BBB offers tips for securing your legal and financial documents
If a natural disaster or the unexpected were to occur would you be prepared? Unfortunately severe financial losses from uninsured property or the destruction of vital documents could greatly affect the ability to work or make essential transactions.
In recognition of
National Consumer Protection Week Better Business Bureau serving Central Coastal Southwest Texas and the Permian Basin advises consumers to anticipate the worst case scenario and make sure your vital documents are in a safe place.
Important documents that should be safely stored in your home may include your birth or marriage certificates Social Security card car title property deeds copies of insurance policies and a will. BBB recommends storing these documents in a fireproof box or safe or in a banks safe deposit box.
The
Federal Deposit Insurance Corporation (FDIC) recommends storing valuables family keepsakes and pictures of your homes contents for insurance purposes in a safe deposit box. If you do have a home safe make sure all of your essential documents are stored together in a discreet location but one you can easily access. Remember no safe deposit box or home safe is completely protected from theft fire flood or other damage but taking these precautions could save your important documents from ruin.
To help you get organized and prepared your BBB and the FDIC offers the following advice:
- Shred documents containing personal information. Document shredding and electronics recycling are two of the most effective ways to dispose of sensitive records data documents and information. Electronic devices even when no longer in use often retain confidential personal information that can fall into the wrong hands if disposed of incorrectly. Shred all statements and applications you get in the mail that you dont want to keep including credit card applications insurance forms financial statements health forms billing statements for utilities and phone service.
- Protect your Social Security number account numbers and passwords. Dont carry these numbers in your wallet. Give out your Social Security number only if absolutely necessary and offer to provide another type of personal identifier if possible.
- Know what financial records to toss and when. BBB recommends storing your tax records for at least seven years. Credit card and bank account statements that dont have any tax significance can be tossed after a year. Credit card and debit card receipts should be saved until the transaction appears on your statement. Remember any documents that contain important personal information should be shredded to avoid identity theft.
- Have an accessible emergency savings fund. According to the FDIC experts recommend having an emergency savings that can accommodate at least three to six months of living expenses. An emergency savings fund is also an alternative to taking out a loan or dipping into another fund such as retirement savings.
- Have an emergency evacuation bag or box stocked. Most of what you are likely to pack inside will be related to personal safety. The American Red Cross recommends your emergency kit include at minimum water non-perishable food flashlights a first aid kit and a 7-day supply of prescription medications. Also include copies of personal documents including extra cash copies of your current credit cards and identification cards a key to your safe deposit box and contact information for your financial services providers. This kit should be waterproof easy to carry and kept in a safe place.
For additional information and tips visit
bbb.org/central-texas. To make sure youre ready for the unexpected visit
ready.gov or
fdic.gov.
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