Many people have a general idea of what to do if their credit card is stolen.  However, most people don’t realize that there is more to do when their card is taken.  It is important to have a good understanding of these steps so that you are prepared if this ever happens to you.

1. Be aware.  It is absolutely vital that you are aware of where your credit card is at all times.  Put it in the same place in your wallet after you use it and check that place often.  Being aware will help cut down the amount of time a thief has to use your card.

2. Call the credit card company immediately.  Federal law states that your maximum liability for unauthorized charges is $50.  If you call the credit card company before your card is used, you cannot be held responsible for any unauthorized charges.  If your cards are used before you report them missing, you can only be held accountable for $50 of their purchases.

3. Call the credit bureaus.  This is an absolutely necessary step.  Many people don’t think about calling each credit bureau after their card is stolen.  You have three bureaus to call: Experian, TransUnion and Equifax.  They will put a hold on your credit once the theft is reported.  This hold will help you clear any unauthorized charges much easier.

4. Law enforcement.  You should call the police as well.  Let them know all the details surrounding your loss.  If you can, get a statement in writing from them just in case.

5. Check and re-check.  You will need to double check your monthly statements carefully now.  If you notice an unauthorized charge, call your credit card company and make them aware of the situation.  You will also need to send them a detailed letter explaining your dispute so they have it in writing.  It is always best to send them documentation in writing, so that there can’t be any misunderstandings.  You will also want to carefully review your credit report for at least a year.  You won’t want anything creeping onto your credit report that may damage your credit identity.

Having your credit card stolen is a traumatizing experience.  Try to stay calm and remember these important steps.  You’ll want to review every statement, bill, or notice for several months following the loss.  You can help protect yourself from additional losses if you proactively prevent it.

People don’t realize how important it is to protect their identity. Identity theft is just as common as having personal property stolen. You need to protect your identity as much, if not more, than you need to protect your property. Many people don’t take necessary precautions because they don’t quite understand exactly what identity theft is.

Your identity is much more than you might think. It is more than a social security number. It is more than passwords and pin numbers. It is more than your credit card number. Your identity is absolutely everything about you. It is where you went to high school and college. It is your favorite color, song and food. Your identity is the complete sum of every bit of information every recorded about you, and even information not recorded.

You need to understand identity damage, along with identity theft. Identity damage could be anything that is wrong on your credit report. This damage may be small, but it can be costly. The smallest mistake on your credit could mean that you’ve been paying a higher mortgage, car payment, or that you couldn’t get the loan you wanted. Watch your credit report carefully and make sure you report any mistakes immediately.

There are several warning signs that you should watch for when trying to protect your identity. These signs include:

• Your credit card/bank statement doesn’t come

• You know you have good credit, but you are denied for a loan.

• You get a bill from a company you don’t recognize

• A credit collection agency contacts you and you are certain you are not late on any payments.

You need to know and understand these warning signs and be prepared to take necessary precaution measures to protect your identity. Don’t carry your birth certificate, social security card, or passport. Don’t write anything extra on a credit card receipt (phone number, address, etc). Never write your social security number on a check or bank deposit slip. Do not give out personal information over the phone. Shred all important documents or anything with personal information on it.

You can never be too cautious when trying to protect your identity. Your identity is one of the most precious and fragile things you own. Remember, you do own your identity and you need to protect it in any way you can. Make sure you check your credit report at least once a year so you can catch identity theft or identity damage as soon as possible.

Credit cards are fast, easy to use and very convenient. They can be a lifesaver in an emergency too. But, it is also easy to breech the security measures that have been established to protect credit card users. Be careful and take the time to know where you are using your credit card. Make sure the following credit card security mishaps don’t happen to you.

1. Not signing your card. Your credit card comes with a blank strip on the back. Sign this card as soon as you get it. This helps merchants match the signature on your card with the receipt you sign at the store.

2. I.D. You should be required to show identification whenever you use your credit card. If the clerk forgets to ask, make sure you show them anyway. This will remind people to start asking to see I.D. I bet you’d want someone asking for I.D. if it isn’t you using your card.

3. Check your statements. Read over your credit card statement each month. Watch for unauthorized purchases. These can be a sign of either identity theft or a merchant mistake. Make sure you aren’t paying for anything you didn’t receive. You will be able to protect your identity and your finances quicker if you take a little time each month to review your bill.

4. Secure Sites. Whenever you use your credit card to pay a bill online or to buy something via the Internet, make sure you are using a secure website. There are several ways to tell if a site is secure. Check the URL. If the page is secure, the URL will read, https:…-note the extra “s” at the end. Also, check for the lock icon. This icon should be somewhere in the web browser. Internet Explorer tends to show the icon in the lower-left and Mozilla displays it in the lower-right corner. Take the time to check where your browser displays the secure icon.

5. Reports. The three major credit bureaus recommend that you check your credit report every three months. Try to at least check it once a year. Identity theft is common via credit cards. By checking your reports, you will be able to detect identity theft a lot faster.

6. Shred it. Do you ever get credit card offers in the mail? If you don’t want them, shred them. Anyone can fill the application out in your name and get a credit card mailed to their home. Don’t let someone get a credit card in your name just because you were careless with your trash.

7. Call them. If you lose your wallet, call your credit card companies immediately. Be sure your know where your cards are at all times. If they disappear, take action as soon as you realize they are missing.

Credit cards can really save your life, financially. But, they can cause you a lot of grief if you aren’t careful. Be responsible in using your cards and take the time to double check your credit report often.