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What to Do When Your Credit Card is Lost or Stolen

By Louis Fabiano

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Published: 07Jul2010
Word count: 798
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More and more people are now using their credit cards in place of cash or checks. Credit cards are being used for virtually everything -- from purchasing things online to buying a morning cup of coffee at Starbucks.

With the increasing use of credit cards, credit card fraud and theft have also increased. So, if you are carrying a credit card, the chances of losing it or having it stolen have increased.

You may be wondering what to do if your credit card is ever lost or stolen. Rather than panicking and getting a headache, there are steps you can take to ensure that your stolen or lost credit card is not misused.

The moment you realize that your card has been stolen or lost, you must inform the credit card company. All credit card companies have a toll free number that a customer can call to report a stolen or lost credit card. Make sure you right down the phone numbers of all your credit cards on a list and store it in a safe place so that you can have access to it in case of any emergency.

In addition, it is important that you keep a copy of all your credit cards, so that you can refer to them when reporting the loss or theft. In case you have not kept a copy of your credit card, then refer to the latest statement. It will have all the details, including the toll free number that you should call.

Also, when calling the toll free number, check to see if any recent unauthorized purchases or activities were made under your name. If so, you should immediately dispute them. Different credit card companies have different ways of handling these disputes. Some will immediately expunge the transaction from your record, while others may take a little while longer to do so. At the same time, you are buffered by a Federal law which limits your financial obligations to just $50 when you report a stolen credit card. This way even if the thief has run up a huge bill, you will be safe.

Get a confirmation over the telephone that the said card has been cancelled. This is important as by doing this the card becomes completely useless and another person cannot use it to purchase anything or run up a huge bill.

Once you have made the call to the credit card company, make sure that you report the loss or theft in writing. In the letter, mention your account number, the date when the theft occurred or when you realized that the card had gone missing, and the time and date when you reported the loss or theft over the phone.

Then call up the three credit bureaus and inform about the loss or theft. This is one thing that needs to be done in case you become a victim of identity theft. The three credit bureaus are Experian, TransUnion and Equifax. Usually all three bureaus have nearly the same manner of handling potential identity thefts. They will send your credit report free so that you can check it to insure that no fraudulent activities are listed against your name.

Finally, make sure that you put a 90-day security alert on all credit inquiries. Usually this alert is extended for free by the three credit bureaus, but sometimes they do charge a very nominal fee. By putting this alert, you are saving yourself from identity theft or having your personal information stolen. The alert ensures that credit grantors first need to do a verification of your identity before giving any credit on your name. Basically, if any person using your credit card or identity to apply for a loan or another credit card, the credit grantor first has to call to check whether you are the person who is applying before approving the application.

These are the immediate steps you should take in case of a credit card being stolen or lost. A lost or stolen credit card should not be taken lightly. It can spoil your entire credit history and put a person into great financial problems that will take years to resolve. Therefore, follow the above mentioned steps the moment you discover that you have either lost or had your credit card stolen.

Even after your account has been reactivated after a set period of time, make sure that you keep monitoring your monthly statements for any suspicious activities. If you find anything suspicious, immediately report the information to the credit card company.

However, you should take steps to also ensure that such a thing does not happen. You need to realize that having a credit card is a great responsibility. You should not be negligent with the card and use it wisely and prudently.

Author and publisher since 1999. Articles, stories and commentary have appeared in national magazines and are published on the internet. Mr. Fabiano has also been a featured speaker at online publishing and affiliate marketing conferences in the US, Canada and Europe. I author the following consumer finance related sites and communities: Payday Loans Credit Cards

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