Jill Russo Foster

Tips for Successful Personal Finances

You are here: Home / Archives for Uncategorized

How to find out if your identity was stolen

By

ID-TheftYou should check your credit report three times a year to check for accuracy and identity theft.  (Go through www.AnnualCreditReport.com)  As a reader of my newsletter, you get reminder emails with instructions so you can protect your credit and financial information.

If you’re not worried, here are some identity theft statistics from www.StatisticBrain.com that will help set the mood.

Identity Theft / Fraud Statistics Data
Average number of U.S. identity fraud victims annually 11,571,900
Percent of U.S. households that reported some type of identity fraud 7 %
Average financial loss per identity theft incident $4,930
Total financial loss attributed to identity theft in 2013 $21 billion

.

Percent of Reported Identity Thefts by Type of Fraud Percent Reported
Misuse of Existing Credit Card 64.1 %
Misuse of Other Existing Bank Account 35 %
Misuse of Personal Information 14.2 %

Has your identity been stolen? Here’s how to find out.

There are free or low cost reports in addition to your credit report that will help you prevent, and discover, identity theft.  These are compiled by lesser known consumer reporting agencies and were created for specific industries.  Just because they weren’t created to benefit you, doesn’t mean you can’t use them.

Triplets-300For example, when you open a bank account with a new bank, they want to see your check writing history. Or, when you want to  switch insurance companies, they want to see what claims you have filed. You can view those same reports to see if anyone has written checks or requested claims in your name. You can get a statement from your health insurance company once a year to compare to your information to what is on file.  That means you may be able to catch medical identity theft early.  Otherwise you wouldn’t know who is using your identity for medical theft until your insurance company declines a claim because they previously paid for it.  You can do the same for prescriptions too.

The Fair Credit Reporting Act makes these reports available to you annually for a fee (some are free).  To get a complete list of consumer reporting agencies and how to get your reports, go to ConsumerFinance.gov

There, you’ll find all kinds of reports, including check writing history, public records (criminal history, property ownership, liens, and bankruptcy), healthcare information, insurance claims, rental history, employment, etc.

It may sound like a lot of effort, but something may happen that makes you wonder. Did you lose your wallet? Did your roommate get arrested for theft? Did you recently get turned down for a loan when you thought your credit was good? Taking preventative steps is much easier than cleaning up after your identity is stolen.

Take some time and go through all the reports available to you and start with one at a time in the order that makes sense for you and your family.

Is Your Home Improvement Project Worth It?

By

couple-blueprints As the weather turns to Spring, homeowner’s start to think about home improvements.  Several years back, we did a major home improvement to our home and we had to make some tough decisions about what improvements to make.  Do we make changes that will make our lives easier?  Do we do something that would bring added value to the home?  These are the tough decisions we had to make as homeowners.

First, do the improvements that will ward off problems.  For example, it’s better to replace a roof than to wait until it leaks.  Once it leaks, you have to repair interior water damage on top of replacing the roof.  In my opinion, regular maintenance and preventative maintenance are your top priority.

But what about the other things you want to do around your home.  According to Remodeling Magazine, here is a chart about average cost and what portion of that cost can you expect to recoup in value.

Which home improvement projects pay off?

Project

Job Cost

Resale
Value

Portion
Recouped
Entry door replacement (steel)

$1,162

$1,122

96.60%
Minor kitchen remodel

$18,856

$15,585

82.70%
Window replacement (wood)

$10,926

$8,662

79.30%
Basement remodel

$62,834

$48,777

77.60%
Major kitchen remodel

$54,909

$40,732

74.20%
Bathroom remodel

$16,128

$11,688

72.50%
Roofing replacement

$18,913

$12,777

67.60%
Backup power generator

$11,742

$7,922

67.50%
Home office remodel

$28,000

$13,697

48.90%

SOURCE: Remodeling Magazine 2014 Cost vs. Value Report, mid-range projects

So, what if the improvement you want, isn’t just something that will make the house look or feel nicer. I personally don’t think the choice is as easy as picking the project most likely to recoup your expenses.  The first question you need to ask yourself is, “How long to do I expect to live here?”

couple-homeimprovementIf you are planning to sell in the near future, then recouping your expenses is a major factor in your choice.  Talk with a realtor and discuss what improvements will increase your home’s value and recoup your money.

But what if you are planning to live in the home for a long time?  Then choose the project that will make your life more enjoyable.  If you are handy and have the time, you can do some improvements yourself.  A fresh coat of paint always makes a home look better and most people can do this themselves. If you want to tackle a bigger project yourself, then your home improvement store can be a big help with how-to classes.

In case you were wondering, we did some major improvements – renovated the kitchen, remodeled a bath, added an additional bath, updated the electrical, etc.  We worked within a set dollar budget and did a lot of the work ourselves.  Bottom line, think about what you want to do, and do your research first.  Your kitchen remodel may be affordable if you reface the cabinets instead of replacing them. It’s something to think about.