Many people have faced the horror of a stolen or lost wallet. Knowing how to react, and doing so quickly, will help you avoid bigger problems as a result of such a loss. The faster you react, the more likely it is that you will be able to prevent a problem like identity theft from resulting. Following a few simple guidelines can help you avoid years of credit problems and major financial losses. If you discover your wallet or purse has been stolen, you’ll want to make sure you do everything to prevent any other problems from resulting.
The first thing you should do in response to a lost wallet is deal with any credit cards you had in your wallet. Because a wallet is often stolen as an attempt at identity theft, you’ll want to do everything you can to prevent this from happening to you and damaging your credit. You’ll want to immediately call your credit card companies and report your cards lost or stolen. That will prevent anyone from using the cards. You can access the numbers for the card companies online, if you don’t have them. As long as you act fast, you should be able to prevent your cards from being used.
The next step you should take when it comes to a lost wallet is notifying your police department to file a report. This will help if they either find your wallet or if you run into any problems with creditors as a result. You should also file a fraud alert or credit freeze at all 3 credit bureaus. By notifying them, they will be able to take steps to prevent unnecessary reporting that will affect your credit score. You can then proceed to calling your bank in order to protect any assets you have there.
A lost wallet can be a stressful event that can lead to many problems, including identity theft. Protecting yourself from any damage as a result of your lost or stolen wallet is easy enough if you react quickly. Fixing your credit can be a daunting task for anyone, and the last thing you’ll want to deal with is something as damaging as someone stealing your identity. Getting back on track can be easy enough as long as you take the right precautions and educate yourself about the right things to do to prevent unnecessary damage to your credit score.