming our 1.2 million Realtor members with information they need to help their clients deter, detect and defend against identity theft--it's just one more way that Realtors can add value to the real estate transaction."

The campaign will include the distribution of consumer education brochures and DVDs across the country through more than 1,400 local and state associations.

Since the home-buying process invariably involves sharing a certain amount of personal information with third parties, homebuyers are at risk and should be particularly cautious. Buyers who provide personal information online to be referred to a network of mortgage lenders or real estate professionals are, in effect, authorizing the owners of that site to sell their information to third parties.

"Realtors play a critical role in the fight against identity theft," said Stevens. "Consumers should always be careful when sharing financial or other personal information, whether in person, on the phone or over the Internet. Working together with renters, buyers and sellers, Realtors can help their clients open the door to their next home while locking out identity thieves."

Stevens suggested consumers who are searching for a home online use only sites from a trusted source, such as the association's consumer site, www.Realtor.com. Many buyers use the Internet to research mortgage lenders and are cautioned to be careful when sharing financial or other personal information over the Web. Realtors can refer buyers to reputable, reliable lenders.

Buyers should also check out their credit report to make sure it is complete and accurate. The Fair Credit Reporting Act gives consumers the right to a free credit report from each of the three nationwide credit-reporting companies every 12 months. For more information visit www.annualcreditreport.com.

When making one of the largest purchases of a lifetime, buyers need to be aware of all aspects of the transaction process. Hiring a Realtor is one way to make sure the transaction will go smoothly, since a licensed real estate professional with the designation of Realtor subscribes to a strict code of ethics and is knowledgeable about industry issues.

To find a qualified local Realtor or affiliated professional in the real estate industry, consumers can check out local associations such as Silicon Valley Association of Realtors at www.silvar.org.

Information provided in this column is presented by the Realtor members of the Silicon Valley Association of Realtors at www.silvar.org. Send questions on any topic to pcardus@silvar.org.