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Victims of identity theft or fraud may feel they dont have many options to protect themselves. An easy stopgap, however, is to place a fraud alert on your credit report.

A fraud alert can be placed fairly simply. Contact one of the three major credit bureaus to ask that they place a fraud alert on your credit report, giving potential lenders and creditors notice that someone may be trying to fraudulently use your identity to apply for credit. The three main credit bureaus are Equifax, Experian and TransUnion”the one that you report the problem to will notify the others.

It alerts them that they should do more thorough vetting, including calling to check if youre really at a store trying to take out new credit, and verifying your identity before extending credit in your name.

Two Types Available
An initial fraud alert lasts 90 days, after which the credit bureaus will automatically remove it from your credit report. You can then request another 90-day fraud alert if you think youre still at risk for identity theft. You can also request that the 90-day alert be removed early if you no longer need it. You must notify each bureau separately to have them remove it.

The second type is an extended fraud alert that can last up to seven years. It can only be placed on your credit report after your identity has been stolen and youve filed an identity theft report with the Federal Trade Commission. You may also need to file a report with local police.

An extended alert requires creditors to contact you in person or through your designated contact method to make sure youre the person trying to request credit. You can still open a new account after the creditor contacts you.

This type of alert isnt the same as a credit freeze, which is also called a security freeze. This prevents lenders from checking your credit to open a new account, effectively preventing new account openings.

Keep in mind that a fraud alert can be a red flag for lenders, and theres no guarantee it will stop identity theft. After filing a fraud alert, get a free copy of your credit report from each credit bureau and check it for warning signs of fraud. These include accounts opened in your name that you dont remember opening, or charges on your credit card that you dont recognize.

Published with permission from RISMedia.

If youve ever noticed a rise in interest rates in the news or saw your credit card bill get a little higher, theres one federal agency that you can look to: the Federal Reserve Board.

When the Fed raises interest rates, most borrowers with car and home loans wont see their rates change because theyve locked in rates. People getting new loans, however, will see the higher rates, as will credit card users.

For a U.S. household with the average credit card debt of $10,995, a .25 percent hike in interest rates will make carrying a credit card balance a bit more expensive.

Technically called the federal funds rate, the interest rate the Fed sets is the rate banks use to trade federal funds. It is almost exactly correlated with the prime rate, which is what credit card companies typically charge their largest, most credit-worthy corporate clients.

From there, a change in the prime rate follows with credit card interest rate changes that consumers see. Credit card interest rates will usually increase during a day of increased federal funds rates, and usually by the same amount.

Carrying a credit card balance, also known as revolving credit, is where credit card users will feel the pain of a Fed interest rate hike. An estimated 40 percent of credit card users carry a balance from month to month, and should see their costs climb immediately after a Fed rate hike.

Most credit cards have variable interest rates. As banks see their borrowing costs rise, they raise rates on credit cards.

If the Fed increases interest rates during the middle of a credit card billing cycle, for instance, customers may not see the increase until their next statement is due. But their rate may rise on new purchases immediately.

Credit card minimum payments are typically set at 1 ” 2 percent of the principal balance, plus any interest accrued during the billing period. Rising interest rates will increase the accrued interest and minimum due, though not dramatically.

A .25 percent increase in interest rates causes the minimum amount due on a credit card to jump by $2 for every $10,000 of credit card debt. Thats not a lot of money, but two or three more Fed rate jumps in a year and it can add up.

Published with permission from RISMedia.

Your online identity is probably worth a lot to you. To thieves, not so much.

For $1,170, a thief can illegally buy the entirety of the average person’s stolen personal information on the dark web, according to a review of fraud-related listings by the VPN review site TOP10VPN. That’s relatively cheap, considering that it includes hundreds of logins, passwords, credit card numbers and other identifying information.

In what it calls the Dark Web Market Price Index, the site details how would-be scammers could spend more on going out to lunch than on getting hacked account information such as from Grubhub ($15), Walmart ($12) or Netflix ($8).

The VPN site’s security experts reviewed tens of thousands of listings on three of the most popular dark web markets. These are encrypted websites that can only be reached using the Tor browser. Once there, criminals can anonymously sell stolen personal information and other illegal things such as illicit drugs and weapons.

Credit Cards Wanted Most
Stolen credit card numbers can be used immediately to buy something online, making them some of the most valuable hacked items on the list.

Credit cards sell for an average of $500, the same price as bank logins. Some hacked logins come with a credit card added, such as a Costco login with a credit card for only $5. A Pizza Hut login for ordering pizzas online is only $6 and includes a credit card that can then be used to buy much more than pizza.

Selling prices for credit cards tend to be 10 percent of the available credit balance, researchers found. PayPal accounts have much higher demand, asking double that of credit cards. Verified PayPal accounts with high balances of $10,000 that come with an email address and password cost $2,000.

