There is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor.

Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay – walk away!

Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.

Never submit your mortgage payments to anyone other than your mortgage company without their approval.

The Obama Administration has launched a coordinated effort across federal and state government and the private sector to target mortgage loan modification fraud and foreclosure rescue scams that threaten to hurt American homeowners and prevent them from getting the help they need during these challenging times. Click here for more information.

Source: [CNNMoney.com] — The eagerly anticipated foreclosure prevention program unveiled Wednesday by President Obama targets 9 million borrowers for help – are you one of them?

The $75 billion effort, dubbed the Homeowner Affordability and Stability Plan, boils down to two basic solutions:

First, the government is aiming to help more homeowners refinance to take advantage of new low interest rates.

Second, it provides incentives to lenders and servicers to restructure your mortgage to more affordable levels.

Official guidelines won’t be unveiled until March 4, but here’s how to know whether you’ll likely be able to take advantage of either of these options.

Help for those seeking refinancing This part of the program targets borrowers who have kept current on their mortgages. Many of the homeowners in this group have been unable to lower their housing costs through refinancings because of falling home prices.

Right now, if you’re underwater on your mortgage, owing more than the home’s market value, forget about qualifying for a refi. In fact, at least 20% equity in your home is now a must, unless you’re using an FHA loan.

The new guidelines should help. Even homeowners with debt that exceeds home value by 5% could be eligible. And there will be no prepayment penalties. But your loan must be owned or backed by Fannie Mae or Freddie Mac.

The Administration estimates that this will enable up to 5 million homeowners to obtain lower interest rate mortgages.

Who’s not eligible. Homeowners whose property values have dipped severely, putting them underwater by more than 5% are out of luck.

Those with “jumbo” mortgages also don’t qualify – only those with “conforming’ mortgages do. To be absolutely sure what kind of loan you have, you need to check with your servicer or lender after March 4. But in general, until the past year, loans above $417,000 were considered jumbo mortgages, and Fannie Mae and Freddie Mac were not allowed to buy and guarantee them.

All borrowers will have to prove they have sufficient income to be able to keep up their loan payments, though what would be sufficient proof wasn’t yet clear.

Mortgage modification help for at-risk borrowers Homeowners in default or at risk of default may qualify for loan modifications, which restructure the terms of loans.

Anyone with high combined mortgage debt compared to income or who is underwater may be eligible for a loan modification.

Borrowers with high levels of other debt, such as car loans and credit card debt exceeding 55% of their incomes, may still qualify for a modification but they’ll be required to accept debt counseling in a HUD-certified program.

If you qualify, your servicer or lender will reduce your monthly mortgage payments to 31% of your gross income.

The payment would stay there for five years and then gradually revert back to the conforming loan rates in place at the time.

The reduction would come mostly through interest-rate reductions, though in some cases, principal reduction also would be an option.

Borrowers would also receive incentive bonuses of up to $1,000 a year for five years for making payments on time.

President Obama estimated 3 to 4 million homeowners could benefit from the new modification procedures.

Who’s not eligible. Speculators, those who bought homes for investment purposes, do not qualify for help — all homes must be owner/occupied.

The program will also not reward homebuyers who were irresponsible in their borrowing. All applicants will be closely examined by lenders and those who acted unscrupulously by, for example, misrepresenting their incomes in no-doc loan applications, would not qualify.

And, in order to protect taxpayers from excessive expenses, no loans will be modified unless it results in a net savings compared with the costs of foreclosing. Finally, rates would not be lowered below 2%.

That will disqualify many borrowers who simply can’t afford any reasonable mortgage payment because of illness, for example, or job loss.

“[The plan] will not reward folks who bought homes they knew from the beginning they would never be able to afford,” said Obama. “In short, this plan will not save every home.”

No mortgages for amounts above conforming loan limits would be eligible.

No matter where you turn in the media these days, you likely will find ads urging you to check your credit score — but you might not know that a new way of determining credit scores is being rolled out this spring, and it will affect the way your credit is calculated.

Fair Isaac Corporation originally developed the FICO score method of rating consumers’ credit histories. The three major credit reporting agencies – Equifax, Experian and TransUnion – each report consumer credit scores based on the FICO formula. This year, Fair Isaac will unveil a new version of its FICO credit scoring formula, called FICO 08 (because it was originally scheduled to appear last year).

