Credit
Security Benefits All
Increase workers’ productivity by protecting their credit? That’s exactly what employers hope to do when they add identity theft protection to their list of offered benefits.
ID theft victims spend, on average, 40 hours repairing their credit history and personal funds, most of which must be done during business hours.
The average fraud total per victim was $6,383 in 2006, up from $5,249 in 2003. But by catching identity theft early with credit monitoring, as opposed to discovering it after a credit application is denied, the average fraud total and resolution cost fall dramatically, from $19,735 and $1,391, respectively, to $4,375 and $264.
Benefit programs include credit monitoring, as well as legal assistance and psychological counseling, all of which provide employees with a safety net, and more importantly, peace of mind.
Source: Employee Benefit News,
www.benefitnews.com
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NUMEROLOGY
Top Line
Catching the Auditor’s Eye
Catching
the Auditor’s Eye
N
ot all business types fared equally in last year’s IRS enforcement efforts.
For the 2006 fiscal year, S corporation and partnership audits rose 34% and 15% from 2005, respectively, while audits of small businesses remained constant and efforts against large corporations—those with more than $10 million in assets—actually fell more than 2%.
Source: IRS,
www.irs.gov
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CONSUMER ALERT
Top Line
Halt Pre-Approved Chaos
Halt
Pre-Approved Chaos
T
ired of piles of “pre-approved” credit card offers filling your mailbox? Chances are if you use a credit card, you’re included on credit bureaus’ mailing lists, which are sold to outside parties for pre-screened credit card offers, marketing purposes and insurance solicitations.
Under the Fair Credit Reporting Act, credit bureaus must remove you from their lists if asked to do so. Simply request the deletion by calling 888-5-OPTOUT (888-567-8688), which eliminates you from the Equifax, Experian, TransUnion and Innovis lists.
Source: Federal Trade Commission,
www.ftc.gov
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SURVEY SAVVY
Top Line
Happy Customers Open Their Wallets
Happy
Customers Open Their Wallets
According to the American Customer Satisfaction Index (ACSI), customer satisfaction for the fourth quarter of 2006 peaked at 74.9 on a 100-point scale, the highest level recorded since its initial measurement in 1994 and up almost 2% from 2005. Satisfaction in the finance and insurance sector registered at 76, exceeding the national average and lagging behind only the e-commerce sector’s score of 80.
University of Michigan professor Claes Fornell, who compiles the ACSI statistics, said, “Rising wages, little inflation and falling unemployment combined with higher customer satisfaction and strong consumer confidence suggest the trend in spending growth will continue to drive economic growth.”
Source: ACSI,
www.theacsi.org
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THE WORLD’S DUMBEST FRAUDSTERS