When I was younger I threw all my statements and prequalified financial offers (credit cards, banks, insurance, etc.) in the weekly trash. Never had an issue with identity theft.
Nowadays, I think it is prudent to shred anything that can be used to "steal" one's identity. This includes:
- Financial Statements: Bank, Brokerage, Credit Card, W-2, 1099, Mortgage, Student Loan and more
- Prequalified anything: Credit Card, Insurance, Membership that have QR codes
- Old tax return data: I shred after 7 years.
- Expired Credit or Debit Cards
- Paper Bills: Medical, Utility
Shredding takes me about an hour for a month's amount paperwork.
In some cases, asking for e-documents is a secure route to take, which is how my bank bill payment system operates. I choose electronic for some bank and brokerage statement, but I still choose paper for those that I want for tax records.
I probably shred more than I need to do. However, better safer than sorry.
This is not financial nor security advice. Please consult a professional advisor.
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