The credit score is a number between 300 and 850 that measures an individual’s creditworthiness based on credit history. Scores are calculated using mathematical methods that incorporate credit history, amount of credit used and available, number of late and on-time payments, whether any payments due are in default, and other variables. The score also is often called a “credit rating,” which can be broadly categorized simply as “poor,” “fair,” “good,” or “excellent.”

FICO 08 is intended to help lenders better gauge actual risk by better differentiating good customers who have made one mistake from people who have multiple delinquent accounts. Ultimately, FICO 08 aims to help lenders better identify people who are most likely to default on loans. This new credit scoring template has both positives and negatives for consumers. 

The positive

• Authorized user status cleaned up. In the past, credit rating for spouses who did not have their own credit cards, but were “authorized users” on their husband or wife’s card, was based on joint history. FICO originally said being an authorized user would not provide any credit rating. This decision was because a few years ago, some companies started to rent “authorized user” status — charging people with poor credit to “borrow” the credit rating of someone with good credit. The practice skewed credit for those individuals. But because people who are authentic authorized users protested vigorously, FICO 08 will instead tweak the system and retain authorized users’ credit.  
• Small problems hurt less. Individuals who had a small debt (less than $100) go to collections will not feel as much impact from that collection process. Previously, if you missed a $25 parking ticket, or you moved and the dentist sent your bill straight to collections, it could turn into a negative mark on your credit. While FICO 08 is not a license to run up bills, individuals will not pay as severely for a misunderstanding under the new template.
• Big picture matters more. With the older system, one big problem, such as a vehicle repossession, could torpedo your entire credit score. Now, if all other accounts are in good shape, one serious issue will not matter as much.

The negative

• More impact from less credit. Available credit will be a greater part of credit scores. Credit scores have always evaluated how much credit used as a percentage of available credit. But now that figure will weigh more heavily into the overall score. This change is especially important now, because some creditors are lowering credit lines, reducing the total amount of credit available. In addition, having fewer open and active accounts will have a negative effect on the score.
• A mix of accounts is needed. Credit scores will benefit most from a mix of credit cards and personal loans. If you have student or auto loans, this type of combination of loan types will help a score.
• Closed and unused accounts hurt. If you are paying off debt, closing those cards can decrease your credit score. Rotate the one credit card you use (and pay off monthly), or set the cards aside, but do not close the accounts. And if a creditor closes your account – they must notify you 30 days in advance – call to ask that they reverse the decision. To keep cards active, have a monthly bill, such as telephone, charged to a card. Set up an automatic payment or a personal reminder to be sure you do not miss a payment. 

While the formulas used to calculate your credit score have changed, the main elements of a good credit score remain the same: using a variety of credit options, maintaining low balances that keep plenty of credit available, using credit responsibly and paying all bills on time and in full.

Bank demands “monthly service fee,” higher payments

A class action filed in January alleges that Chase is forcing its customers to pay a “monthly service fee” and an increasedmonthly payment, without advance notification.

The suit concerns Chase’s “Balance Transfer Checks,” a tool that allows consumers to transfer outstanding balances to their Chase credit cards. The suit alleges that, under the balance transfer program, Chase promised a low annual percentage rate (APR) — typically between 2.99% and 4.99% — not subject to change for the life of the balance.

Beginning in January, however, Chase began slapping a $10 monthly “service fee” onto customers’ bills. Consumers who refused to pay found their APR raised, sometimes to as high as 7.99%. Moreover, Chase asserts the right to again unilaterally raise the rate again after a year.

According to the suit, filed in federal court in California, neither the possibility of a monthly fee nor an arbitrary APR increase was mentioned in the cardholder agreement that customers signed when they first received the card. Although the agreement provides for APR increases in certain circumstances — for example, if the customer misses a payment or fails to maintain a certain balance — members of the class had their rates raised despite having met all of their obligations.

The suit further claims that customers who call Chase to inquire about the fee are given no information whatsoever, either as to the purpose of the charge or how it is calculated. The only way for customers to avoid paying the charge is to agree to the APR increase.

The practice is especially damaging to consumers given the nature of the balance transfer program, which is aimed at those who are struggling to pay existing balances on other credit cards, usually at a higher interest rate than that promised by Chase. As described on Chase’s website, balance transfer cards are “a great way to simplify your finances. Plus, you can often save money on interest charges if you carry a large balance on a credit card with a higher rate.”

