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Creative Consumer: Answers to Your Questions
More information about lost government bonds and credit repair companies.
Nov. 10, 2008 — -- Over the past couple of weeks I have written columns about how to find unclaimed savings bonds in your family's name and about the dangers of the for-profit credit repair companies. I received a number of follow-up questions from you, my readers, so here are the answers.
Click Here to Ask Elisabeth Your Consumer Questions About This Topic or Any Other Consumer Issue
Question: Where do you cash in the savings bonds? Thank you.-- D.W., Florida
Answer: Silly me. I went into great detail about how you can go to the government's Web site, http://www.treasurydirect.gov/indiv/tools/tools_treasuryhunt.htm and find out if there are forgotten bonds in your name, but I didn't explain how to actually get the money. If you don't have the actual paper certificate, follow the instructions on the Web site. If you do have the paper bonds, you can cash them in at most any commercial bank.
Question: My son has series EE bonds that have been given to him since birth (he's 12 now). I just put them in an envelope and forget about them. I suppose when he's 30 + years old, he can start cashing them in. I know nothing about all this bond business. What if he needs money before the 30 year mark, how much are the bonds worth?-- C.G., New York
Answer: The Treasury Department has a calculator on its Web site that shows you the current value of your bonds and what kind of interest they are earning. It can be found here: http://deposits.interest.com/includes/frames/hyperlink_icom.asp?link_address=http://www.treasurydirect.gov/BC/SBCPrice
Question: I read your article about credit repair companies. Basically, I'd like to know, how do I know if they are legal or not? I'd like to fix some things in my credit, but I don't have the time to write the letters and follow-up. Can a credit repair company be reputable?-- H.P., Florida
Answer: Gosh. I'm not sure how much more clear I could have been. My column stated: "The Federal Trade Commission has never seen a legitimate credit repair company." Credit repair is a scam. Period. Make the time to order your credit reports and fill out the simple form to dispute inaccuracies yourself.
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