Here’s an important reminder that could save you thousands: Always monitor your HELOC account, even if you’re not making any withdrawals. In recent years, HELOCs have become a major target for identity thieves. HELOC fraudsters have a scam that allows them to withdraw money from a homeowners HELOC without any notification going to the borrower. [...] [...more]
Even if you’ve never taken out a home equity line of credit, you may be vulnerable to HELOC fraud. There’s been a recent increase in the number of unauthorized home equity lines. With enough personal information, a criminal may be able to open a line of credit in your name and withdraw the funds without [...] [...more]
HELOC borrowers may soon have a new line of protection against identity theft. A law coming into effect later this year requires banks to add security measures fighting against identity thieves. Soon all banks offering home equity line of credit loans will need to have an identity protection program. The Chicago Tribune reports: “One of [...] [...more]