Many affected consumers are finding themselves right back where they started when they signed up, or worse. Calvin G. of Brookings, SD says: “I was finally seeing the light at the end of the tunnel, but it just got a little darker again. I find this practice of theirs a total sham, especially to card members who are in good standing. Told the customer rep that I guess they can pretty much do whatever they want and she had no response.”

The lawsuit alleges several counts, including violations of the Truth in Lending Act, which requires lenders to clearly spell out terms and conditions in the initial agreement; breach of contract; and unfair competition.

They’re going out of business! It’s a liquidation sale! The prices will be crazy marked down, right? Not necessarily. Read on to avoid getting ripped off by liquidators. Photo by Cosmic Kitty.

Many an unwitting shopper can be lured into a store with an enormous “50% OFF!” sign strung across the storefront. Even more so when the closure of a chain of stores is highly publicized like the recent closure of Circuit City. Unfortunately, the entire process of liquidating the stock of a store is rather deceptive. Walking past the “Everything must go!” signs and picking up a box marked 50% off could actually mean paying full retail.

First, a brief summary of what liquidation is. When a company is facing dire straits or has already hit the wall of bankruptcy they will— either voluntarily or by legal order—try to convert as much of their assets into cold hard cash as possible to pay off debts and hopefully return some money to their stockholders. The process is usually handled by an external company whose sole goal is to turn the pile of assets into profit—and minimize their risk in the process.

What does this mean to you, the consumer? It means that for the first portion of a liquidation sale you’ll likely be ripped off. Let’s use an HDTV from a fictitious company to illustrate how you’re not actually getting the deep discount you think you are.

Last year SuperPow television company released the SuperPow H9000 HDTV. The manufacturer suggested retail price (MSRP) was $2500. It was sold at HappyBox electronics stores for $2200 when it first came out and as newer models arrived it was eventually sold for $1250. HappyBox has a bad run and ends up filing for bankruptcy. Their inventory is now controlled by a liquidation company. The company responsible for the liquidation advertises that products in the store are deeply discounted, some things are even 50% off already! You walk in to check on the SuperPow H9000 and see that the price is $1250. You remember the TV was really expensive and that seems like a great deal for a nice TV, after all it’s 50% off! The only problem is that you’re getting 50% off the MSRP, which nobody paid even when the TV was the hottest model on the market. It may be a month or two into a large liquidation before that TV is actually marked down 50% from the actual street value to a wallet-friendly $625—and most likely someone not realizing they aren’t getting a very good deal would have bought it well before that.

How can you make sure you’re not the sucker that the liquidators count on to reap their profit? With a little knowledge and some handy tools, you’ll get the most for your money.

Know The Market

Don’t go shopping blind. If you’re heading to a going-out-of-business sale, take a few minutes to do some cursory research on whatever it is you’re looking to buy. Compare prices with price comparison engines like BeatMyPrice and make sure to check out deal-tracking forums like SlickDeals and FatWallet—both were reader favorites for finding the best deals online. You may not even know the exact model you’re going to find at the store, but checking deal sites like FatWallet will give you an idea what the general price ranges are for things and what deals can be had on them. A 40″ HDTV “marked down” to $1500 won’t look so appealing when you know that similar models are going for half that thanks to a little research. 

Use Your Phone as a Price Checker

If you have an internet-enabled phone with you, it’s easy to compare prices right in the store. The quickest, if least specific, method is to plug the product name or model number into the mobile version of Google Product Search. If you’re without internet access but you can text message, you can take advantage of the Amazon/eBay price-comparison mashup provided by MobSaver. Text the ISBN or UPC code of an item to save@mobsaver.com and it sends you back the current prices on Amazon and eBay. When you’re really in a bind you can use—as I’ve often done—the most analog method and call a friend to run a quick price search online for you. A few minutes pecking on your phone or making a call can save you hundreds. 

It’s never a good sign when companies are shuttering their windows—for the economy or for the displaced workers—but that doesn’t mean you should pay extra for their bad luck. Armed with the tips above you’ll never be the sucker paying MSRP for 2007′s castoffs. If you have your own learned lessons about liquidation sales, sound off in the comments below and help save your fellow readers some cash.

via: [LifeHacker]

For newlyweds, the first big financial decisions go beyond how to pay for the honeymoon and how to invest all those checks. They also involve starting a new household on solid ground financially. “Financial incompatibility is a primary reason for a significant number of failed marriages,” said Lee Bowman, National Coordinator for Community Affairs. “Achieving harmony regarding financial matters before marriage, or as early in the marriage as possible, is critical to sustaining the relationship and preventing conflicts.”

