Spring Cleaning Your Personal and Financial Records


Now that tax season is over, many people are wondering which personal and financial records they need to save for tax and other purposes. Some of us are packrats and like to save everything forever. Others can't wait to discard unwanted papers.

So what's the best way to decide whether to save or discard a record? Here are a few tips and information sources to help you decide what records you need to keep and for how long.

Interagency Proposal for Model Privacy Form under the Gramm-Leach Bliley Act


The Privacy Rights Clearinghouse (PRC)1 is pleased to comment on the Federal Trade Commission (FTC or Commission) notice of proposed rulemaking (NPR)2 to simplify the consumer disclosures required by the Gramm-Leach-Bliley Act (“GLB”). With only a few minor suggestions, the PRC endorses and fully supports the model form adopted by the agencies. We direct our comments as follows:

The Case of the Disappearing Check: What is Electronic Check Conversion?


Electronic check conversion may be used when you make purchases in person at a store or when you mail a check to pay your credit card, utility or mortgage account payment. Either way, the growing use of electronic check conversion means you have to be more diligent than ever about tracking your payments and correcting errors in your account. When checks are processed electronically, your rights, remedies, and potential losses are governed by the federal Electronic Funds Transfer (EFT) Act. This is the same law that governs your ATM and debit card transactions.

Identity Theft Red Flags and Address Discrepancies under the Fair and Accurate Credit Transactions Act of 2003


The detection of red flags and the need to reconcile address discrepancies are among the most important anti-identity theft measures included in FACTA. Effective business policies and practices that spot attempted and actual identity theft early have great potential for relieving this national crime wave. This was the promise and Congress’ intent when it directed the Agencies to adopt Red Flag Regulations along with procedures to reconcile address discrepancies in credit reports.

Tell the IRS that Allowing Tax Preparers to Sell Taxpayer Data to Marketers Is a Bad Idea


At tax time, like most people, you are concerned about the bottom line: Will I get a refund or will I have to pay? Privacy may never enter your mind, but perhaps it should. Under a new IRS proposal, among the papers you are asked to sign, could be a consent form that gives your tax preparer your okay to sell your entire tax return.

Privacy Tips for Tax Season


You may be resigned to giving the government your money this tax season, but watch out for fraudsters looking for a piece of the action. Your tax forms contain sensitive information, including your Social Security Number. Taxpayers have a choice of filing by mail or electronically. Consumers may use personal software, professional services, or old-fashioned pencil and paper. Either way you can bet there is a fraudster ready with a scam. The following tips can help protect your privacy.

Comments to Federal Agencies Regarding the Use of Personal Medical Data by Financial Institutions


When it comes to privacy, consumer expectations and fears are most elevated for sensitive data included in medical records. A major concern is potential secondary uses of medical information. For example, a consumer may understandably be concerned that a medical condition could adversely affect the ability to get a job or a mortgage. In recent amendments to the Fair Credit Reporting Act (FCRA), Congress acted to address the discriminatory use of medical information in credit transactions.

Don't Be Scammed by Hurricane Katrina Fraudsters


Disasters bring out the best in people and the worst. These two dynamics intersect when scam-artists create fake charities with fundraising appeals, thereby bilking people out of donations that they meant to give to the victims.

Who Is Using Your Checkbook? FDIC Warns About Qchex.com


While many consumers are scrambling to reduce their risk of identity theft, one business appears to be making it easier than ever to forge checks. Qchex.com allows customers to create checks without verifying the account holder's identity, according to authorities.

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