Data Facts Lending Solutions Blog

After the Equifax security breach that impacted millions of US consumers, many have elected to place a credit freeze on one or all of their credit reports as a safeguard. While putting a freeze on your report helps protect against fraud, it can present challenges if the consumer needs to obtain legitimate financing. 

In light of the recent Equifax security breach, Data Facts is re-posting information on the mortgage lending services of fraud alerts and credit freezes.

 Approximately 15 million United States residents have their identities used fraudulently each year with financial losses totalling upwards of $50 billion.  On a case-by-case basis, that means approximately 7% of all adults have their identities misused with each instance resulting in approximately $3,500 in losses!!

Planning a fun trip this summer?

It's important to relax and have fun on vacation, but remember that criminals are everywhere, waiting to take advantage of your lack of attention. It's likely that the last thing on your mind when you're vacationing is becoming the victim of identity theft. However, vacation time is also when identity thieves are at their busiest.

In today’s financial climate, it is becoming more evident by utilizing bundled services from a single provider Lenders will be able to serve clients more effectively, profitably and will emerge as industry leaders.

Why should you bundle services? First of all, one vendor equals fewer headaches. It standardizes operations and saves time. You don’t have to call, email and wait for responses from multiple vendors. Secondly, it builds a stronger relationship. This makes for a more positive overall experience. Lastly, it helps you to stay in compliance. Compliance is ALWAYS a top priority. Bundling services minimizes the risk of being out of compliance by having all your paperwork from ONE source. Your chosen vendor should be constantly providing compliance information for your records.

Identity Theft is the fastest growing crime in America.  Approximately 15 million United States residents have their identities used fraudulently each year with financial losses totalling upwards of $50 billion.  On a case-by-case basis, that means approximately 7% of all adults have their identities misused with each instance resulting in approximately $3,500 in losses!!

Vacations are meant to be a time for you to relax and to enjoy yourself. It's likely that the last thing on your mind when you're vacationing is becoming the victim of theft. However, vacation time is also when identity thieves are at their busiest.

Holiday Shopping season is an identity thief’s dream come true.  Millions of people, spending millions of dollars,  in thousands of stores, both in stores and online, in a condensed amount of time.  It is a treasure trove of victims, ripe for the picking.  This is why it is more important than ever to take special precautions when shopping both online and in stores this holiday season.

Confucius say: Beware scorned spouse with shared credit.

Maybe the Chinese thinker and philosopher didn't actually say those lines, but he should have. Your credit sits on dangerous ground when you and your spouse decide to split up.

Oh no, not again!  Home-improvement giant, Home Depot stated it was currently investigating a possible breach involving “unusual activity that might indicate a possible payment data breach”.  This is the latest, in several data breaches, affecting some of the nation’s largest retailers.  While we are still unclear as to the extent of this latest breach, one thing is for certain:  you can never take too many precautions to help protect your identity!

Below are steps and recommendations that may help to protect you from potential misuse of your credit and debit information.

The social security card looks like an innocent little thing. However, its 9 digit number packs a powerful wallop during the mortgage process. People who commit mortgage fraud often attempt to utilize other people’s socials to acquire mortgage loans.

According to a recent Fannie Mae Fraud Report, mortgage fraud involving social security number misrepresentations is up almost 10%!