Identity Theft and Home Equity

The most common type of identity theft is financial identity theft because it is most profitable and there are many fairly easy ways to commit it. For the most part, what the financial identity thief is looking for is credit. According to the Identity Theft Assistance Center, people with good credit have become targets for identity theft because they often have untapped home equity.

A home equity line of credit is an excellent vehicle for an identity thief because it is a big pool of money. This pool can drain quickly if it consumers are not careful to frequently check their credit reports. A home equity line of credit is almost as easy to open as a credit card account. With the proper financial information on you, your thief can easily commit mortgage fraud.

It is recommended that if you have good credit, it is all the more reason to check your credit frequently. Your good credit will definitely make you a target for identity theft.