Fraud Alert

Sep 5, 2024 | #Cornerstone Community

Who can place a fraud alert?

Anyone who suspects you have been, or are about to be, a victim of identity theft or fraud can place a fraud alert on their credit report. Appropriate if your wallet has been stolen or if you’ve been taken in by a phishing scam.

What does a fraud alert do?

A fraud alert will make it harder for someone to open a new credit account in your name. Potential creditors must use what the law refers to as “reasonable policies and procedures” to verify your identity before issuing credit in your name. Basically, a business must verify your identity before it issues new credit in your name. The steps potential creditors take to verify your identity may not always alert them that the applicant is not you.

When you place a fraud alert on your credit report, you can get a free copy of your credit report from each of the three credit bureaus.

Duration: A fraud alert stays on your credit report for at least 90 days and up to one year. After a year, you can renew it.

Cost: Free

How to place a fraud alert: Contact any one of the three credit bureaus — Equifax, Experian, and TransUnion. You will need to provide appropriate proof of your identity, which includes your Social Security number, name, address and other personal information that the credit bureau requests. You don’t have to contact all three. The credit bureau you contact must tell the other two to place a fraud alert on your credit report.

Extended Fraud Alert

Who can place an extended fraud alert?

An extended fraud alert is only available to people who have had their identity stolen and completed an FTC identity theft report at IdentityTheft.gov or filed a police report.

What does an extended fraud alert do?

Like a fraud alert, an extended fraud alert will make it harder for someone to open a new credit account in your name. A business must contact you before it issues new credit in your name.

When you place an extended fraud alert on your credit report, you can get a free copy of your credit report from each of the three credit bureaus twice within one year from when you place the alert, which means you could review your credit report six times in a year.

In addition, the credit bureaus will take you off their marketing lists for unsolicited credit and insurance offers for five years, unless you ask them not to.

Duration: An extended fraud alert lasts seven years.

Cost: Free

How to place an extended fraud alert: Contact any one of the three credit bureaus — Equifax, Experian, and TransUnion. You will need to provide appropriate proof of your identity, which includes your Social Security number, name, address and other personal information that the credit bureau requests. You don’t have to contact all three. The credit bureau you contact must tell the other two to place an extended fraud alert on your credit report.

What Doesn’t A Fraud Alert Do?

While a fraud alert can help keep an identity thief from opening new accounts in your name, it will not:

  • Protect you from an identity thief using your existing credit cards or other accounts.
  • Protect you from an identity thief opening new accounts in your name that do not require a credit check – such as a telephone, wireless or bank account.

And, the fraud alert alone won’t stop any identity theft that is already under way.

Sources:

https://consumer.ftc.gov/articles/what-know-about-credit-freezes-and-fraud-alerts#alerts

https://www.raymondjames.com/privacy-security-and-account-protection/credit-report-fraud-alerts

 

CSP #576097 Exp. 8.20.25

What Should You Do If You Suspect Identity Theft?

Aug 20, 2024 | #Cornerstone Community

If you think you may be the victim of identity theft, you should immediately take the following steps:

1. Contact the Federal Trade Commission at 877-438-4338 or access its online complaint form.

For more information on recognizing and dealing with identity theft, visit the FTC’s identity theft site.

2. Contact one of the three major credit bureaus, report the problem and request a fraud alert and/or credit freeze on your credit reports.

Equifax
equifax.com
800-525-6285 (fraud hotline)
800-685-1111 (Order report)
P.O. Box 740250
Atlanta, GA 30374

Experian
experian.com
888-397-3742 (fraud hotline)
888-397-3742 (Order report)
P.O. Box 9556
Allen, TX 75013

TransUnion
transunion.com
800-680-7289 (fraud hotline)
800-916-8800 (Order report)
P.O. Box 6790
Fullerton, CA 92634

You only need to call one of the three bureaus – the company you call is required to contact the other two, and within 24 hours all three of the bureaus will be on alert. In addition, on request the company you call will provide you with a free copy of your credit report. This can help you identify any new accounts that may have been opened. Pay particular attention to the section of the report that lists inquiries from new companies. Contact these companies immediately and have them remove any pending or new accounts from their system.

