In this eye-opening blog, we delve into the alarming issue of timeshare companies committing identity theft. Learn the red flags and arm yourself with essential insights to protect against potential risks. Your awareness is the key to safeguarding your identity in the world of timeshares. Let’s navigate through the warning signs and empower you to make informed decisions.
I received an email from a young lady whose Mexico timeshare obligation is listed on her credit report. I have stated in my videos and in my Mexico timeshare cancellation course that Mexico timeshare companies cannot legally access credit reporting agencies. However, they are using illegal means to accomplish this.
Listen up and I will explain how Mexico timeshare companies are committing identity theft by sending personal information to U.S. credit collection agencies.
Concerns Of Those Who Cancel Their Mexico Timeshares Contracts
As I mentioned, the primary concern of those who desire to cancel their Mexico timeshares contracts is that they will come after them; either file a lawsuit or impact their credit.
In fact, you will hear from timeshare attorneys and timeshare cancellation companies that they can do this, and understandably this can scare a lot of people into not cancelling, sending more money, or using the services of a timeshare cancellation company.
The good news is that this is a lie. A Mexican timeshare company cannot come after you for a club membership. They cannot sue you and they cannot affect your credit score. But, here is what they are doing, and this activity is defined as identity theft.
They Coerce You Into Applying For Another Credit Card
If the timeshare company cannot get the full down payment on the day of the sale, they will provide the client with a Barclay’s credit card application through RCi or I.I.
The client’s personal information is on this application. Whether the credit card is approved or not, the timeshare company should return the full application to the client. This transaction is between the credit card company and the client, not the timeshare company.
However, the timeshare company is committing identity theft when they take the social security number and other personal information from the credit card application and use it for their own purposes. This is identity theft. They have stolen your personal information without your consent.
The company shared the woman’s personal information from the credit card application to a U.S. collection company. When she stopped making payments to her original creditor, the debt showed up on her credit report. By the way, the original creditor is not a financial institution, but a hotel management company based in Cancun. They cannot legally operate a business of loaning money without registering as a financial institution. This is why they use a different name that is reported to the collection agency and later to the credit reporting agency.
Illegal Timeshare Activity is International
This is illegal and is how timeshare companies are committing identity theft. Because it was performed from one country to another, it becomes an international crime.
I worked for a name brand company in Jamaica and the sales staff was required to make a copy of the client’s passport and credit card without the client’s consent. In fact, we were told not to share this activity with the client. I later learned that the copies were sent out of the country to their offices in Mexico. This is illegal. What is more illegal is that this company didn’t have a business license to sell timeshares in Jamaica but were operating under the table with a brand name American timeshare group.
Never Give Up Your Social Security Number To Any Foreign Entity
No foreign company needs your social security number, and you should not provide it to them should they ask.
The only time Americans are required to give their social security numbers to a foreign entity is when they open up a foreign bank account in certain countries according to the FACTA agreement. However, there are certain restrictions with that. https://www.irs.gov/businesses/corporations/summary-of-fatca-reporting-for-us-taxpayers
It is your private information and not everyone needs access to it that doesn’t need to know.
Do not give your social security number to purchase a timeshare in Mexico or the Caribbean islands under any circumstances. I inform my readers to never give up their social security number even when the company was requesting for it. You do not know what they’re going to do with that information and the social security number is the third ingredient in addition to your name and birthdate that can lead to identity theft.
If you don’t have the money, don’t buy it.
If you do not have the down payment for a timeshare purchase, or even an upgrade for a Mexico or Caribbean timeshare company, don’t buy it. Why are you purchasing something that you know that you cannot afford and can cause you financial problems later? Is it really worth it to have your personal information out there where these companies can abuse it?
Owner updates can also cause identity theft
Owner upgrades represent fifty-percent of the timeshare industry’s profits. When you attend an owner update and you are upgrading your membership and don’t have the down payment, use this as a red flag that you should not be spending more money with these companies. Beware of owner updates. If you want to buy another timeshare or upgrade what you already have, buy it online for pennies on the dollar. There are thousands of timeshare owners who would love to sell you what they no longer need and are willing to pay all closing costs and practically give it away. Don’t spend any more money on a Mexico or Caribbean vacation club. Never buy a timeshare at a timeshare resort. There are several reasons why and I list them in other videos.
Three Steps That Experian Suggests If You Are A Victim Of Social Security Theft
- Report the theft to the Federal Trade Commission and the police
- Freeze your credit report
- Contact companies you suspect have your social security number due to fraud
My personal suggestions
- Contact the department of justice and file a criminal complaint
- Contact the Federal Trade Commission and file a criminal complaint
- Contact your credit card company with a copy of the criminal complaint
- Contact the company with a copy of the criminal complaint
- Contact the local police where the company is located and file a criminal complaint