The fact is, when you have a dispute with a financial institution, it s your records against theirs. If Year 2000 problems threaten to damage electronic records, your paper records are the most reliable proof that you ve paid bills, kept up your mortgage or made a bank deposit. Before you jump to the conclusion from the statements above that bank or mortgage companies will lose track of your accounts because they don't maintain records on paper, think about what would normally happen in a dispute. In most circumstances, the bank simply audits its books on a regular basis to ensure its books balance with its accounts.
Banks do keep copious records, backing up files every day.
They will not lose your money or the true balance owed on a loan. A Y2K error would merely cause an error that, once audited and compared to back-up records, can be corrected. Begin documenting your financial condition now, including your credit rating and total amounts owed on all debts, credit cards, and so forth. Also, collect paper records on your assets, especially stocks, bonds and mutual funds, and store them in a safe deposit box. For more information, visit Equifax, a leading credit bureau , to learn about the process.