Everyone always says that you should shred sensitive documents to reduce your risk of identity theft. but have you ever asked yourself, what exactly are “sensitive documents,” and are there some you should keep for a while before destroying them?
What documents should I shred?
As a rule of thumb, you should shred documents that contain any of the following:
- Account numbers
- Passwords
- PINs
- Signatures
- Social Security number
- Date of birth
This is all information that could be used by an identity thief to steal your identity and impersonate you. I also like to shred anything that has my name, address, email address, phone number and other less-sensitive information. Yes, I know most of this information is available in the phone book. It’s just a privacy thing. Still, not everybody needs to know I subscribe to Mother Earth News and Writer’s Digest.
Oh wait, I guess now everybody does know. So, how long should you keep documents before shredding them?
Junk Mail
I basically shred all junk mail that isn’t addressed to “Occupant” or “Resident,” especially credit offers. It’s just too easy for someone to fill out that form, mail it in with an address “correction,” and end up with a credit card in your name. Shred immediately.
Credit Card Receipts
I’ve heard you should keep them for 45 days, but to be honest I pretty much shred them after I’ve checked for errors and paid the bill. Plus, I think it’s time to sign up for online billing if you can. They can’t steal your mail or find a bill in the trash if there’s no paper bill in the first place.
Tax Documents
Keep them for at least seven years, then shred away. This is assuming you’re doing everything correctly and filing a return every year.
Mortgage Documents
Keep these, as well as documents of any improvements, for six years after you sell the property in question.
Pay Stubs
One year, or at least until you’ve made sure they agree with your W-2.
Medical Records
One year is the standard, in the case of billing errors or disputes. I’d probably go ahead and make it a little longer.
Credit Union/Bank Statements
Keep them for one year. Really, I think you should just get the electronic statements where available. Nothing for them to steal, nothing for you to shred.
Insurance Documents
Life of the policy plus five years. This was actually news to me. I’m sure I’ve shredded some things that I sure don’t hope I need now.
Should I shred receipts?
I generally shred for any kind of electronic transaction (ATM withdrawal, credit card purchase), even though they blank most of your card number out. Actually, since I use cash for most purchases these days, I don’t bother with retail receipts. I shred ATM receipts, though. It just feels like I should, whether that’s logical or not.
Should I shred utility bills?
Yes. After you’ve paid your bill, you can pretty much shred these unless they contain tax-deductible expenses. In that case, you’ll need to keep them with your “tax stuff.”
Gillman Insurance will hold it’s annual Shredding Event on April 22.
Bring your boxes of tax documents that need to be shredded and enjoy light refreshments as you celebrate the fact that you *finally* finished filing all your tax documents. We’ll be HERE from 9:00 to 2:00. Stop by!