Bundles of “full” identifying information, called “Fullz,” cost as much as $515 for guaranteed access to a Wells Fargo online account. They can include an individual’s name, billing address, mother’s maiden name, Social Security Number, date of birth and other personal data.

Setting up lines of credit in someone else’s name is the main tactic of cybercriminals. Along with credit card and personal information, they’ll buy digital proof of identity such as passport scans ($16) or a real passport ($2), selfies and utility bills. For $52, a driver’s license scan, Social Security Number and utility bill are included as a package.

Online Shopping
For less than $10, hacked online shopping accounts are sold, providing many fraud opportunities. If you store payment details on Amazon, Best Buy and other online stores, hackers can order items online and sell them for cash. A hacked Amazon account is $6 and a Best Buy account is $15. For a Best Buy login with instant delivery, it’s only $9.

Hacked eBay accounts for $15 allow criminals to dupe buyers into sending them money for fake listings or to buy expensive goods with the account owner’s funds to intercept and sell later.

Published with permission from RISMedia.

Everyone who takes out a mortgage hopes to be able to make payments on time, but life sometimes gets in the way. A job loss, an unexpected expense, or an illness or injury can wreak havoc on a familys finances. A mortgage that converts from a fixed- to an adjustable-interest rate can cause mortgage payments to skyrocket overnight.

If you have missed payments, dont panic. You have options to help you get back on track, but the first thing you need to do is contact your lender, explain your situation and ask what can be done to help you. Your lender would rather see you get caught up than have your home go into foreclosure and will be willing to work with you”but you have to ask.

How to Get Back on Track

One option is forbearance. That means the lender will agree to reduce or postpone your payments for a period of time. You will need to make up the payments later by paying a lump sum or installments. This is a good option if you are facing a short-term loss of income or an unanticipated expense but expect things to get back to normal in a relatively short period of time. You will be considered current on your mortgage during forbearance.

Your lender may suggest working out a repayment plan if the problem that caused you to fall behind on your mortgage has been resolved. You will have to make your regular monthly payments, plus an extra amount each month until you make up the amount you owe. You may also be able to make up the missed payments by paying a lump sum. The lender might charge fees if you choose this option.

The lender might be willing to modify the terms of the mortgage by lowering the interest rate, extending the term of the loan or adding the amount of missed payments to the balance and allowing you to pay it off later. You might also wind up with a lower monthly payment that you can more easily afford.

If you owe more money on your mortgage than your house is worth, the lender may be willing to reduce the principal on the loan. That can lower your payments and make you more willing and able to stay in the house and continue to pay off the mortgage, which is in the lenders best interest.

You might be able to lower your monthly payments in other ways. If your homeowners insurance rates are high, shop around for a better deal. If you purchased private mortgage insurance when you bought your house several years ago, you might have accumulated enough equity that it is no longer required.

Ask for Help

If you are behind on your mortgage payments, you are probably feeling overwhelmed, but there is hope. Options are available to help you catch up or lower your payments moving forward. Take the first step and contact your loan servicer.

Published with permission from RISMedia.

In the wide world of kitchen dcor, the sink is rarely a star. Sandwiched between the granite countertops and the kitchen backsplash, it is perhaps the last thing homeowners think about. But considering how often we use it, and the different chores we use it for, the sink deserves a considered choice.

Kitchen design consultants at HGTV provide kitchen sink basics to think about:

Size and Shape

Classic Farmhouse
A large, single-basin sink, this classic design works well if you plan to use it for multiple chores beyond washing dishes, such as cleaning over-sized pots, pans and baking sheets, or bathing dogs or babies. More common is the double farmhouse sink, with two basins of equal size.

Traditional Double Sink
With two basins of different size, these allow the user to prep in the smaller size and clean up in the larger one, or separately wash small items you dont want to put in the dishwasher. While the 60/40 split is most common, many models offer two sinks of varied size options.

Three-Basin
This sink features two basins of equal size, with one small one and a garbage disposal in the center. Its a good choice if you want to keep food scraps away from the basins where you prep and clean.

Rounded Sides
Some homeowners consider a curved sink easier to clean than one with square edges, and the sleek, minimalist look is attractive.

Materials

Stainless Steel
This is easy to clean and offers a contemporary look, but metal can scratch. Most manufacturers offer bottom grids”wire trays placed in the bottom of the sink to prevent scratching. If you live in an area with hard water, water spots can be a problem.

Porcelain
This looks authentic in kitchens with a vintage style, and if you love color, the choices are endless. Porcelain sinks can chip, however, and metal pans can leave black scuff marks that are difficult to remove.

Granite Composite
Made of granite particles and polymers, these sinks resist scratches and chips and do not show water spots. Lighter-colored granite composite sinks can stain, however, and some special maintenance may be required.

Natural Stone
Natural stone (soapstone being the most common choice) can exactly match your countertop material. But its costly, and it can scratch and chip. Special cleaning products may be required.

Published with permission from RISMedia.