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When you cancel a credit card, you're not necessarily finished with the account. Be sure to follow these steps to prevent the use of your account by an identity thief*:

1. Plan to close the account at a time in your life when you are not expecting to purchase a car or a house. Your credit score might be lowered if you cancel a large amount of unused credit.

3. Cancel the credit card account in writing, if possible, and ask for written confirmation that the account has been closed.

2. If you cancel your credit card by telephone, ask for confirmation of the cancellation in writing or by email along with a confirmation number. The confirmation should state that the account was closed at your request.

3. If canceling by telephone, ask for the customer service representative's name, and make note of the time and date of your request.

4. Keep this information and your confirmation number with your financial records.

5. One to two months after cancelation, request a copy of your credit report. The report should note that the account was closed. Make sure the reason for the closure is stated accurately.

You can go to online to www.annualcreditreport.com to request one free credit report each year from each of the three credit bureaus - Equifax, Experian and TransUnion.

 *According to the Consumer Credit Counseling Service 
 


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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

IRS Circular 230 Notice: To ensure compliance with requirements imposed by the IRS, we inform you that any US tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code.

Securities and advisory services offered through Geneos Wealth Management, Inc. Member FINRA/SIPC. Geneos Wealth Management, Inc is not affiliated with Stambaugh Ness.