Here are two ways that the Equifax information could be used to hack a consumer’s identity.

Here are two ways that the Equifax information could be used to hack a consumer’s identity. As we all know last year the big news in the credit industry was that Equifax was hacked. The information that was hacked included consumer’s name, address, date of birth and social security number.

Unfortunately, the identity thieves are starting to get a hold of this information and use it in creative ways. One thing they are doing is using this hacked information to file fraudulent unemployment claims at least here in Michigan. Because of the way that the Michigan unemployment system is set up, a few unemployment checks go out before the clam is verified and validate.

I’ve had a few friends tell me their personnel department contacted them recently and asked if they had filed for unemployment. That’s kind of an uncomfortable situation, my friends had to go through the process of filing a police report creating an identity theft report. Then meeting or at least going to the unemployment website to disavowing that claim.

It’s a hassle but victims need to go through the process to get it resolved, they should not forget the additional step of freezing their credit report.

I have been talking about that for a long time everyone should freeze their credit report. When consumers freeze their credit report it keeps anyone from accessing that individual’s report. While the unemployment scam has nothing to do with individual’s credit report. It’s a good idea for consumers to take that step because they have already been a victim. If their social security number, name, address, and date of birth are already out there it’s only a matter of time until they get to that point of a scam.

The other one is the Amazon Return Scam. What they do in that situation is they set up an identical account to the consumer’s regular Amazon account using their real name, address and credit card. In this scam, they have the consumer’s credit card. Then the criminal orders a big-ticket item like a GoPro or something like that. The consumer receives a GoPro in the mail. They check their Amazon account there’s nothing there, then they check their credit card and has been charged. The consumer returns the GoPro back to Amazon. In this fraudulent account, the criminal requires all returns go to another address and the criminal picks up that big-ticket item. Then the consumer has to fight with the credit card company to get that charge removed.

Again, if they have all that individuals information they need to freeze their credit report. I can’t tell you how important that is to freeze your credit report.

The new book is done and I’m very happy that it is finally finished. If you’re in the mortgage industry if you’re a lender or work at a credit union where you do any lending at all. If you read the book over the course of an afternoon you will have a much better perspective on how credit scores work.

It’s not really a mystery it’s just math. There’s no scam involved with the credit scoring system, it’s just math. If you know the math it doesn’t matter what credit report you’re looking at. You will understand how to improve it.

What I did with the book is I kind of condensed that all into something that you can read in one day or in an afternoon. Then you have that knowledge moving forward. Get your copy at www.getloanready.com

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If you want to see more videos about credit and credit scoring check these out at www.thecreditguy.tv. If you are a mortgage lender please share this on your Facebook or LinkedIn page. If you have any questions, leave them down below I’d be happy to answer them.

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7 secrets of a perfect credit score

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Go to www.getloanready.com to find other ways to improve your credit score. I’m Dave Sullivan here for the credit guy TV so you with a little bit me we’re going to change the credit industry thank you

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