Identity Theft News

Seniors Place Value on Credit worthiness and Owning a Mortgage-Free Home

Typically, seniors establish a more conservative financial profile as they get older. Many have acquired wealth, a home, financial stability and a better credit score than younger people.  A savvy identity thief can access and be extended more credit for purchases for a longer period of time if they target an older person with higher credit line availability. Sidney, a wealthy retired executive learned that his identity was stolen many months after he and his wife purchased a new home. His loan application, with his 3 in one credit report attached, revealed his credit score, his checking, savings, and investment accounts, social security number, and all necessary information for an impostor to become Sidney. His masquerader had gotten a copy of Sidney’s loan application and opened new credit card accounts, purchased computers, electronic equipment, furniture, rented an apartment, obtained utilities, etc, stealing almost $100,000. Allan and Marcia are retired and living in a gate guarded community, in a mortgage free home. They felt sure that their mail and finances would be safe inside the gate, yet they learned that convenience checks were stolen from their mail box, and thousands of dollars were spent in their name. Also their own checks were stolen, credit cards were opened in their name, purchases were made across the country using their credit card numbers on the Internet. After several months, they learned that their “mortgage-free” home now had a large mortgage and a lender was threatening forclosure

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