Are you doing all you can to assure that your finances are in order? Do you need some help learning tips on safe money-handling to rest assured knowing you’re financially in the right spot? Well, most of us need a little help in that area, so we talked to local finance experts and they’ve agreed to help. Use their knowledge and a little bit of your own to get your money lined up so you can breathe easy and spend wisely. writers J. Michael Collins, Scott Gordon, Tom Giffey editors Tom Giffey, Eric Christenson listings James Johonnott
sponsored by
on the money
how to give back to the valley YOU DON’T HAVE TO BE A MILLIONAIRE TO BE A P H I L A N T H R O P I S T . WORDS: TOM GIFFEY / PHOTO: ANDREA PAULSET H
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ooner or later, there comes a time in most of our lives when we feel the desire to give back to our communities. Depending on our means and motivation, this desire can manifest itself in something as simple as writing a check or as complex as making an estate plan that creates a long-term endowment to support specific causes long after we’re gone. However we want to give, organizations such as the Eau Claire Community Foundation are one option that can help us make the best use of our dollars, now and forever. “It’s amazing what a community foundation can do,” explains Sue Bornick, the foundation’s executive director, who notes the organization has given $7.2 million in grants in Bornick its 20-year history. She describes the foundation as a bridge between donors and charitable groups that do good work in the community, from children’s charities to theater groups to agencies that aid the disabled. When Bornick meets with potential donors, she asks them what they love in the community, and then the foundation helps facilitate their donations to these causes, donations that can continue perpetually. While the foundation itself is a nonprofit organization, it doesn’t compete with other nonprofits for donor dollars. As one of the foundation’s slogans explains, “People do not give TO the Eau Claire Community Foundation; they give THROUGH it.”
ORIGINS The Eau Claire Community Foundation was formed 20 years ago by a group of Chippewa Valley residents who saw the need for a permanent entity to fill the void left by the Hobbs Foundation, which distributed more than $5 million locally over a period of 35 years before folding in 1995. (The Hobbs Foundation is the reason you’ll see the Hobbs family’s name around the Valley, including on an ice arena and an observatory.)
all the paperwork and administration.” One such fund is the Thurston “It’s the Little Things” Family Fund, which was created to support the needs of older adults, including funding field trips and visits from therapy animals.
CREATING IMPACT. The Dabble Box, a new makerspace at the L.E. Phillips Memorial Public Library in Eau Claire, is supported by the Lois and Arnold Domer Fund, which is part of the Eau Claire Community Foundation.
GENEROUS IMPACT
In 1997, 64 founding members gave $10,000 (or more) each in unrestricted donations, which helped form an endowment for the Eau Claire Community Foundation that remains to this day. This endowment means that the foundation doesn’t have to continually raise funds for its own operations. There are more than 700 such community foundations nationwide, including the Community Foundation of Dunn County and the Community Foundation of Chippewa County. “Community foundations impact lives, solve problems, and improve futures,” Bornick says. “As many residents grapple with limited resources and a growing need for services, we are more determined than ever to bring our community partners together to find innovative and effective solutions to support these needs.”
UNRESTRICTED FUNDS: According to the foundation’s annual report, “unrestricted funds honor the legacy of a person or family by making grants to meet the community’s ever-changing needs in their name.” Unrestricted funds are greatly appreciated, Bornick says, “because the dollars give the foundation resources, through our grant process, to address the greatest needs in our community.” FIELD OF INTEREST FUNDS: These funds allow donors to permanently support causes in their areas of interest – whether they are education, the arts, health, social services, etc. – and “a committee will recommend grants to promising projects in that area now and long after you’re gone.” Consider how one Eau Claire couple’s gift continues to give: Arnie Domer was wellknown as the owner of Arnie’s Ski and Garden Center. In 2003 – coincidentally, just a day before he died at the age of 87 – Arnie wrote a $1 million check to create the Lois and Arnold Domer Fund, which supports “winter sports, animal concerns, and general community needs.” In the time since, the fund has distributed more than $472,000 in grants to 167 recipients.
