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Identity theft occurs most often after a wallet or purse is stolen or after mail or electronic data
containing sensitive information is compromised. Wherever thieves can grab sensitive information, they will.
Most people may not have heard about identity theft used to falsify medical claims or used to secure
healthcare coverage. However, it is occurring. The affect of medical identity theft reaches beyond just the
emotional toll on the victim. It also has financial and medical ramifications.
FINANCIAL
The financial consequences are what you might imagine. Victims suddenly receive unpaid bills for procedures
and office visits they’ve never had. Collection agencies begin to call. Credit reports take a hit.
Frustrating and troublesome as all this is, the most harmful effect of medical identity theft
may be medical record corruption.
MEDICAL
When false medical records are created from stolen personal information, any procedures, medications, and
other case history information of the perpetrator may wind up in the file of the victim. This can create a
potentially life-threatening situation for the victim.
Victims may not know of the record corruption for years. And, obtaining copies of medical files so that one could correct
any error is difficult because of liability concerns and privacy law regulations.
WHAT CAN YOU DO?
- Obtain of a free copy of your credit report every year from
each of the three credit reporting bureaus: Equifax, Experian, TransUnion.
- Compare the data across all three reports and make sure all the information is accurate.
- Correct any inaccuracies found with the credit bureaus. If your identity has been stolen, follow
these procedures as advised by the Federal Government.
- Keep all your doctors and dentist informed of any procedures you have and medications you are taking.
- Ask your doctor when you visit them next for a brief run down of your history listed in their file just
so you can rule out any items that may not pertain to you.
- Keep track of your medical history at home in a journal or notepad.
If any false records and other such information are brought to your attention at a doctor’s visit or by a call from a
collection agency, check your credit reports immediately. Report possible identity theft to your doctor,
insurance provider and all three credit bureaus. |
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Are you looking to buy a new home but feel concerned about not saving enough
for the down payment? Many people face this anxiety. By saving 20% of your new home’s cost for
the down payment, you wind up saving yourself the cost of private mortgage insurance or PMI.
PMI is required when a down payment is less than 20%, even with an FHA loan. New buyers try to
avoid paying PMI because it is added onto the monthly mortgage payment.
In order to save enough, you’ll need to know what home price range you qualify for and can afford. Often, the
ceiling price of a home that you qualify for does not necessarily translate into a comfortable, affordable monthly
payment. So, check with a mortgage lender or your financial institution to see what you qualify for and decide
what is a comfortable payment range for you. Make sure the lender knows you are merely gathering information and are beginning
the saving process – not buying just yet.
You’d be surprised how easy it is to save money if you just think about it. There are ways all around you
where you can cut back! Here are just a few of the many ways to save money for your down payment!
- Pay off/pay down your credit cards: save on all the interest cost!
- Skip the deli: bring a homemade lunch to work, instead of eating out.
- Spread the word: tell your family and close friends about your goal so they can help by providing cash instead of holiday or birthday gifts.
- Hands off the account: open up a special «no touch» savings or CD account(s) to hold your down payment dollars.
- Out of sight, out of mind: set up direct deposit or automatic transfer to your savings so that deposits are kept routine.
- Stop carrying cash (or cut back): what you don’t have, you won’t spend needlessly.
- Speeders are wasters: drive 55 mph instead of 70 mph – driving 55 mph saves gas and therefore, money.
- Curb cell phone use: depending on what plan you have, you could save money simply by talking less!
- Switch ISPs: do you really need DSL? Switching to a low-cost provider can save you each month.
- Learn to cook: imagine what you could save by eating at home instead of out.
- Read the Sunday paper: for the coupons and clip away! It is not uncommon to save 15-20% off your shopping bill by using coupons.
- Stay home a little more often: skip the babysitter (and their fee).
- Think future gem, not toys: whatever your weak spot is when shopping, avoid it (just temporarily) and save!
- Make friends: find a carpool buddy.
- Kick vices to the curb: smoking, drinking and such cost. Invest those dollars, don’t waste them.
- Lights out: turn off lights and unplug unnecessary electronics when they’re not needed.
- Run ceiling fans: running your ceiling fans in the summer (blades blowing upward) and winter (blades blowing downward)
actually helps you save on your utility bills.
- Spare a dime: whenever you have spare change, toss it in a large jar.
These are just a few of the many different actions you could take that will help you save money. Some may seem as
though they wouldn’t add up to much, but they certainly will. Just watch your savings grow!
Contact our Lending Department with any questions you may have about securing a home loan or any other
loan product. Please call (314) 982-4555, or for loan approval 24/7, call Loans-24 toll free at (866) 723-8396.
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