Media contact: Janet C. Hart, APR, CFEE (704) 927-8617 office
When
people think of identity theft, they almost immediately focus on hackers and
online security, but the truth is that most identity theft happens when people
fail to secure or properly destroy important financial information.
The
BBB offers the following guidelines on when to shred specific documents:
Canceled checks - Canceled checks with no
long-term significance for tax or other purposes can be destroyed after one year.
However, canceled checks that support tax returns, such as charitable
contributions or tax payments, should be held for at least seven years – long
enough to cover the six-year tax assessment period. The BBB advises that
consumers indefinitely keep any canceled checks and related receipts or
documents for a home purchase or sale, renovations or other improvements to owned
property, and non-deductible contributions to an Individual Retirement Account.
Deposit, ATM, credit
card and debit card receipts - You should save credit, debit, and ATM receipts until
the transaction appears on your statement and you have verified that the
information is accurate.
Credit card and bank
account statements - Credit
card and bank account statements with no tax or other long-term significance
can be discarded after a year. You
should keep remaining statements for up to seven years. If you get a detailed
annual statement, you should keep it and shred the corresponding monthly
statements.
Credit card contracts
and other loan agreements - Credit card contracts and loan agreements should
be kept for as long as the account is active in case you have a dispute with your
lender over the terms of the contract.
Documentation of a purchase
or sale of stocks, bonds and other investments - You should retain
documentation of a purchase or sale for as long as you own the investment and
then seven years beyond that time. Monthly retirement and
monthly investment account statements can be shredded annually after being
reconciled with the year-end statement.
Paycheck Stubs - Paycheck stubs can be
shredded yearly after the income has been reconciled with a W-2 or other tax
forms.
Utility or monthly bills
- Monthly
bills should be shredded the year after you receive them.
Shred-it Checklist -
Don’t just toss it, shred it!
- Documents that
include Social Security numbers, birthdates, PIN numbers or passwords
- Banking documents
and other financial information
- Leases, contracts
or letters that include signatures
- Pre-approved credit
card applications
- Medical or dental bills
- Travel itineraries
- Used airline
tickets
For
more advice you can trust on ID theft prevention and for guidance on what to do
if your identity is stolen, please visit The Better Business Bureau online at www.bbb.org or call 1-877-317-7236 toll-free in
N.C. and S.C.
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