Unclaimed Property Blog

Insurance companies and other financial companies have discovered a new source of income. They are taking advantage of the growing consumer concern regarding identity theft. Identity theft claims approximately 10 million victims per year according to estimates by the Federal Trade Commission and Javelin Research.

While the policies may differ in the details, they typically cover reimbursement for lost wages, attorney’s fees and out-of-pocket expenses you incur trying to clear up your credit after you’ve been victimized. Some companies even promise to help you through the process with advice, guidance and forms.

What are the different sources of insurance and the basic deal?

The “safe” in safe deposit box may not be as safe as you think. Do you know the rules on these boxes?

You have a safe deposit box with a bank. This has the appearance of being safe. However, what happens when you have not been to the box in years? What about if you were to die unexpectedly? Are your possessions really protected?

So how can you protect yourself and your possessions if you have a safe deposit box? Consider taking the following actions:

The three major consumer credit reporting agencies have designed a new credit scoring system.

Equifax, Experian and TransUnion announced that the new credit scoring system called “VantageScore” was a direct result of market demand for a more consistent and objective approach to credit scoring. VantageScore is aimed at simplifying the loan process for both lenders and borrowers.

Until this agreement the agencies used their own proprietary formulas to create their own scores. This complicated scoring as each lender dealing with a consumer’s application for a credit card or a mortgage might have to reconcile three widely different scores.

The concept of a credit card can be sound. Some feel it is a good safety net. A recent report explores this a bit deeper. Read on to see another view of your credit card.

It was found that American families are losing the fight against lending practices as they are really working against them. It is time for Washington to address this crisis head-on and create policy that protects and promotes economic vitality for all American households.

Florida is currently promoting giving away $1 billion. Is this for real?

Are you one that seeks lost treasure? Ever comb the beaches for lost money? In Florida there are people looking for and finding lost treasure.

Florida’s Chief Financial Officer Tom Gallagher, who oversees the Department of Financial Services’ Bureau of Unclaimed Property department, has returned nearly $300 million, since 2003, in cash and property to current or former Floridians.

The bureau is currently holding accounts valued at more than $1 billion, and the owners or heirs can claim it for free by logging on to www.fltreasurehunt.org or by calling 1-88-VALUABLE (1-888-258-2253.)

New York has money to give it’s residents. Read on to find out how much and where the money is and even how you can claim yours.

This fiscal year New York is expected to recover about $150 million in unclaimed property, state Comptroller Alan Hevesi said recently. Unclaimed funds currently total $7.2 billion.

What is this unclaimed property? It is funds which have not been claimed or are considered abandoned. The sources include old bank accounts, telephone or utility deposits, uncashed checks, insurance benefits and policies and wages. These assets are sent to the comptroller’s office, which then searches for the rightful owner.

Here is a little tidbit showing how assets can be hidden from the rightful owner.

The bad news is that you lose properties in a foreclosure. Can it get worse? Yes, and it does. The proceeds from the sale after all the liens have been satisfied, are not returned to the original owner of the property. Unfortunately for New Jersey residents, that’s happening far too often. Other states may also be doing this, but have not come forward with the data.

New Jersey maintains the unclaimed money in a trust fund that contained $272.8 million last fall.

The ever increasing popularity of gift cards is also increasing legal actions. More states are finding concern over consumer protection on the usage of gift cards. The latest are Nebraska and Iowa.

Nebraska state Senator Carol Hudkins wants to make sure consumers understand fees and expiration dates on gift cards. Some businesses have expirations dates as early as 60 days from purchase. Others have hidden fees.

According to the state treasurer’s office there is only a handful of businesses that routinely turns in unclaimed property. Hudkins wants to change the law so that businesses have an incentive to let customers know what the rules are.

The IRS has millions of dollars to return to tax payers for the 2002 tax year.

To collect, though, they must file a return for 2002 with an IRS office by April 17, the date the three-year window to file will end. There is no penalty assessed for filing a late return that qualifies for a refund.

The IRS reminds taxpayers seeking a 2002 refund that their checks will be held if they have not filed tax returns for 2003 or 2004. In addition, the refund will be applied to any amounts still owed to the IRS and may be used to satisfy unpaid child support or past due federal debts such as student loans.

With today’s economy, people struggle for their money. Then you read about a state with unclaimed money and unclaimed property wanting to give it back. Colorado just announced that it found $40 million this year

It is true an additional $40 million in lost and forgotten property is waiting to be claimed through the Great Colorado Payback program. This was announced by Colorado State Treasurer Mark Hillman.

Nearly 50,000 people now have assets with the state. The largest amounts of unclaimed money for this year range from $140,000 to more than $289,000. That would make a money search profitable.