8 steps motorcycle buyers can take to protect themselves from financial and personal identity fraud especially after getting motorcycle loan financing.
Financial fraud and identity fraud are one of the fasted growing forms of fraud. As a motorcycle buyer it is important that you understand how to protect yourself. This is especially true if you are in the process of looking for a motorcycle loan and will have to give out your social security number and other personal information. Here are 8 steps you can take to help protect yourself.
1. Don't Give Out Your Social Security Number If You Feel Weird About It
If you enter a dealership to get a motorcycle loan, it is likely you will have to give up your social security number to get the loan. If you for any reason have a bad vibe about the dealership try to find another dealer or bank to handle your loan. For instance, you may notice the dealership appears sloppy or there are papers scattered everywhere in the finance office. If so this should be a good indication to you about how the dealer will handle your personal information.
Remember some dealerships are not in business forever and at some point all dealers have to clean out old files. You do not want to give out your personal information to a dealer that may just throw it out in the garbage instead of shred it. Such an instance, could lead to a higher chance of financial theft of your information. The bottom-line is if you feel weird then do not give out your personal information. Find another dealer or bank.
2. Review and Protect Your Information
The first line of defense in financial fraud is to periodically check your
free credit report to ensure all your information is accurate. Remember there are three credit agencies (Equifax, TransUnion, Experian) which all operate independently. Make sure you check your credit report from all three because they may each have different information. It is recommended you check your credit report at least 1 time a year. If you recently got a motorcycle loan, it is recommended that you check your credit report after the first 6 months and 1 time a year thereafter.
3. Avoid Shopping To Much For Motorcycle Financing
The more you shop for motorcycle financing the more times you have to fill out an application with your social security number and other personal information. This highly increases the chance your information will get into the wrong hands. Therefore, try to keep the number of application to a minimum when shopping for a loan. On interesting way to shop for financing is to use Lending Tree who will take your one application and get you up to 4 offers from different banks.
4. Destroy Credit Card Mail Offers and Old Financial Documents
Once you get your motorcycle loan, you will likely receive direct and pre-approved solicitations in the mail for new credit cards or new motorcycle financing offers. If you do not use them, be sure to shred or tear them up before throwing them away. In addition, always shred all financial papers including cancelled checks, old bank account statements, motorcycle loan monthly statements or any document with your identity.
5. Watch Out For E-mail or Telephone Fraudsters
Never give your personal or financial information out on the internet or phone unless you initiated the contact. This is especially true with giving out your social security or credit card number. Watch out for e-mails from fraudsters that state they need your account information or credit card number to update your account with your bank or an online company like e-bay. Never give out personal information over e-mail! Many times these e-mails will have links for you to click on that take you to a website that looks authentic. However more times than not, it is a scam to get your personal and financial information.
Also watch out for phone calls to your home or work. Sometimes fraudsters call stating they are a collection agency wanting to pick up your motorcycle because you are late on the loan. They will demand your social security number and other personal information. Do not give it out. You should immediately hang up and call the bank servicing your loan.
6. Social Security Number
Keep your social security number in a safe place with other financial documents. Do not carry your social security card in your wallet and remember to shred your old social security statements. It is also recommended to not store your social security number on your computer as hackers may have access to it. Never print your social security number on your checks, credit card or drivers licenses.
7. Monthly Bills
If your monthly motorcycle loan bill or any of your bills stop arriving, take action quickly. Notify the company right away. Also, review your monthly statements promptly and if you see charges or items on your bills that you do not recognize get them resolved immediately.
8. Age Matters
If you are over the age of 50 you are more likely to be targeted for financial fraud. Therefore, keep this in the back of your mind as you handle your daily tasks and personal information.
In the next five years and beyond most experts are forecasting financial fraud and identity thief to cause financial loss to hundreds of thousands people. While fraudsters are very slick and you can never be 100% safe the 8 steps above can assist in significantly deterring you and your family from being a victim.
Related Articles
Used Motorcycle Loans - Online Used Lender's Guide
Since most used motorcycles are cheaper than new motorcycles the typical loan will be 36 to 48 months. Most online lenders can have you a cashier's check within a day or two.
Resource Guide
|
Online Motorcycle Loans |
