What You Should Do If Your Credit Card is Stolen
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.
August 13th, 2008 at 1:20 pm
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