What To Do If Your Identity Is Stolen

If you're a victim of identity theft, take the following four steps as soon as possible, and keep records of your conversations and copies of all correspondence.

1. Review and place a fraud alert on your credit reports.

Fraud alerts can help prevent an identity thief from opening any more accounts in your name. Contact the toll-free fraud number of any of the three nationwide consumer reporting companies to place a fraud alert on your credit report. You need to contact only one of the three companies to place an alert. The company you call is required to contact the other two, which will then place an alert on their versions of your report.

• TransUnion: 1-800-680-7289; www.transunion.com; Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, CA 92834-6790
• Equifax: 1-800-525-6285; www.equifax.com; P.O. Box 740241, Atlanta, GA 30374- 0241
• Experian: 1-888-EXPERIAN (397-3742); www.experian.com; P.O. Box 9532, Allen, TX 75013

Once you place the fraud alert on your file, you’re entitled to order free copies of your credit reports; if you ask, only the last four digits of your SSN will appear on your credit reports. Once you get your credit reports, review them carefully. Look for inquiries from companies you haven’t contacted; accounts you didn’t open; and debts on your accounts that you can’t explain. Check that information like your SSN, address(es), and name or initials are correct. If you find fraudulent or inaccurate information, get it removed.

2. Close the accounts that you know, or believe, have been tampered with or opened fraudulently.

Call and speak with someone in the security or fraud department of each company. Follow up in writing, and include copies (NOT originals) of supporting documents. It’s important to notify credit card companies and banks in writing. Send your letters by certified mail, and request a return receipt so you can document what the company received and when. Keep a file of your correspondence and enclosures.

If the identity thief has made charges or debits to your accounts, or to fraudulently opened accounts, ask the company for the forms to dispute those transactions. Also request the transaction records relating to the identity theft, such as the fraudulent credit application.

Once you have resolved your identity theft dispute with the company, ask for a letter stating that the company has closed the disputed accounts and has discharged the fraudulent debts. This letter can help you if errors relating to this account reappear on your credit report or you are contacted again about the fraudulent debt.

3. File a report with your local police or the police in the community where the identity theft took place.

Then, get a copy of the police report or at the very least, the number of the report. It can help you deal with creditors who need proof of the crime. If the police are reluctant to take your report, ask to file a “Miscellaneous Incidents” report, or try another jurisdiction, like your state police. You also can check with your state Attorney General’s office to find out if state law requires the police to take reports for identity theft. Check the Blue Pages of your telephone directory for the phone number or check www.naag.org for a list of state Attorneys General.

4. File a complaint with the Federal Trade Commission.

By sharing your identity theft complaint with the FTC, you will provide important information that can help law enforcement officials across the nation track down identity thieves and stop them. The FTC can refer victims’ complaints to other government agencies and companies for further action, as well as investigate companies for violations of laws the agency enforces.

You can file a complaint online at www.ftc.gov/idtheft, by phone at 1-877-IDTHEFT (438-4338); TTY: 1-866-653- 4261, or by mail: Identity Theft Clearinghouse, Federal Trade Commission, 600 Pennsylvania Avenue, NW, Washington, DC 20580. Be sure to call the Hotline to update your complaint if you have any additional information or problems.

source: ftc.gov

Two No-Cost Options to File Taxes

The fastest way to get your tax refund is still with electronic filing, but this year--for the first time--you have two options to file free, and one of them does not have an income constraint (USA Today Jan. 20).

Nearly 90 million taxpayers--58% of all returns--used e-file for their 2007 returns, according to the Internal Revenue Service (IRS) (irs.gov). By e-filing and using direct deposit, you could have your money in eight to 10 days, as opposed to four to six weeks when filing a paper return.

While some software can cost more than $80, there are ways to file electronically for free, if you know where to look:

• IRS Free File. This free federal tax preparation and electronic filing option is for taxpayers with adjusted gross income of $56,000 or less in 2008. There are varying Free File options, each carrying its own eligibility requirements: Some have age restrictions, apply only to certain states, or have an income cap lower than $56,000. Free File at irs.gov helps you choose a program. Note that some include free state tax preparation, while others carry a fee. If you don't qualify for one of the Free File programs that include a free state return, 26 states offer their own free e-file option. Check your state's offerings at taxadmin.org/fta/edi/etalinks.html.
• IRS Free File Fillable forms. New this year, this option opens up Free File to all taxpayers--even those with incomes exceeding $56,000. In contrast to the full-service Free File option, Free File Fillable Forms is more of a "self-service" option. Taxpayers self-prepare and file IRS forms electronically, similar to paper filing, but the program performs the basic calculations. For example, the program won't tell you whether to itemize or take the standard deduction, but it will crunch the numbers once you enter them. Fillable Forms does not support state forms or State e-file.

For tax information, including how to use Fillable-forms and all available Free File offerings, visit irs.gov.

source - cuna.org

Fight Cold Temperatures, Save on Heating Bills

CHICAGO (1/21/09)--Despite the recent fall in energy prices, it's estimated that, on average, home heating costs will fall only 2% below last year's prices as winter tightens its icy grip across the country (Chicagotribune.com Jan. 12).

If you heat your home with natural gas, you even may end up paying more than last year. And a survey released by the National Energy Assistance Directors' Association suggests a record 7.3 million households will seek fuel aid from various energy assistance programs this season (Forbes.com Jan. 13).

