Keep an eye on your credit report this year - new research shows that thieves are targeting home equity line of credit borrowers. The New York Times explains:

“A home equity line of credit is an ideal vehicle for criminals, according to Steve Bartlett, chief executive of the Financial Services Roundtable, a consortium of banking-related companies that offers financial support to the Identity Theft Assistance Center.

Mr. Bartlett said such credit lines are typically “big pools of money,” and if consumers do not regularly check their accounts, that pool can drain quickly…

Now that lenders have vastly tightened their lending criteria, criminals who specialize in mortgage fraud have little choice but to move upstream and seek out victims with good credit.”

If you notice anything suspicious when checking your credit, notify your HELOC lender immediately. The sooner you catch a problem, the higher your chances of a positive outcome.

See Also:

How a HELOC Works

Tags | Heloc, heloc fraud, home equity line of credit