K INDS OF FUNDS The Eau Claire Community Foundation now oversees 210 active charitable funds (including 37 funds for the Eau Claire Public Schools Foundation). Some serve as passthrough funds for specific projects (for example, all donations to build the Confluence Arts Center go through the foundation) while others were created by individuals or families to support their favorite causes, now and in the future. Depending on the type, an endowment fund can begin with as little as $500 and can start issuing grants once it has grown to $10,000. Here’s a breakdown of some of the various kinds of funds: VOLUMEONE.ORG
DESIGNATED FUNDS: These funds allow donors to support specific nonprofit organizations, schools, or churches in perpetuity. If the beneficiary ever ceases to exist, the foundation will find another worthy entity that supports a similar mission. An example of this kind of fund is the Helen and Karl Andresen Family Endowment for Special Needs, which supports scholarships and celebrations at Helen’s House, a program for older adults with disabilities that is named after Helen Andresen. “We will continue that legacy forever for that family,” Bornick says.
DONOR-ADVISED FUNDS: If you want to be fully involved in your philanthropy, creating a donor-advised fund is the right choice. As the foundation explains in its annual report, “You recommend grants to your favorite nonprofits, while the foundation handles 48
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One unique fund that is part of the Eau Claire Community Foundation is the Women’s Giving Circle. Members give $250 annually to be part of the circle, and every year the group collectively makes grants to projects that help women and children in the area. Last year, the Women’s Giving Circle awarded eight grants worth $36,000 to programs as diverse as the Chippewa Valley Free Clinic and the Safe Sleep Task Force. This is just one part of the generosity harnessed by the Eau Claire Community Foundation over the past 20 years thanks to donors large and small. As Bornick notes, “Anybody can be a philanthropist.” The foundation now has more than $20 million in assets, and last year distributed $1.27 million ($970,000 of it for Confluence Arts Center construction). This spring alone, the foundation gave out 51 grants worth $118,000 to community organizations. It may sound like a cliché, but community foundations allow everyday people to make gifts that keep on giving.
LEARN MORE Eau Claire Community Foundation • 306 S. Barstow St., Suite 104, Eau Claire, WI 54701 • (715) 552-3801 • eccommunityfoundation.org Community Foundation of Chippewa County • P.O. Box 153, Chippewa Falls, WI 54729 • (715) 723-8125 • yourlegacyforever.org Community Foundation of Dunn County • 500 Main Street, Suite 322 • Menomonie, WI 54751 • (715) 232-8019 • cfdunncounty.org
MARK RAMSAY / CREATIVE COMMONS
COMMUNITY FOUNDATIONS CAN HELP MULTIPL Y Y O U R G E N E R O S I T Y
on the money
every little bit helps W H EN IT COMES TO COLLEGE SAVINGS, EVEN SMALL AM O U N T S C A N I N S P I R E S U C C E S S
MARK RAMSAY / CREATIVE COMMONS
WORDS: UW-EXTENSION
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doctor or singer or maybe an astronaut? Young children have plenty of dreams when it comes to what they want to be when they grow up. Parents know those career dreams keep changing as their children get older and learn more about the world around them. Parents can also play a big role in those childhood dreams through both conversations and setting aside a little bit of savings. New research on college savings accounts for young children suggests that children whose parents have saved for their college education are four times more likely to enroll in college and about five times more likely to graduate from college than a child with no savings account. These enrollment and graduation rates were found even in families with less than $500 saved for their child’s future education. “It’s not just about the money,” says Peggy Olive, financial capability specialist with the UW-Extension and UW-Madison’s Center for Financial Security. “When children see their parents setting aside money for their college education, it sends a powerful message to kids about the importance of investing in their future.” In a recent survey by Sallie Mae, one-third of families earning $35,000 a year or less reported saving around 6 percent of their income for their child’s education. Parents know that children have a lot of present needs and wants. It can be hard to say “no” to those wants in order to set money aside for your child’s future. The exciting news is that even a small amount of savings in a designated college account makes a big difference in a child’s life. “Having a little bit of money set aside for college expenses helps create what we call a
