Protecting your identity

Shredding shouldn’t be your sole defense. ID theft is more likely to result from data breaches, computer malware, a lost or stolen wallet and other devious methods, including thieves buying sensitive information on the scammer black market, instead of searching for it among discarded eggshells and coffee grounds. Still, at organized shred fests with monster machines or at home with a more compact confetti maker (always use a “micro-cut” or crosscut model), shredding is a simple step to add another layer of protection, not to mention more storage or shelf space.

Here’s what to shred and when, according to the Federal Trade Commission (FTC):

Immediately shred (or bring to upcoming events) sales and cash-withdrawal ATM receipts, paid credit card statements and utility bills, expired warranties, unsolicited credit card offers and canceled checks that are not tax related. Also, remove and shred pharmacy labels before tossing empty prescription bottles.

Within a year, destroy pay stubs (after cross-checking with your W-2 or other tax forms), bank statements, and paid and undisputed medical bills.

After seven years, shred tax-related receipts, canceled checks, W-2 and 1099 forms, and records for declared tax deductions. Although the FTC recommends keeping (and not shredding) tax returns indefinitely, the Internal Revenue Service says that if you file a claim for a credit or refund, you can shred old returns three years from the date you filed the original return or two years from the date you paid the tax, whichever is later.

When no longer needed, expired passports and driver’s licenses, copies of birth certificates, old insurance policies and résumés should be shredded. Keep your auto title until you sell the vehicle, and home deeds and home improvement receipts for as long as you own the property. Save disputed medical bills until the issue is resolved.

Never shred — and, in fact, ideally store in a locked or bank safe deposit box — the following:

Original birth and marriage certificates
Social Security cards
Divorce decrees
Citizenship and adoption papers
Death certificates of family members
Active passports (even if you’re not traveling)
College diplomas
Military records
Wills and trusts
Power of attorney paperwork
Active life insurance policies

The AARP Fraud Watch Network gives you access to information about how to protect yourself and your family. Non-members and members alike can get Watchdog Alerts, stay up on con artists’ latest tricks, and find out what to do if you’ve been victimized. It’s free for everyone because AARP is committed to safeguarding Americans’ financial futures.

Posted by AARP on 16 May 2016

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