3. File a Police Report – Retain a copy of the report or the report number as proof of the crime. While most police departments throughout the country are increasingly aware of the dramatic impact of identity theft, some local authorities may be reluctant to take your report. If this happens, ask to file a “Miscellaneous Incidents” report. You can also try another jurisdiction, such as the state police, or contact your state Attorney General’s office to find out if state law requires the police to take reports for identity theft.

4. Contact Creditors’ Fraud Departments

    • Close any affected accounts.
    • Speak with someone in the security or fraud department of each creditor and describe what has occurred.
    • Follow up in writing with a letter or affidavit as well as copies (not originals) of any supporting documents.
    • Contact the following check-verification companies if your checks have been lost or stolen:
      • TeleCheck: 800-710-9898 or 1-800-927-0188
      • Certegy, Inc.: 800-437-5120
      • International Check Services: 800-631-9656
      • CheckRite: 800-766-2748
      • Chexsystems: 800-428-9623
      • CheckCenter/CrossCheck: 800-843-0760

5. Keep Good Records

    • Maintain complete, accurate records of all the steps you take in reporting identity theft.
    • When you notify various businesses and agencies, do so both by phone and in writing. Record the date you send any correspondence and how you send it. It’s a good idea to send all correspondence by certified mail, return receipt requested.
    • Keep a date/time log of phone calls, including the names of people with whom you speak and what they tell you.
    • Keep copies of any correspondence, along with the names, phone numbers and addresses of anyone you contact. This will be extremely important if you have to prepare a case to recover damages.

Other Steps:

    • If your Social Security card has been stolen, contact the Social Security Administration for a replacement card.
    • If the theft involves your mail, contact the Postal Inspection Service, the primary law-enforcement arm of the U.S. Postal Service.
    • If your driver’s license has been stolen, contact the issuing office to cancel it and obtain a replacement.

Not a Cornerstone Client?

With over 140 years combined team experience and 30 years in business, we are well-equipped to help you navigate the complexities of retirement planning and the financial industry. Contact us today at 605-351-8553 or cfsteam@mycfsgroup.com if you’d like to learn more about the unparalleled service you can expect from the Cornerstone team.

CSP #576097 Exp. 8/20/25

In Case of Emergency: Organize Your Vital Info

Jul 16, 2024 | Estate Planning, Retirement Planning

Organize your vital personal, health, and financial information in one accessible place to help your loved ones navigate with ease should something happen to you.

Life can be unpredictable, and emergencies can happen when we least expect them. Think about this: if you have a medical emergency, could your loved ones access your phone? If your partner couldn’t talk, do you know their usernames and passwords? Does your family know the names of your doctor and important medical information? Could they easily find your IDs and legal documents?

Make sure your family doesn’t have to wade through piles of paperwork or argue about who will take care of the cat by having vital personal, health and financial information in a centralized and accessible place.  Here are some practical steps you can take:

Personal and Digital Connections

 

Compile a list of your usernames, passwords, and other login details in case someone needs to access your electronic devices or social media accounts. You can keep this information secure by using password management tools or a digital vault.

Create a list of essential personal and professional contacts who should be notified if you have an emergency or are incapacitated, including employers, attorneys, and financial advisors. Help make it easy for your family to reach out to your community of connections if needed.

Do you use an online financial aggregation service or app? A trusted contact will need to know how to access anything that is password protected.

Health and Medical Information

Who will advocate for your health needs during a medical emergency? Having quick access to your health information can be a lifesaver and help remove doubt and stress when handling difficult situations. Create a document with details about your primary healthcare providers, ongoing medical conditions, allergies, and any medications you’re currently taking.

Consider obtaining an advance directive to provide instructions for medical care if you become unable to make decisions. According to the Journal of Preventative Medicine only 26% of Americans have taken this important step.

