What to Do After Someone Stole Your Credit Cards
Many consumers are at risk for stolen credit card or credit card information at some point in their lifetime. Whether your purse or wallet is physically stolen or a criminal steals your credit card information from an in-person or online purchase, you must complete the same types of procedures to ensure your good credit score remains untarnished. If this unlucky crime happens to you, be prepared to take a number of steps to minimize your liability and prevent future damage.
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Contact the Credit Card Issuer
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The first step to preventing long-term damage from a stolen credit card, such as identity theft, is to contact your credit card issuer or bank as soon as possible. The Fair Credit Billing Act has established procedures that will limit your financial liability in the event that someone steals your credit card information. For example, the FCBA states that if you notify your credit card issuer before the thief has a chance to use it, you will not be held responsible for any fraudulent charges. If the criminal has already used your card, your maximum liability is only $50. Your credit card issuer will typically put a hold on your account immediately and then send you a new card with a new account number.
File a Police Report
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After the credit card issuer has been notified that your credit card was stolen, the credit company will file a police report on your behalf or instruct you to do so on your own. This step helps prevent identity theft. You should definitely file a police report if your entire purse or wallet was stolen, as the thief will have access to other personal information. Save a copy of your filed police report in the event that you need proof of the incident to clear up credit issues in the future.
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Check Monthly Statements
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Check your monthly credit card statements diligently, even if the credit card issuer appears to have caught all the fraudulent charges. You never know when a fraudulent charge will pop up, including several months down the line.
Contact Credit Bureaus
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Some fraud experts recommend that you contact the three main credit bureaus, including Equifax, TransUnion and Experian, when your credit card is stolen. They can help you order a credit freeze, in the event the criminal is a part of a large organized crime network and plans to use your stolen credit card information to open fraudulent accounts. Making calls to these bureaus also allows you to view your current credit score and report to ensure that other fraudulent or criminal acts have not affected your credit.
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