Property fraud is a type of identity theft in which a criminal uses someone’s personal information to access their title. With this in hand, they can change the title into their name and borrow off the title. Fraud alert systems are set up to notify a person when their information has been used on a document. This is often the earliest a person will realize that they’ve become a victim of identity theft. Understanding what this alert system does will help you decide if you need it. Here is some more information about property fraud alert systems.
What is Property Fraud Alert?
The purpose of property fraud alert is to let a person know that their information has been used. There are various ways in which this might happen. The alert allows the person to confirm that they made the change or take action to prevent further damage. It’s important to know that the alert won’t actually stop anything. It can’t stop any action because they won’t be sure if the action being taken is by the rightful owner of the title. It’s up to the owner of the title to take the next necessary step as soon as possible to avoid damage.
How is the Alert Sent?
Typically, there are three ways that a person might receive the alert. They can either receive it as a phone call, a text, or an email. Depending on which alert system you sign up for, you might have to choose which way you wish to receive the alert. Others might send the alert to all three. When choosing which way you want to receive the alert, you should choose one that you’ll check often. Time is critical when your identity has been stolen. The longer you wait to resolve the situation, the more damage can be done in your name.
What Does the Alert Include?
When you receive a fraud alert, it will usually include various types of information. This includes the county in which the potential fraud occurred, the document information, the date it was recorded, and the name used. This is all of the information that you’ll need to determine if the document was submitted by you or by someone claiming to be you.
Title fraud is a serious problem that can be very troublesome for victims. Property fraud alert will let you know when a document has been filed in your name so that you can limit the amount of damage.