Because the price to heat your house may not be heading south for the winter, there are several ways you can reduce heating costs and save some cold hard cash:

Turn down your water heater temperature. The higher the temperature, the more energy it uses. Adjust the setting to 120 degrees, which still keeps your dishwasher cleaning effectively, allows for comfortable showers, and saves you money. It also helps reduce the dangers of hot water scalds.

Wrap it up. Use a special insulation blanket for your water heater, available at your local hardware store. Blankets will prevent heat from escaping and help the unit run more efficiently.

Avoid the thermostat shuffle. Save up to 1% on your heating bill for every degree you turn down your thermostat. Set your thermostat in the 66 degree- to 70-degree range while you're at home and awake, and in the 60 degree- to 65-degree range while you're away or asleep. Turning the heat much lower when you leave your home and then cranking it back up when you return actually makes your system work harder, reduces its efficiency, and costs you more; contact your local utility and ask what a "safe" low temperature is for your region.

Check for leaks. Can you feel cold air around windows, doors, and even electrical outlets? A small investment in caulk, weather stripping, door sweeps, or insulated outlet covers for drafty areas will block heat from escaping and save you a bundle.

Cut shower time. The more hot water used during a shower means more energy use and money down the drain.

Check insulation. Installing the proper amount of insulation material to attics, basement ceilings, and exterior walls keeps the heat in and the cold out.

Service your system. A furnace, heat pump, or other heating equipment in top operating condition will heat your home more efficiently. Clean or replace dirty air filters. Clean and tune up your gas furnace, if you have one. This also helps ensure your equipment lasts a long time and prevents costly repairs.

Thrive by Five

Children learn about money from many sources. Long before they enter school, they observe adults using money and buying things. They watch television daily and see thousands of commercials each year. Like it or not, money is a part of your preschooler’s life. Thrive by Five teaches your preschooler about saving and spending.

Click here to learn more about Thrive by Five.

Travel Cards at LifeWay Credit Union

Traveling anytime soon? Be sure to stop by LifeWay Credit Union to pick up a Visa travel card before you leave. Visa travel cards are accepted at millions of merchants and ATMs worldwide, just like debit and credit cards.

How to Improve Your Credit Score

Payment history (35% of score)

* Pay all bills on time

Amounts owed to creditors (30%)

* Don't owe a lot of money to a lot of people

Length of credit history (15%)

* Keep fewer cards for a longer period of time

New credit (10%)

* Don't increase debt obligations right beforeapplying for a mortgage

Types of credit currently in use (10%)

* Maintain a mix of credit--mortage, credit card, car loan, for example

College Grant Program

Do you have a graduating high school senior in your home? Come by and pick up an application for the 2009 Education Exchange College Grant Program, sponsored by the Accel/Exchange Network through LifeWay Credit Union. A total of $50,000 in college grants will be awarded nationwide to 34 high school seniors.

Entry deadline is March 16, 2009. Pick up your application today!

New First Mortgage and Home Equity Rates

Thinking about moving? Or refinancing your current mortgage? Maybe you're considering doing some remodeling?

LifeWay Credit Union just lowered its rates on both first mortgage and fixed rate home equity loans. Here are the new rates:

10 Year First Mortgage 4.625%

15 Year First Mortgage 4.75%

20 Year First Mortgage 5.125%

Fixed Rate Home Equity (up to 5 years) 5.00%

Interested? Call us today!

Coupon Clipping Pays Off

The recent spike in food prices has triggered an increase in coupon use, and Steven Boal, founder/ CEO of Coupons.com, estimates savings can be as much as $150 to $200 a month (Bankrate.com. December 5, 2008).

That savings can be a significant boost for a family trying to make ends meet in today's economy. Using coupons can help control costs at the grocery store--all you need is access to the internet, a printer, or the weekly newspaper. That's reason enough to start clipping and use the money you save for other expenses or for a slightly higher contribution to your company-sponsored retirement plan.

According to a poll conducted by the Consumer Reports National Research Center for ShopSmart magazine, the average female grocery shopper spends approximately $116 a week, or over $6,000 per year (ConsumerReports.org, March, 2008 ).

To counteract the effects of higher food prices, trim your grocery bill by clipping coupons:

Take a risk. Instead of buying the same thing every week, use a coupon to try a new product at a lower price. Store-brand items can be half the price and just as good as name-brand products. But if the coupon is for a more expensive name-brand product, you may not experience any savings with a coupon if the price already is high.

Be loyal. Shop at stores that offer a loyalty card--a reusable electronic coupon you swipe at the register. These cards offer savings on hundreds of items every week on both name-brand and store-brand options. You may be able to save even more by combining loyalty card offers with manufacturer's coupons.

Go double. Call local stores and ask if they have double coupon days. Check the rules to see if your 50-cent coupon may be worth a dollar. It may pay to switch your shopping day to take advantage of the coupon deals.

Go online. Get manufacturer's coupons from the Web. Sites such as SmartSource.com, Coupons.com and CoolSavings.com are just a few. Use your search engine to find coupons for specific items.

Check for weekly deals. If you shop at a regional grocery chain, check the Web site for special offers. Although you can get coupons from newspapers and magazines, many retailers are economizing by going electronic with their circulars.

Stock up. Use coupons to fill your cupboards--especially when you can get 50% or more off the regular price. If you have cupboard and freezer space, buy the maximum amount the coupon allows, but only if you actually will use perishables before the expiration date. If you have storage space, buy paper products, cleaning supplies and items with a long shelf life.

source - cuna.org