Identity Theft Threatens Homeownership

Identity theft has a serious impact on potential homebuyers and renters. Current estimates by the Federal Trade Commission indicate that there may be as many as 10 million victims of identity theft each year. Studies estimate that victims of identity theft spend $5 billion to undo its harm, while businesses lost nearly $50 billion in revenue annually.

Many consumers first learn they are victims of identity theft when they are in the process of renting or buying a home, derailing their real estate dreams while they work to rebuild their good name and destroyed credit.
NAR is working with the FTC on a new nationwide campaign to educate consumers on how to minimize the risk of identity theft and quickly fight back if they become victims. AvoID Theft: Deter, Detect, Defend is the new initiative aimed to educate and empower consumers to protect themselves against identity theft and to minimize the damage it can cause.
“As REALTORS®, we know how important good credit is to the home buying process,” says PAR President Len Ferber Jr. “We want to help our clients as much as possible to avoid this situation and help educate them about how to recover if their identity has been stolen. Identity theft can steal someone’s dreams of owning a home.”
NAR is reaching out to consumers with information at points where financial investments and credit are at the top of their minds. NAR, in cooperation with the FTC, has numerous resources available for REALTORS® to provide to their clients. For more information and resources, visit www.realtor.org/idtheft.
This initiative follows recently enacted PA Senate Bill 712 which establishes the “Breach of Personal Information Notification Act.” Gov. Edward Rendell signed the bill in January, requiring any business or individual that maintains, stores or manages personal consumer information on computer to notify if those affected security systems are breached. A risk reduction series telephone seminar regarding these new laws will be offered Tuesday, August 15 (10 - 11 a.m.) or Thursday, August 17 (2 - 3 p.m.). Register online at www.parealtor.org, or by calling 1-800-555-3390.