Unclaimed Property Blog

You receive your credit report and find there is an inaccuracy. The following data will help you in knowing some basic rules to follow.

Disputing inaccuracies on your credit report can be a quick and simple process for some. For others, it may prove more complicated. The reason for that is most often it depends on the cooperation of the creditor that reported the information to the credit bureau.

The Fair Credit Reporting Act (FCRA) protects consumers in dispute situations, mandating that credit reporting agencies (CRAs) must respond to your dispute by initiating an investigation and collecting evidence (where possible) from your creditors. If the information is inaccurate, the CRA must either remove or correct the disputed information, usually within 30 days.

Each state has their own rules or laws governing what constitutes unclaimed property as well as when is the property classified as unclaimed or abandoned property. Read on for a sampling.

Under Wisconsin’s unclaimed property law, banks, savings institutions, credit unions, insurance companies, utility companies and other businesses must report when they have somebody’s money in an account that hasn’t been active for five years and they cannot locate the owner.

In Michigan if the account remains dormant for a year, the banks are legally obligated to turn it over to the state.

When you look amongst the items found it is hard to understand how they were lost. Seeing these items does make one wonder about the story behind their loss.

Here is one such story about the ashes of a loved one.

A funeral urn was found on a London Underground train. There was some investigating done and the urn was returned to its guardian after spending five years in the lost property office.

Some German words were found on the urn which lead to the location of the cremation, Austria. It was determined that the remains were a Mr. John Ross. Further asking of questions found his brother Peter, the
rightful owner.

Just like there are four food groups a credit report has four groups.

1. Identifying information.

This is your personal data that gives you your identity. Your social security number is part of this group as well as your current and previous addresses, your date of birth, telephone numbers, driver’s license numbers, your employer and your spouse’s name.

Look at it closely to make sure it’s accurate. It is not unusual to have different spellings of your name because someone reported the information that way.

2. Credit history.

It pays to know your rights and keep a record of all your communications when you butt heads with debt collectors. Here are some ways to hold your own.

When you bargain with a debt collector, you’re dealing with a tough, professional negotiator. One advantage you could have knowing your rights.

When collecting a debt from you, a debt collector must play by the rules. It behooves you to also know the rules. Check out consumer brochures on fair debt collection from the Federal Trade Commission. Many states have their own debt collection laws; for more information, contact the attorney general’s office in your state.

In today’s society many precautions are taken to stop identity theft. Have you thought about this same issue when traveling? Read on to learn some tips about security when traveling

A day in paradise can turn into a financial disaster if your identity is stolen on vacation or on a business trip.

It is hard enough to protect your identity from computer hacking and phishing attacks while at home. When traveling, it can be even more difficult to keep sensitive information secure. By not being careful, you may be unwittingly exposing yourself to unnecessary risks. Here are some actions you can take to limit the chances you’ll be targeted as well as how to address any loss.

Today most people have been educated regarding a credit score. Do you know who can get access to your score?

Of course there are the obvious credit checks by those who want to see how you handle credit. They include lenders, credit card companies, and department stores.

Here are some people that look into your score that you may not know. They are your landlord, boss, insurance agent, and cell phone plan provider. Each can gain access to this information.

With limited factors upon which to judge your good character, more and more people outside of the traditional lending industry are relying on your credit history to check up on you.

Both have advantages and disadvantages. Here are some of both so you can decide for yourself what is best according to your financial portfolio.

Let’s start with cash. Using cash to pay for all your purchases can save you money. In today’s plastic world there are some companies that will offer you a cash discount. This saves the company time, effort and money because they know you will not default.

Paying with cash does make a difference on impulse purchases. If you cannot pay for it, you cannot get it.

The IRS has agreed to forgive about 400 taxpayers in Ohio a late filing fee.

Wondering about the reason for such generosity and if this could happen to you? It is probably a once in a million type of error on the part of Ohio’s largest newspaper, The Plain Dealer.

On Monday, tax due date, the paper printed a list of the post offices staying open until midnight to postmark the tax returns. It turns out that several of the post offices listed did not stay open.

It has happened before and here it is again. A State Treasurer advertising unclaimed property in an attempt to get his name and face into public view.

North Carolina State Treasurer Richard Moore is contemplating running for governor. This is not uncommon, we all want to move up in our jobs.

Currently he is using escheat money to pay for television ads to raise awareness of the escheat fund. What is the escheat fund? It is a pool of unclaimed money from abandoned bank accounts, unclaimed utility deposits and other sources.