NPR.org -

“This month federal regulators fined Wells Fargo $185 million for opening checking and credit card accounts on behalf of customers who had no idea that was happening. The bank has promised to try to make restitution. But that's a lot harder than it sounds. A big question is how to compensate people whose credit scores were hurt by what the bank did. Regulators say that over a five-year period some 2 million credit card and deposit accounts were opened that may not have been authorized by the bank's customers. And though no one knows for sure, it's almost certain that the accounts had a big impact on customers' credit scores.”

Read the full article.

By now, most of your little ones and not-so-little ones are back to school. Let the lessons and the homework begin for the little ones and the "life lessons" begin for the not-so-little ones. Something to consider for all the New Adults (18+) and potentially their parents: Executing a Healthcare Power of Attorney and a Durable Power of Attorney. I know it's not commonly mentioned with regards to the "young adults" it's usually it is discussed with the "older adults" but I think it worth mentioning.

To be fair, I believe everyone, young and old and in between should have these documents executed and updated every 5 years, but I digress. The reason I am talking about 18+ is because there are a lot things "to do" and to be taken of as you make the transition to adulthood and many times executing these documents are overlooked because most folks don't understand the value.

The Healthcare Power of Attorney or Healthcare Agent document purpose is to appoint a trust individual to make healthcare decisions in the event the person is not able. There are many sets of circumstances that can occur when you are at college and/or on "your own" for the first time including health related issues. Sometimes the 18 year old is still on their parent's health insurance and sometimes tax return, however if there is no such Healthcare Power of Attorney in place, there is a good chance the parents are not going to be able to make those healthcare decisions. I would also recommend having a HIPPA Release drawn up and signed as well.

The other document to consider is a Durable Power of Attorney. A Durable Power of Attorney allows for someone you appointed to make decisions "as if they are you." So, if for some reason a lease needs to be signed while your 18 year old is still backpacking through Europe, you can execute the document. Or if you need to inquire with the College Financial Department or Banking institution to take care of an account, you can do this. Please know, a Durable Power of Attorney can be all encompassing with regards to the powers it allows or it can be limited. Most people have a great aversion to signing a Durable Power of Attorney, some of which is good. You should always be aware of the possibility of unscrupulous individuals.  However, please don't let this fear cripple your decision to execute this document. First, you need to find an Attorney that your trust and understand you can maintain complete control by appointing an individual that you trust. The alternative of not having this in place in some form or fashion may make much harder to take care of things if the need arises.

There are a few other legal documents that are also beneficial to have as well, like a Living Will, HIPPA Release as mentioned above, but we will save that discussion for another time. PLEASE NOTE: Both of these documents, the Healthcare Power of Attorney and the Durable Power of Attorney are important and everyone should have at least these executed so you know who is taking care of you and your life if you are not able. You should consult with an Attorney to determine what make the most sense for you and your circumstances.

The following information was provided to me in an email alert from TransUnion.

Staying informed is very important when it comes to preventing further damage to your credit.  Sometimes the company, such as AT&T, will take additional steps to solved the security breach, while other times by the time you are informed, it is too late and you must take steps on your own to protect yourself.

Whether or not you've been affected by this incident, you could be next – play it safe & protect yourself now with TransUnion.

AT&T Mobility has recently confirmed that it has suffered a data breach. The personal information (Social Security numbers and call records) of an undisclosed number of AT&T Mobility customers was stolen. The breach was alleged to have occurred earlier this year, April 9 through 21. The criminals appear to have been interested in information they could use to unlock phones they had already stolen. Since Social Security numbers were also involved, users are strongly encouraged to take steps to protect their identity.

TransUnion recommends taking the following precautions immediately, for protection & peace of mind:

1. Carefully review bank and credit card statements for purchases you didn't make. Keep an eye on your transactions for a long time – it may take a while for fraudulent activity to show up.
2. Report suspicious activity to your financial institution as soon as possible.
3. If you do find fraudulent transactions, you can call all 3 national credit bureaus – TransUnion, Experian and Equifax – and place a fraud alert or credit freeze on your accounts.

This isn't the first data breach, nor will it likely be the last. That's why it's important to be prepared. With TransUnion's award-winning identity protection, get timely information and powerful tools you can use to protect your identity and fight fraud fast:

• Instant Alerts. We automatically send you an email as soon as we find out someone's applied for credit in your name. No other identity protection provider has this.
• TransUnion Credit Lock. Members can block access to their TransUnion credit report with a click.
• 3-Bureau Credit Monitoring. Get email alerts of critical changes to your credit reports at TransUnion, Experian & Equifax.

These are not reassuring times, but when it comes to the safety of your information, you don't have to go it alone. Join the many members who trust TransUnion to help them stay safe.

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