Before exchanging wedding vows, have a candid discussion about your finances. Be open and honest about matters that could be a source of friction in the future, such as major outstanding debts from student loans or credit cards.

Some experts suggest that both of you order your latest credit reports and then, together, sit down and review them to avoid major surprises. Credit reports include information on debts outstanding and, for example, whether someone has filed for bankruptcy. By federal law, you can receive one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies (www.AnnualCreditReport.com or call toll-free 1-877-322-8228).

Set short-term and long-term financial goals. Figure out how much money each of you should be able to spend for “fun” and how much you should set aside for important goals, perhaps to buy a home. Financial advisors suggest that young couples consider preparing and following a monthly budget.

Understand the risks and responsibilities of jointly held accounts. If a husband and wife are co-owners of a credit card and one of them goes on a spending spree, the other spouse may be held responsible for paying the bill. Likewise, irresponsible use of a jointly owned credit card by one spouse would be reported on both of their credit histories, and that could damage the “innocent” partner’s chances of getting a good loan or credit card in the future. And when two people use the same checking account, they should share one checkbook and record all transactions, because otherwise they risk losing track of their balance and paying charges for insufficient funds.

No matter how old or young you are, there are some basic things you can do to better manage and protect your money. Here are recommendations from FDIC Consumer News.

Comparison shop for financial services. Just as you would do for any major purchase, look at what is being offered by your bank and a few competitors, then try to find the best deal to meet your needs. For instance, with a mortgage, credit card or other loan, you may be able to negotiate the interest rate and other terms. This can save hundreds or thousands of dollars over several years.

Start by comparing the Annual Percentage Rate (APR) on a loan or credit card. The APR is the cost of credit expressed as a yearly rate, including interest and certain fees. “Many people looking for a loan only focus on the dollars they’d pay each month instead of the APR and, because of that, they don’t realize how much the loan will cost and they could pay too much,” said Rae-Ann Miller, special advisor on consumer issues in the FDIC’s research division. For example, she said, payday loans (unsecured loans that borrowers promise to repay out of their next paycheck or regular income payment) and car-title loans (secured by the borrower’s car) “may be quick and easy sources of cash, but they also have an APR as high as 300 to 400 percent.”

Also, for a mortgage, consider a fixed-rate loan even if adjustable-rate mortgages (ARMs) carry a lower initial interest rate or lower monthly payments at the start. “If you are thinking about an ARM, before you commit to one, make sure you know how much the monthly payments could go up and be comfortable with those higher payments,” cautioned Janet Kincaid, Chief of the FDIC’s Consumer Response Center. “Don’t let a low teaser rate lure you in; you may be surprised later.”

When you consider opening checking and savings accounts, compare the Annual Percentage Yield (APY) offered by several financial institutions. The APY expresses the annual interest rate you will earn on a deposit account, depending on the frequency of compounding. However, keep in mind that fees — such as those for ATM withdrawals, account maintenance and checks returned because of insufficient funds — aren’t factored into the APY. Fees can make a big difference in how much you actually earn from money you have on deposit.

Get a free copy of your credit reports. These reports are prepared by companies called credit bureaus. They summarize your history of paying loans, credit cards and other bills. If you apply for a loan, insurance or a job, or you want to rent an apartment, chances are your credit report will be reviewed.

One reason you should be monitoring your credit reports is to correct errors or omissions that can leave bad marks on your credit history. Inaccuracies in your credit report can needlessly reduce your “credit score” and, in turn, may cost you hundreds of dollars each year due to higher interest rates on a loan or credit card. Another reason to review your credit reports is to protect against identity theft (see: Protect against fraud).

Under federal law, you are entitled to one free credit report every year from each of the nation’s three major credit bureaus. To order your free reports or for more information, go towww.AnnualCreditReport.com or call toll-free 1-877-322-8228.

Try to save more and spend less. First, if you don’t already have a monthly budget, consider preparing one to get a better handle on your income and expenses for necessities, such as housing, utilities, food and transportation. You can also decide what is appropriate for non-essential expenses, such as entertainment, eating out and the latest electronics. “This is how a budget can help you commit to saving a little money every month and splurging a little less,” said Kincaid.

