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Sensitive Documents: What and When to Shred

Bookmark and Share Raleigh, NC - April 19, 2012 -

Last year, ID fraud affected nearly 12 million Americans, according to a 2012 report by Javelin Strategy and Research. This is an increase of 13 percent compared to 2011. Online shopping and social networking have increased the opportunity for identity fraud by hackers and phishing scams. However, research specialists report that individuals are still at their greatest risk when a thief has direct contact with their personal information. BBB serving Eastern North Carolina (bbb.org) encourages consumers to take action in protecting their identity by shredding sensitive documents. To assist, BBB offers the following guideline on what and when to shred.

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. 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, as well as non-deductible contributions to an Individual Retirement Account.

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; remaining statements should be kept for up to seven years. If a consumer receives a detailed annual statement, they 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 the consumer has a dispute with their lender over the terms of the contract.

Deposit, ATM, credit card and debit card receipts

Consumers should save credit, debit and ATM receipts until the transaction appears on their statement and they have verified that the information is accurate.

Documentation of a purchase or sale of stocks, bonds and other investments

Investors should retain documentation of a purchase or sale for as long as they 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 being received by the consumer. This way, if it is a power bill, for example, consumers can compare this month's bill to last year's bill for any major changes before shredding it.

“With identity fraud on the rise, it is more important than ever for consumers to take an active role in protecting their personal information,” says Toby Barfield, president and CEO of BBB serving Eastern North Carolina. “Understanding what and when to shred sensitive information is a great first step in this process.”

To further assist consumers, BBB is hosting its semi-annual "Secure Your ID" Day on April 21, 2012. Free document shredding will be provided from 8:00 a.m. to 12:30 p.m. in the parking lot of the Coastal Federal Credit Union headquarters on St. Albans Drive in Raleigh.

Participants are encouraged to bring up to three boxes or bags of documents that have been removed from binders. At the event, BBB and other partner organizations will provide tips and resources to help consumers protect their identity.

Below are recommended items to bring to the shredding event:

• 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

BBB’s “Secure Your ID” Day is presented locally by Coastal Federal Credit Union, with free shredding provided by PROSHRED® and Cintas Document Management. Event information is available at www.easternnc.bbb.org/secure-your-id.

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