Equifax Hack Spurs Need to Buy, Rent, Sell Homes Fast
The giant new Equifax credit hack puts new pressure on home buyers and rents, as well as to sell homes fast.
It was recently revealed that one of the big three credit bureaus, Equifax was hacked and lost data on between 143,000,000 to 300,000,000 Americans. That is virtually everyone in the country. Stolen data includes; driver licenses, social security numbers, names, addresses, and other credit data. Basically everything a criminal needs to ruin your life by stealing your identity, running up big bills in your name, diving you deep into debt, and generally wrecking your credit rating. It can be very hard, if not impossible to reverse this. It can take at least a year to fix, though many will never be able to. Especially given the hackers may now have more information about you than you do.
Hackers may take some time to circulate and resell this data. Some may wait to use it until we are less on alert. There isn’t much to be done. Credit alert programs, ID theft protection firms, or a credit freeze may help, but it isn’t bulletproof. A freeze can also prevent you from getting credit too.
Between this, the massive population disruption and shift from recent hurricanes Harvey and Irma, plus rising interest rates, are all putting more pressure on home buyers, renters, and home sellers to act fast. If you have a lease expiring in the next couple of years, or have been hoping to buy a home, that may become impossible if your credit takes a hit. Now is a smart time to lock in a good deal, and be ready to ride things out.
If you own a home, there is even more urgency. If you’ve been hoping to move up, or have been hit with damage from Harvey or Irma, time is of the essence. Those markets could be flooded with inventory soon, and prices could dive. That means you could end up getting a lot less, and then having to pay a lot more to rent or buy somewhere else, if your credit will even let you.
Whether you lost a few roofing shingles, sustained some serious leaks or flood damage, or worse; there are a few qualified local buyers who may give you are great price and cash fast for your home as-is. That could change once they get inundated with new inventory. Whatever your plans are, act fast, and watch your credit.