She also said that “a budget doesn’t have to be complicated or scary,” and that while there are budgets you can easily create on a computer, “a notebook and a pencil can be enough to get you started.”

Keep banking costs down. With planning, you can sidestep some of the more costly fees and penalties. Examples:

For more ideas on how to cut banking costs, see previous issues of FDIC Consumer News atwww.fdic.gov/consumernews, including our Summer 2007 special edition called “51 Ways to Save Hundreds on Loans and Credit Cards” and the Summer 2005 feature “A Shopper’s Guide to Bank Products and Services.”

Understand your FDIC insurance coverage so you can be fully protected if your bank fails. If you (or your family) have $100,000 or less in all of your deposit accounts at the same insured bank, you don’t need to worry about your insurance coverage. Your deposits are fully protected under federal law because the basic insurance coverage is $100,000 per depositor per insured institution.

You also may qualify for more than $100,000 in coverage at one insured bank. For example, the money you have in your individually owned accounts (not including your retirement accounts) is insured up to $100,000 separately from your share of any joint accounts at the same bank. Deposits designated to pass to named beneficiaries upon the death of the owner, such as in payable-on-death accounts, also can be insured for more than $100,000 under certain circumstances. And, some retirement accounts (notably Individual Retirement Accounts) are insured up to $250,000.

For guidance about your FDIC insurance, including how to make sure that all your funds are protected, go to www.fdic.gov/deposit/deposits/index.html to find FDIC brochures, videos and an interactive insurance calculator. Or, you can call the FDIC or write or e-mail questions to us (see: For More Help or Information on Managing Your Money).

Remember that investments can lose value. Investment products include stocks, bonds and mutual funds. Over the long term, investments might produce higher returns than bank deposits. However, investments are not deposits, they are not FDIC-insured — not even the ones sold through FDIC-insured institutions — and they can lose value. Because of the risks associated with any investment, always deal with a reputable, licensed salesperson and research the product before making a purchase. See For more information about insurance and annuities for securities and insurance regulators that can help.

Certain annuities are a type of investment. In general, an annuity is a contract with an insurance company. The consumer makes one or more payments to the insurer, as an investment, and the insurer agrees to make a series of income payments to the consumer as long as he or she lives. Be particularly careful before investing in “variable” annuities (see: Do your research before purchasing “variable life insurance” or a “variable annuity.”), which frequently come with high fees and penalties if you withdraw money early.

Especially troubling have been reports of marketers steering people into annuities that are unsuitable for them. The National Association of Insurance Commissioners has published a consumer alert to help consumers, especially seniors, better understand annuities and recognize questionable sales practices. Read it online at www.naic.org/documents/consumer_alert_annuities_senior_citizens.htm.

There also have been reports of marketers making false statements about the FDIC — such as claims that the FDIC doesn’t have the financial resources to protect insured deposit accounts — as a way to sell investments or annuities to consumers. Again, for information about the FDIC or FDIC insurance, be sure to contact us.

Be cautious when borrowing against the “equity” in your home. If you have property valued at $300,000 and you owe $100,000 on your mortgage, your equity is $200,000. Home equity loans and lines of credit are ways that homeowners can borrow money using their home’s value as collateral and gradually pay it back.

Home equity products are relatively low-cost ways to borrow money, but they must be repaid like any other loan. Especially important to remember is that if you cannot pay a home equity loan, you risk losing your home.

Prepare for the unexpected. Have adequate insurance, especially for life, health, disability, personal liability, and coverage of property. Review your coverage annually to ensure that it is up to date.

Consult an attorney or another trusted advisor about having a will and/or establishing a formal “trust” to specify how your bank accounts, property and other assets should be distributed upon your death. Periodically review your life insurance policies and retirement accounts — especially after a birth, death, divorce or other major life event — to ensure that the named beneficiaries are correct.

Also build an emergency savings fund, preferably of about three to six months of living expenses, so you have ready resources you can tap to pay your mortgage, insurance or costly home repairs or medical bills. The safest place for emergency savings is a federally insured deposit account.

Simplify your financial life. Have your pay and benefit checks deposited directly into your bank account. Arrange to automatically pay for recurring expenses, such as a mortgage loan, insurance premium or utility bill. Banking and bill paying online or by phone also can be good options.

These and other ideas can help you save time, reduce stress, eliminate clutter, lower the fees you pay, and maybe help you earn a little extra on your savings and investments.