Legal and Financial Documents

Ensure your important documents such as wills, trusts, advance directives, and power of attorney are in order and make sure a trusted person knows where to find all of this information. If you’re unable to manage your affairs for a period of time, your representative may need proof of ownership documents such as the deed to your house and vehicle titles or contracts such as sale of property.

Download the Important Documents Checklist

A simple tool we’ve created to help you organize your vital documents.

DOWNLOAD CHECKLIST

Not a Cornerstone client?

Will your loved ones have the information they need if something happens to you? Preparing involves organizing your personal, health, and financial information. The Cornerstone Experience® gives our clients access to our professional team and several online tools to help organize personal, health and financial information in a centralized and accessible place.

Contact us today at 605-357-8553 or cfsteam@mycfsgroup.com if you’d like to learn more about the unparalleled service you can expect from the Cornerstone team.

CSP #541388 Exp. 7.10.25

Honoring All on Mother’s Day

May 12, 2024 | #Cornerstone Community

Honoring All on Mother's Day

On behalf of everyone at Cornerstone Financial Solutions, happy Mother’s Day! It’s not uncommon to hear people describe their mom as “The Best Mom Ever” and proudly present her with a personalized coffee cup or trophy. But Mother’s Day can also be a difficult day for some people, and we want to try to honor all the ways this complicated day affects people.

If this is your first Mother’s Day without your mom – our hearts are with you as you find new traditions to continue celebrating her. Whether you plant flowers in her honor, enjoy brunch at her favorite restaurant, or spend an afternoon on her favorite lake, we know she is in your thoughts on this day.

If you have little ones and think some quiet time alone would be a great gift, we see you. We know you’re exhausted and have probably run out of ideas about what to cook for dinner. Your capacity for love inspires us, and our fingers are crossed that you get the nap you so greatly deserve.

If you’re celebrating via Zoom because your kids live too far away to give you a hug in person, we are ready and waiting to help! We’d love to hear about your children and deliver the hug they aren’t able to give you in person. Stop at the office and say hello.

For foster moms and adoptive moms who are making a difference in the most tangible way imaginable, we are in awe of your willingness to open your hearts and homes.

For the women who thought they’d be a mom by now, but that isn’t how life has played out, you are not forgotten. Give yourself the self-care you need today, in whatever form that may be.

 To the mommas whose babies are waiting for you in Heaven – you are in our thoughts and hearts more than ever on this day. We can’t even begin to imagine the pain you have endured.

 And for those of you for whom this day evokes painful memories, we wish you nurturing relationships to help heal and mend your heart.

 Wherever your heart is this Mother’s Day, we are grateful for you. We are here if you need a shoulder to cry on or an ear to speak to, and look forward to many years of celebrating life’s triumphs and heartaches with you as friends.

     

    CSP #487144 Exp 2025.05.06 

    5 Steps to Determine How Much Income You’ll Need in Retirement

    Mar 5, 2024 | Retirement Planning

    5 Steps to Estimate Retirement Income Needs

    USE YOUR CURRENT INCOME AS A STARTING POINT

    It’s common to discuss desired annual retirement income as a percentage of your current income. Depending on who you’re talking to, that percentage could be anywhere from 60% to 90%, or even more. The appeal of this approach is its simplicity. It seems fairly common-sense – Your current income sustains your present lifestyle, so taking that income and reducing it by a specific percentage to reflect the fact that there will be certain expenses you’ll no longer be liable for (e.g., payroll taxes) will, theoretically, allow you to sustain your current lifestyle.

    The problem? It doesn’t account for your specific situation. For example, if you want to travel extensively in retirement you might easily need 100% (or more) of your current income to get by. It’s fine to use a percentage of your current income as a benchmark, but it’s worth going through all of your current expenses in detail, and really thinking about how those expenses will change over time as you transition into retirement.