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‘college-bound identity’,” adds Olive. “Children grow up knowing they are expected to study some type of trade or career after high school.” Children with a “college-bound identity” are found to do better in high school, are more engaged in school, and even get higher grades. Having a designated college savings account is also linked to more interaction between parents and children about finances and the future. Parents also benefit and report higher levels of self-esteem and self-confidence when they are able to set money aside. Parents have so many competing demands on their money, from covering monthly expenses to saving for their own retirement, that it can be hard to find money in the budget. The good news is that even smaller amounts of money set aside for their child’s college are shown to make a positive difference. The even better news is that children can also contribute to their own college fund by setting aside a portion of gifts or any work earnings. A small amount of savings adds up to big dreams down the road. One way that parents can begin to save for their child’s college is to invest in a state 529 plan. Currently, only 37 percent of Americans correctly identified 529 plans as a college savings tool. In Wisconsin, an Edvest 529 plan can be opened with a $25 contribution. Earnings in a 529 account grow both federal and state taxfree when used for qualified higher education expenses. You can find out more about Wisconsin’s college savings plans online at 529. wi.gov or by calling toll-free (888) 338-3789. You can also learn more about the benefits of saving for college at fyi.uwex.edu/collegesavings.
on the money WPT / WISCONTEXT
where do your tax dollars go? A BREAKDOW N O F Y O U R W I S C O N S I N I N C O M E TAXES AT WORK WORDS: SCOTT GORDON / WISCONTEXT
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hen Wisconsin’s Legislature crafts the state budget every two years, it relies in part on state income tax payments from about 2.5 million households. In 2016, Wisconsinites paid $7.7 billion in state income taxes. These funds accounted for about 51 percent of the state’s general purpose revenue, with the rest coming from other sources, including sales taxes, alcohol and cigarette taxes, and taxes on utility bills. General purpose revenue is the funding with the least restrictions on how the state can use it, compared to sources such as federal revenue and borrowing. In a June 23, 2017, report, Wisconsin Public Television’s Here & Now listed what someone earning the state’s median income paid for that year. The median Wisconsin taxpayer earned $38,284 in 2016 and paid $1,104 in state income taxes. From schools to roads to Wisconsin’s public media (thank you for your support), Here & Now detailed VOLUMEONE.ORG
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down how the state spends that median tax bill. Here are the highlights: • $376 to public schools • $195 to Medicaid • $183 to state government, of which $84 goes to the Department of Corrections • $72 to the University of Wisconsin System • $37 to the Wisconsin Technical College System • $64 to property tax credits • $60 to shared revenue for supporting city and county government • $0.08 to transportation • $0.01 to Wisconsin Public Broadcasting Altogether, this adds up to almost 90 percent of what Wisconsin’s general purpose revenue covered in 2016. This article was originally published by WisContext, which produced the article in a partnership between Wisconsin Public Radio, Wisconsin Public Television, and Cooperative Extension. Visit WisContext.org to learn more. JULY 1 2, 2017
on the money WPT / WISCONTEXT
wisconsinites are money smart S TUDY SAYS WE’RE FINANCIAL LITERATE, BUT WE STIL L A C T L I K E E V E R Y O N E E L S E WORDS: J. MICHAEL COLLINS / UW-EXTENSION
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n recent years, communities, schools, and families have sought to help people be better able to avoid money troubles by promoting financial literacy and, in turn, financial capability. A new national study shows these efforts are finding success in Wisconsin. The National Financial Capability Study, which assesses the financial skills of Americans, was first conducted by the Financial Industry Regulatory Authority’s Investor Education Foundation in 2009. The survey was repeated in 2012 and again in 2015, collecting data on more than 80,000 people nationally. These data also include more than 1,500 people from Wisconsin, providing insights into how the state compares to the nation as a whole. “Financial literacy” describes understanding the basics of personal finance and being able to perform basic calculations related to income and debt. “Financial capability” is an increasingly used term that describes how well people manage their finances while handling responsibilities like building savings, borrowing money, and paying bills. As a whole, Wisconsin residents have higher levels of financial literacy, improving levels of financial capability and, at least in some areas, better financial behaviors.
