So you lost your wallet… Now what?

Losing your wallet or purse can be a frustrating experience. Not only is your cash and debit/credit cards gone, but so is your personal identification and any other important information or items your wallet may have held. Follow the steps listed below to cover your bases and make the experience a bit easier.

File A Police Report

Let police know when you noticed your wallet was missing, where you think it was lost or stolen and what you had in it. Your financial institution and credit reporting agencies might need a copy of this report and its case number, so be sure to save a copy.

Notify Your Financial Institution

It’s very important to let your financial institution know you’ve lost your debit/credit cards or checks. The sooner you do this, the better – once you alert your credit union or bank your debit card liability is reduced to $50. If left unreported you can be held responsible for any withdrawals and overdraft charges.

Cancel All Credit Cards

Call your credit card issuers immediately. They will send you new credit cards with new numbers. They might want to ask you about recent transactions to determine if they are yours. This might seem like a hassle, but it will limit damages to your credit and limit any losses.

Notify The Three Major Credit Reporting Agencies

-Equifax – 1-800-525-6285

-TransUnion – 1-800-680-7289

-Experian – 1-888-397-3742

Ask for the fraud or security department and request to have a fraud alert placed on your credit report. This will help protect your credit score.

Get New Important Cards

These can include: driver’s license, social security card, health insurance, military identification, library cards, store cards, membership cards and more.

Monitor The Situation

Keep an eye on your financial institution and credit card statements – look for any suspicious activity.

A few weeks after the incident, obtain a free copy of your credit report to see if any fraudulent transactions have been made in your name. You can get a free copy of yours once a year at www.annualcreditreport.com.