The Threat of Credit Card Loss or Theft

One of the risks of credit cards is the theft or loss of the physical card. Consumers aware of identity theft should be know the proper procedure if the have lost a card or been robbed. With quick action, you can minimize the threat of a stolen credit card to your credit history and credit rating.

Canceling Your Cards

When a credit card holder has learned their card is missing, they should immediately report the loss or theft of the card to the issuing agency. You should be able to locate this information on the credit card statement or on the website of the credit card company. Most companies will be available at all times to take your call.

As the FTC notes, your maximum loss when you report a stolen card is $50. By reporting the loss or theft of your credit card quickly, you can reduce your risk.

Report the Theft to Credit Bureaus

After you have canceled the stolen or lost credit cards, you should immediately contact the three major credit bureaus: Equifax, Experian, and Transunion. When you call the companies, you should inform them that the card is missing. They will attach a “fraud alert” to the card accordingly.

In addition to canceling your cards, taking this second important step can ensure that the theft or loss of your credit card will not affect your credit rating.

Request A Credit Report

Once you have notified the credit card companies and credit bureaus, you may want to request a credit report later to double check on the protections. If there’s a chance that the identity theft extends beyond when you noticed the theft or loss of your card, a credit report will help you understand the extent of the fraud.

Use A Credit Registration Service

Some credit card consultants and credit card experts recommend using a subscription service to monitor your credit. If your card were stolen while you were a subscriber with one of theses companies, they would typically handle all the necessary calls to credit card companies and bureaus. However, you should be aware of the monthly cost for most subscriptions.

Other Steps To Ensure Your Financial Safety

Once you have taken the above steps, you will have secured the safety or your credit card and financial information. If your card was stolen, you should notify the local police of the incident as well. Going forward, keeping a vigilant eye on your credit report can ensure that your financial record is safe.

You can read more here about credit card safety and how to contact the credit bureaus. This article is part of TakingCredit.com’s credit card tips. You can learn more about credit through our credit card glossary and our credit card blog. Photo by Swanksalot.

Tags: credit card consultants, credit history, credit registration, credit report, equifax, experian, identity theft, issuing agency, registration service, subscription service, three major credit bureaus, transunion