Identity Theft-Fastest Growing Crime In The USA

June 19, 2009 -- Identity theft is the fastest growing crime in the U.S.
According to a recent study released by the Better Business Bureau over 8.1 million people became victims of identity theft in the last twelve months. In that same year the economic loss was a staggering 45 billion dollars.
Fortunately, while identity theft is not completely preventable, you can take steps to protect yourself. One way is to securely dispose of personal papers.

Here are some suggestions for deciding how long to keep personal financial information:
· The IRS has three years from your tax-filing date to audit, and has six years to challenge a claim. A good rule of thumb is to keep all tax returns and supporting documentation for seven years.
· Keep credit card statements for seven years if tax related expenses are documented.
· Keep paycheck stubs for one year. Be sure to cross reference the paycheck stub to the W-2 form.
· Be sure to keep bank statements and cancelled checks for at least one year.
· Bills should be kept for one year or until the cancelled check has been returned. Receipts for large ticket items should be kept for insurance purposes.
· Home improvement receipts should be kept for six years or permanently.
· Items such as birth certificates, social security cards, insurance policies, titles or wills should be kept permanently in a safety deposit box.
· If you are going to dispose of documents with sensitive information