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Stolen credit cards can hurt
What to do in case of theft
A stolen purse or wallet can lead to identity theft. Here are some tips for what to do in case you are victimized by credit card theft.
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A lost or stolen purse can lead to identity theft
With more and more Americans using credit cards for everyday expenses, such as groceries and gasoline purchases, more people are carrying their credit cards with them everywhere they go. With the average household in the United States holding some 19 credit and debit cards, that’s a lot of plastic to carry. Worse, that’s a lot of potential harm should your wallet or purse, and their contents, be stolen.
The first steps, according to the Federal Trade Commission, are the following:
- If you wallet or purse has been stolen, contact the police immediately and file a report. Obtain a copy of the report; your credit card companies will want the number of the report.
- Contact each credit card company and cancel your accounts. Most credit card companies will hold you responsible for a maximum of $50 should your cards be stolen and used, but that applies only if you contact them to report it. If you fail to do so, there is no limit to your liability. Report them quickly. It’s always a good idea to keep a list of all of your account numbers handy just in case such an emergency should arise.
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- Contact one of the three major credit bureaus - Experian, Trans Union, or Equifax in order to place an “initial fraud alert” on your report. This alert will stay on your report for 90 days and will inform potential creditors that you must be contacted prior to granting additional credit. This will protect you from identity theft, where a criminal may attempt to open new credit in your name. Once you have contacted the credit bureau, they will contact the others, so contacting all three will not be necessary. It may be necessary to renew the alert after 90 days, however.
- While you are contacting the credit bureau, obtain a copy of your credit report. You can keep an eye on any activity in your name by obtaining a new copy of your report every few months. The cost is minimal, and you may discover fraudulent activity that way.
- If you lost your ATM or debit card, contact your bank to cancel it and get a new one. If you also lost a checkbook, it may be necessary to close your checking account and open a new one.
- If you find that someone is posing as you in order to obtain credit, you may file an identity theft report with the Federal Trade Commission.
It’s tough losing a wallet or purse, especially if it contains your vital financial information. By acting quickly, you can minimize the damage and prevent further harm to your credit in the future.
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