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How Equifax breach could hurt home sales; Lauren Reynolds, Rose Law Group litigator focusing on cybersecurity, says ‘breach could complicate everything’

Posted by   /  September 19, 2017  /  No Comments

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RealtorMag

The recent Equifax data breach, which exposed the personal information of about 143 million Americans—one of the largest hacks on record—could put home sales at risk. For consumers trying to get a mortgage, the data breach, which compromised people’s Social Security numbers, addresses, and credit card information, could stall their loan approval or put them at risk for having their information stolen and used in unlawful real estate transactions.

Scammers could also use stolen Social Security numbers to open up new credit cards and rack up debt under a person’s name, which could ruin the victim’s credit score. “If you have your identity stolen, it causes a lot of problems,” Don Frommeyer, a mortgage loan officer at Marine Bank in Indianapolis, told realtor.com®. “You have to prove it wasn’t you.”

Rob Douglas, an identity theft expert, predicts there will be an increase in fraudulent mortgage and refinance applications due to the Equifax breach. Loan officers may have to put additional vetting procedures in place, which, in turn, could slow down the loan approval process and burden borrowers with extra costs.

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“Equifax is a consumer reporting agency that collects the personal information of individuals an business, including names, addresses, Social Security numbers, and birth dates.  Recently, the personal information of up to 143 million, held by Equifax, was compromised as a result of a data breach.  A breach of this kind, and of this magnitude could put consumers at risk and could complicate everything from applying for additional credit to purchasing a new home to filing taxes.

In an effort to curb these complications, Equifax has offered a service for consumers to check their potential exposure in the breach and monitoring services.”

~Lauren Reynolds

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