F I N A N C I A L L I T E R ACY I N W I S CO N SIN Overall, people from Wisconsin are more likely than other Americans to give correct responses to a financial knowledge quiz: People in Wisconsin got an average of 4.25 out of 5 questions correct, compared to 3.9 in other states. Quiz questions covered how interest works, the effects of inflation, how bonds are priced, how mortgage payments work and how relatively risky stocks can be. Most people (80 percent or more) answered each of these five questions correctly, but less than half answered questions about bonds correctly. People in Wisconsin scored better than the national average on every question. (A sixth question, about calculating
MORE ONLINE
To learn more about the National Financial Capability Study, and to take the financial literacy quiz for yourself, visit usfinancialcapability.org.
SAMPLE QUESTION
“Suppose you have $100 in a savings account earning 2 percent interest a year. After five years, how much would you have?” (See answer below) A. More than $102 B. Exactly $102 C. Less than $102 D. Don’t Know compound interest in a loan, was not included in this analysis, though Wisconsin residents were still more likely to answer correctly.) Wisconsin’s performance is impressive, but it also appears people in the state may not be aware of their higher levels of financial literacy. When asked how much they know – a subjective measure of knowledge or confidence in one’s own financial literacy – people in Wisconsin rate themselves lower than the U.S. average. That is, people in the state objectively know more, but have lower levels of perceived knowledge. Why do people in Wisconsin seem to respond this way? It’s unclear from the data. People from the state are slightly less likely to say they learned financial issues formally at work or school than national averages. But they are more likely to report learning about personal finances from their families than from formal classes.
FINANCIAL CAPABILITY IN WISCONSIN While financial literacy is high in Wisconsin, the daily practices of survey respondents in the state are generally consistent with national averages. For example, in Wisconsin, 17 percent of individuals reported they spent more than they earned last year,
n
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compared to 19 percent in the rest of the country. Likewise, only 45 percent of people in Wisconsin have emergency funds, but that figure is similar to national averages. About 24 percent of individuals in the state reported having past due medical bills, which is also similar to elsewhere. In other areas, Wisconsin residents have better financial capability than national averages. One example is the rate of people reporting making hardship withdrawals from their retirement plans, a signal of serious financial problems – 4 percent of people in Wisconsin versus 7 percent in the rest of the U.S. People in the state are also less likely to report overdrafting their bank account (that is, spending more money than they have available). In 2015 that share was about 15 percent overall, a decline from nearly 20 percent in prior years. Other behaviors show signs of improvement. For example, paying late fees on credit cards is down from 11 percent in 2012 to 8 percent of Wisconsin respondents in 2015. The state also has the second lowest rate of people who use high-cost loans in the U.S., with an average of 16 percent of respondents, compared to 26 percent nationally. Overall, people in Wisconsin are above-average in their level of financial knowledge, but more likely to be humble in their self-assessment of their knowledge. Respondents in the state show average or better-thanaverage outcomes in a number of areas as well. As efforts to provide financial education and counseling expand in libraries, schools, and workplaces, and via other public educational programs, the financial capability of the state should continue to improve. This article, which was edited for length, was originally published by WisContext, which produced the article in a partnership between Wisconsin Public Radio, Wisconsin Public Television, and Cooperative Extension. Visit WisContext.org to learn more. Quiz question answer: A.
on the money
listings & resources G E T TO K N OW YO U R F I N A N C ES BETTER WITH THE HELP O F A RE A F I N A N C I A L CO U N SELORS AND PLANNERS
FINANCIAL COUNSELORS
Street, Eau Claire • (715) 834-9111 • mainstreet.capital@lpl.com • mymainstreetlink.com
ClifftonLarsonAllen 3402 Oakwood Mall Dr., Eau
McKinley Money LLC PO Box 1418 (Appoint-
Claire • (715) 832-1100 • claconnect.com
This list features just local financial counseling services. If we forgot your service, let us know and we’ll add you next time!