    PROJECT YOUR RETIREMENT EXPENSES

    Your annual income during retirement should be enough (or more than enough) to meet your retirement expenses. That’s why estimating those expenses is a big piece of the retirement planning puzzle. But you may have a hard time identifying all of your expenses and projecting how much you’ll be spending in each area, especially if retirement is still far off. To help you get started, here are some common retirement expenses:

      • Food and clothing
      • Housing: Rent or mortgage payments, property taxes, homeowners insurance, property upkeep and repairs
      • Utilities: Gas, electric, water, telephone, cable TV
      • Transportation: Car payments, auto insurance, gas, maintenance and repairs, public transportation
      • Insurance: Medical, dental, life, disability, long-term care
      • Health-care costs not covered by insurance: Deductibles, co-payments, prescription drugs
      • Taxes: Federal and state income tax, capital gains tax
      • Debts: Personal loans, business loans, credit card payments
      • Education: Children’s or grandchildren’s college expenses
      • Gifts: Charitable and personal
      • Savings and investments: Contributions to IRAs, annuities, and other investment accounts
      • Recreation: Travel, dining out, hobbies, leisure activities
      • Care for yourself, your parents, or others: Costs for a nursing home, home health aide, or other type of assisted living
      • Miscellaneous: Personal grooming, pets, club memberships

    Don’t forget that the cost of living will go up over time, and keep in mind that your retirement expenses may change from year to year. For example, you may pay off your home mortgage or your children’s education early in retirement. Other expenses, such as health care and insurance, may increase as you age. To protect against these variables, build a comfortable cushion into your estimates (it’s always best to be conservative). Finally, have a financial professional help you with your estimates to make sure they’re as accurate and realistic as possible.

    DECIDE WHEN YOU’LL RETIRE

    To determine your total retirement needs, you can’t just estimate how much annual income you need. You also have to estimate how long you’ll be retired. Why? The longer your retirement, the more years of income you’ll need to fund it. The length of your retirement will depend partly on when you plan to retire. This important decision typically revolves around your personal goals and financial situation. For example, you may see yourself retiring at 50 to get the most out of your retirement. Maybe a booming stock market or a generous early retirement package will make that possible. Although it’s great to have the flexibility to choose when you’ll retire, it’s important to remember that retiring at 50 will end up costing you a lot more than retiring at 65.

    ESTIMATE YOUR LIFE EXPECTANCY

    The age at which you retire isn’t the only factor that determines how long you’ll be retired. The other important factor is your lifespan. We all hope to live to an old age, but a longer life means that you’ll have even more years of retirement to fund. You may even run the risk of outliving your savings and other income sources. To guard against that risk, you’ll need to estimate your life expectancy. You can use government statistics, life insurance tables, or a life expectancy calculator to get a reasonable estimate of how long you’ll live. Experts base these estimates on your age, gender, race, health, lifestyle, occupation, and family history. But remember, these are just estimates. There’s no way to predict how long you’ll actually live, but with life expectancies on the rise, it’s probably best to assume you’ll live longer than you expect.

    IDENTIFY YOUR SOURCES OF RETIREMENT INCOME

    Once you have an idea of your retirement income needs, your next step is to assess how prepared you are to meet those needs. In other words, what sources of retirement income will be available to you? Your employer may offer a traditional pension that will pay you monthly benefits. In addition, you can likely count on Social Security to provide a portion of your retirement income. To get an estimate of your Social Security benefits, visit the Social Security Administration website (www.ssa.gov). Additional sources of retirement income may include a 401(k) or other retirement plan, IRAs, annuities, and other investments. The amount of income you receive from those sources will depend on the amount you invest, the rate of investment return, and other factors. Finally, if you plan to work during retirement, your job earnings will be another source of income.

    NOT A CORNERSTONE CLIENT?

    If you have questions about your financial plan please contact us today to schedule a complimentary, no obligation review with one of our advisors. Call 605.357.8553 or email cfsteam@mycfsgroup.com.

    M22-12417 Exp 2025.09.27. This information is not intended to be a substitute for specific individualized tax, legal, estate, or investment planning advice as individual situations will vary. Please discuss these matters with the appropriate professional.