Protect against fraud. Here are basic precautions against identity theft, check fraud and other financial scams:

As a teen, you’re beginning to make some grown-up decisions about how to save and spend your money. That’s why learning the right ways to manage money…right from the start…is important. Here are suggestions.

Save some money before you’re tempted to spend it. When you get cash for your birthday or from a job, automatically put a portion of it — at least 10 percent, but possibly more — into a savings or investment account. This strategy is what financial advisors call “paying yourself first.” Making this a habit can gradually turn small sums of money into big amounts that can help pay for really important purchases in the future.

Also put your spare change to use. When you empty your pockets at the end of the day, consider putting some of that loose change into a jar or any other container, and then about once a month put that money into a savings account at the bank.

“Spare change can add up quickly,” said Luke W. Reynolds, Chief of the FDIC’s Community Affairs Outreach Section. “But don’t let that money sit around your house month after month, earning no interest and at risk of being lost or stolen.”

If you need some help sorting and counting your change, he said, find out if your bank has a coin machine you can use for free. If not, the bank may give you coin wrappers.

Some supermarkets and other non-banking companies have self-service machines that quickly turn coins into cash, but expect to pay a significant fee for the service, often close to 10 cents for every dollar counted, plus you still have to take the cash to the bank to deposit it into your savings account.

Keep track of your spending. A good way to take control of your money is to decide on maximum amounts you aim to spend each week or each month for certain expenses, such as entertainment and snack food. This task is commonly known as “budgeting” your money or developing a “spending plan.” And to help manage your money, it’s worth keeping a list of your expenses for about a month, so you have a better idea of where your dollars and cents are going.

“If you find you’re spending more than you intended, you may need to reduce your spending or increase your income,” Reynolds added. “It’s all about setting goals for yourself and then making the right choices with your money to help you achieve those goals.”

Consider a part-time or summer job. Whether it’s babysitting, lawn mowing or a job in a “real” business, working outside of your home can provide you with income, new skills and references that can be useful after high school or college. Before accepting any job, ask your parents for their permission and advice.

Think before you buy. Many teens make quick and costly decisions to buy the latest clothes or electronics without considering whether they are getting a good value.

“A $200 pair of shoes hawked by a celebrity gets you to the same destination at the same speed as a $50 pair,” said Reynolds. “Before you buy something, especially a big purchase, ask yourself if you really need or just want the item, if you’ve done enough research and comparison-shopping, and if you can truly afford the purchase without having to cut back on spending for something else.”

Be careful with cards. Under most state laws, you must be at least 18 years old to obtain your own credit card and be held responsible for repaying the debt. If you’re under 18, though, you may be able to qualify for a credit card as long as a parent or other adult agrees to repay your debts if you fail to do so.

An alternative to a credit card is a debit card, which automatically deducts purchases from your savings or checking account. Credit cards and debit cards offer convenience, but they also come with costs and risks that must be taken seriously.

Protect yourself from crooks who target teens. Even if you’re too young to have a checking account or credit card, a criminal who learns your name, address and Social Security number may be able to obtain a new credit card using your name to make purchases.

One of the most important things you can do to protect against identity theft is to be very suspicious of requests for your name, Social Security number, passwords or bank or credit card information that come to you in an e-mail or an Internet advertisement, no matter how legitimate they may seem.

“Teens are very comfortable using e-mail and the Internet, but they need to be aware that criminals can be hiding at the other end of the computer screen,” said Michael Benardo, manager of the FDIC’s financial crimes section. These types of fraudulent requests can also come by phone, text message or in the mail.

For more guidance on how to guard your personal information, see Protect against fraud.

Be smart about college. If you’re planning to go to college, learn about your options for saving or borrowing money for what could be a major expense — from tuition to books, fees and housing. Also consider the costs when you search for a school. Otherwise, when you graduate, your college debts could be high and may limit your options when it comes to a career path or where you can afford to live.

For more information on saving and borrowing for college, visit www.students.gov, a Web site with information from the U.S. government and other sources.

For more help or information for teens: Read “Start Smart: Money Management for Teens,” a special edition of FDIC Consumer News from the Summer of 2006 with information to help teens (and many pre-teens) learn how to make good decisions about their money. Find it online at www.fdic.gov/consumers/consumer/news/cnsum06. Also see our tips for anyone at any age.