Cornerstone Financial Advisers • 1109 W. MacArthur Ave. suite 3, Eau Claire • (715) 834-5366.
Deborah Becker Insurance & Financial Services Inc. 404 S. Barstow Street, Eau Claire • (715) 835-
Catholic Charities Financial Counseling 448 North
Dewey St., Eau Claire • (715) 832-6644 • eauclaire@ cclse.org • cclse.org Offering bankruptcy counseling, debt management, housing counseling, financial stability counseling, and a representative payee program.
4328 • deborahbecker.com
Edward Jones • 101 N. Farwell St., Suite 201, Eau
FamilyMeans Financial Solutions 2194 East Ridge Center, Eau Claire • (800) 780-2890 • familymeans. org Consumer Credit Counseling Service (CCCS) offers tools and education so people can regain financial stability and reduce unmanageable debt, with locations available in Minnesota and Wisconsin.
Freund Law 920 S. Farwell St., Ste. 1800, P.O. Box 222, Eau Claire • (715) 832-5151 • freundlaw.com Offering bankruptcy, debt relief, and debt collection services for individuals, farmers, and businesses throughout Western and Northern Wisconsin.
Klenz Financial Counseling • adrian@klenzfinan-
cialcounseling.com • facebook.com Klenz Financial Counseling offers individualized counseling and group presentations on personal finance topics.
Western Dairyland Financial Counseling 418 Wis-
consin St., Eau Claire • (715) 836-7511, toll free at (800) 782-1063 • WesternDairyland.org/flip.phtml Western Dariyland provides financial counseling as part of the Work-n-Wheels and the Veteran’s Economic Empowerment Programs.
Ave., Eau Claire • (715) 858-9375 • heightsfinance. com
Investment Management Associates 431 E Clairemont Ave., Suite A, Eau Claire • (715) 839-1006 • drobl@royalaa.com • imaeauclaire.com
Jones Financial Consulting, LLC PO Box: 1608, Eau
Claire 54702-1608 // Street Address (Appointment only): 800 Wisconsin Street, Bldg. DO2, Suite 405C, Eau Claire • (715) 577-2778 • jonesfinancialconsulting.com
Keystone Financial 4410 Golf Terrace, Eau Claire •
Bernicke Wealth Management 1565 Bluestem Blvd,
(715) 835-6022 • keystonecv.com
Altoona • (715) 832-1173 • bernicke.com
Main Street Capital Management 601 S. Farwell
Cadott Tax & Financial Services 345 N. Main St.,
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Orgel Wealth Management 2420 Rivers Edge Drive, Altoona • (715) 835-6525 • contact@orgelwealth.com • orgelwealth.com
Eau Claire • (715) 852-1990 • stifel.com/branch/wi/ eau-claire
Heights Finance Corporation 2701 N. Clairemont
Eau Claire • (715) 834-7280 // 3625 Gateway Dr., Eau Claire • (715) 832-7715 • www.ameripriseadvisors.com.
