Protecting yourself from Identity Theft (ID Theft) is an important matter. ID Theft is defined by Federal Trade Commission (FTC) as, "when someone uses your name, address, Social Security number, bank or credit card account number, or other identifying information without your knowledge to commit fraud or other crimes."

In a summary report dated September of 2003, FTC reported that "almost 10 million Americans have discovered that they were victim of some form of ID Theft within last year." Further, FTC estimates that "total cost of this crime approaches $50 billion per year." (The report can be viewed and printed at http://www.ftc.gov/os/2003/09/synovatereport.pdf.)

Though preventing ID Theft is ideal, also important is your ability to quickly determine when your identity is being used without your knowledge. Early detection is essential in preventing undue loss, as well as protecting your credit from long-term damage. One means of finding out if you have been a victim of ID Theft is through use of a credit report.

A credit report is a list of all credit cards, debts, accounts, and other information associated with your social security number. That is, by going to website of one of three main credit reporting agencies and running a credit report, you will be able to see all financial information linked to your social security number. Most importantly, you may be able to identify an error or fraudulent activity.

First, you need to do your homework. We cannot stress this enough! The more you know about process and your lender, better prepared you will be come closing time. Get quotes from several lenders, which will give you a bargaining chip when it comes time to secure a loan. If you have found other lenders that can offer you a better deal, use that to your advantage. Always get it in writing.