As everyone looks for ways to cut their expenses, some are looking at ways to add to their incoming money sources.  One place to look is at the website of the National Association of Unclaimed Property.  You can also check out www.missingmoney.com for all states’ records except California and New York. 

There is approximately $33 billion in unclaimed property across the nation; this can include payroll or dividend checks that were never cashed, unredeemed money orders, insurance refunds or payments, customer overpayments, trust distributions and more.

There is no fee to access and search these sites.  Be sure to look in all the states that you ever lived in and do a name search for deceased relatives, too.  Legal heirs can prove their right to collect on their relatives’ behalf.  If you find a match for your name, complete the claim form and send it to the proper office along with your documentation, following the instructions provided on the site.

WHAT DOES THIS HAVE TO DO WITH CREDIT?
Having some extra money may give you the opportunity to pay down or pay off some credit card debt.  Because the second largest part of your FICO score is the Amounts Owed, having credit card balances less than 25% of the credit limit is a good way to get better credit scores. 

At the very least, try to get the balances on all your accounts under 50%, or half, of the credit limit.  And when the account is paid off, DON”T CLOSE IT.  It’s okay to have credit cards with zero balance.  They are effective tools to build your credit rating and can have a positive impact on four different parts of your scores.

If you plan to pay off some outstanding collection accounts, we suggest that you request Debt Validation before paying anything to be sure that the company trying to collect the debt actually has the right to collect it.  The Credit Info Center has detailed information on how and why to do this before paying an alleged debt. 

Our clients receive step-by-step strategies to pay off items in a way that can help their credit as part of their individual consulting service or in their Credit Analysis.  You can contact us today for more information.