Mall Drive, Eau Claire • (715) 835-0710 • ml.com
Fries Financial Group - An Independent Raymond James Firm 718 Bay St., Chippewa Falls • (715) 720-
Eau Claire • (715) 514-2526 • info@hallfinancialgroup.com • hallfinancialgroupllc.com
Ameriprise Financial Services • 1740 Brackett Ave.,
Merrill Lynch Wealth Management 3508 Oakwood
RAI Stone Group 3504 Oakwood Mall Drive, Eau
Hall Financial Group LLC 4319 Jeffers Rd, suite 202,
This list features just local financial planning services. If we forgot your service, let us know and we’ll add you next time!
ment Only), Eau Claire • (715) 835-2732 • ww.mckinleymoney.com
Claire • (715) 834-5052 // 419 E. Clairemont Ave., Eau Claire • (715) 833-3986 // 401 Pinnacle Way, suite 104, Eau Claire • (715) 830-3986 // 2741 N. Clairemont Ave., suite B, Eau Claire • (715) 832-5539 • (715) 831-5539 // 4907 Keystone Crossing, Eau Claire • (715) 831-0002 // 4233 Southtowne Dr. suite 3, Eau Claire • (715) 552-1760 // 2411 N. Hillcrest Pkwy suite 8, Eau Claire • (715) 835-3573 // 3610 Oakwood Mall Dr. suite 200 • (715) 835-3807 // 2751 Commercial Blvd suite 2, Chippewa Falls • (715) 723-2117 // 345 Frenette Dr. suite 5, Chippewa Falls • (715) 726-8923 // 706 N. Bridge St., Chippewa Falls • (715) 723-8588 // 16949 County Highway X, Chippewa Falls • (715) 720-8849 // 2029 County Highway I, Chippewa Falls • (715) 720-6105 // 2321 State Highway 25 N. suite 300, Menomonie • (715) 233-0009 // 2303 Schneider Ave. SE suite 110, Menomonie • (715) 235-2123 9605 // 202 N Bridge St., Chippewa Falls • (715) 7235241 • raymondjames.com
FINANCIAL PLANNERS
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Cadott • (715) 289-4948 • info@cadott-tax.com • cadott-tax.com
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Claire • (715) 598-4340 • raistonegroup.com
Raymond James Financial Chuck Shoemaker: 4257
Southtowne Dr., Eau Claire • (715) 514-2900 • chuck. shoemaker@raymondjames.com •
RBC Wealth Management – Thomas L. Quigley 7 S Dewey Street, Suite 110, Eau Claire • (715) 858-7788 • tom.quigley@rbc.com • rbcwm-usa.com
Security Financial Solutions Wealth Management 3430 Oakwood Mall Drive, Suite 200, Eau Claire • (715) 833-1884 • gedwards@cfnmail.com • sfswealthmanagement.com/home.aspx
Seeman Tax & Financial LLC 535 Fairfax Street, Altoona • (715) 835-1156 • seemanfinancial.com
Stifel Nicolaus & Co Inc. 3704 Oakwood Hills Pkwy,
Terry Krumenauer Financial Group 2889 County Highway I, Ste. 3, Chippewa Falls • (715) 720-4900 •
Thrivent Financial Advisors • Blue Sky Financial
Associates • 130 S Barstow Street, Suite 1A, Eau Claire • 715-858-0953 • blueskyfinancialassociates@ thrivent.com // Brady Zwiefelhofer • 4423 Golf Terrace, Ste. 1, Eau Claire • 715-514-1540 • brady. zwiefelhofer@thrivent.com // Matthew Olson • 1280 W Clairemont Ave Ste 7, Eau Claire • 715832-8112 • matthew.olson@thrivent.com // Patrick Huckriede • 4423 Golf Ter Ste 1, Eau Claire • 715559-3560 • patrick.hukriede@thrivent.com // Steve Cassellius • 4423 Golf Ter Ste 1, Eau Claire • 715577-2109 • steve.cassellius@thrivent.com Wealth Enhancement Inc. 2125 Brackett Ave., Eau CLaire • (715) 835-8800 • DanMarx@WealthEnhancementInc.com • wealthenhancementinc.com
Wealth Management Group 103 N Bridge St #255,
Chippewa Falls • (715) 861-7200 • wealthmanagementgroupllc.net
on the money
how to avoid identity theft MILLIONS HAVE THEIR IDENTITIES STOLEN EACH YEAR . D O N ’ T B E O N E O F THE M .
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COMPILED BY TOM GIFFEY
n a world that becomes more wired, digitized, and deperson-
PROTECT YOUR PERSONAL INFO
While that’s a huge sum, it’s important to
n Watch your wallet. n Don’t tell people your PIN numbers. n Keep your financial records, Social Security and Medicare cards in a safe place. n Shred papers that have your personal or medical information. n Take mail out of your mailbox ASAP. n Only give your Social Security number if you must. Ask if you can use another kind of identification. n Don’t give your personal information to someone who calls you or emails you. n Use passwords that are not easy to guess (i.e., use numbers and symbols). n Don’t respond to emails or other messages that ask for personal information. n Don’t put personal info on a computer in a public place, like the library.
note that more than half of identity theft
KEEP AN EYE OUT
victims reported they were able to clear
n If you want to know if someone has stolen your identity, read your bills and account statements and watch for things you didn’t buy, withdrawals you didn’t make, unexpected changes of address, or bills that stop coming. n Look at medical statements. You might see charges you don’t recognized. That might mean someone stole you identity. n Get your credit report. You get one free credit report every year
alized every day, identity theft
never seems further away than the latest headline about a corporate or government data breach. And the prevalence if ID theft isn’t just media hype: In 2014 alone, a whopping 17.6 million Americans – that’s 7 percent of U.S. residents 16 and older – were victims of identity theft, according to a report from the U.S. Department of Justice’s Bureau of Justice Statistics. If that proportion held true for Wisconsin residents, it means more than 300,000 of us in the Badger State had our identities stolen last year. In all, Americans suffer a cumulative out-of-pocket loss of $6.5 billion annually.
up the problem in less than a day. While it’s clear that identity theft is a widespread and costly problem, there are steps you can take to avoid it – or to minimize your headaches if it occurs. The Federal Trade Commission offers these tips to fight identity theft. To learn more, go to IdentityTheft.gov.
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from each credit reporting company. Request them by visitingannualcreditreport.com or calling (877) 322-8228. NOTE: This service is free and authorized by federal law; copycat private services may charge you money. If your identity is stolen, follow these steps:
1. CALL THE COMPANIES WHERE YOU KNOW THE FRAUD OCCURRED n Call the fraud department. Explain that someone stole your identity. n Ask them to close or freeze the accounts. Then, no one can add new charges unless you agree. n Change logins, passwords, and PINs for your accounts.
2. PLACE A F RAUD ALERT AND GET YOUR CREDIT REPORT n Contact one of the three credit bureaus. That company must tell the other two. Equifax.com/ CreditReportAssistance (888) 766-0008 Experian.com/fraudalert (888) 397-3742 TransUnion.com/fraud (800) 680-7289 n Get your free credit report right away. (See above.) n Review your reports. Make note of any account of transaction you don’t recognize. This will help you report the theft to the FTC and the police.
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3. REPORT IDENTITY THEFT TO THE FEDERAL TRADE COMMISSION n Complete the FTC’s online complaint form at ftc.gov/complaint. Give as many details as you can. The complaint form is not available on mobile devices, but you can call (877) 438-4338 to make your report. n Print and save your FTC Identity Theft Affidavit immediately. Once you leave the page, you won’t be able to get your affidavit.
4. FILE A REPORT WITH LOCAL POLICE Go to your local police department with: n A copy of your FTC Identity Theft Affidavit n A government-issued ID with a photo n Proof of your address (mortgage statement, rental agreement, or utilities bill) n Any other proof you have of the theft (bills, IRS notices, etc.) n The FTC’s Memo to Law Enforcement (available at IdentityTheft.gov n Tell the police someone stole your identity and you need to file a report. If they are reluctant, show them the FTC’s Memo to Law Enforcement. n Ask for a copy of the police report. You’ll need this to complete other steps. n Create your Identity Theft Report by combining your FTC Identity Theft Affidavit with your police report.