What to Do When Your Wallet Is Lost or Stolen

Losing your wallet or having it stolen can be frightening. You have no idea where it is or who could have the information. While there’s a good chance nothing will come of the missing wallet, you could end up being the victim of identity theft. This article will tell you what you need to do to reduce your risk of identity theft if your wallet is missing.

The first thing you need to do is take inventory about what was in your wallet. List every item you can think of. Important items are your Social Security card, driver’s license, bank cards, credit cards, insurance cards, checks, ID cards like military, employment, or student IDs, green card, passport, birth certificate, professional licenses, and any other important statements like utility bills. While not as important, you should also write down items like store club cards, pre-paid phone cards, entertainment passes or tickets, gym card, library card, video rental card, etc. You also need to know if you had anyone else’s information in your wallet, so you can notify them of the problem.

Once you know exactly what was in your wallet, you can start to take action. The first step you need to take is to file a police report at the local police station. Give them the list you made of all of the items the wallet contained. Make sure to get a copy of the report, the name of the officer who took it, and a phone number you can call if you have further questions or concerns.

The next step is placing a fraud alert on your credit report. This will require any potential creditor to contact you by phone before issuing credit. The fraud alert will be good for 90 days. If you want to take it a step forward, you can freeze your credit. This will not give any creditor access to your account without your permission. Your current creditors however will still have access. If you need credit approval, you will either have to lift the freeze or thaw it, which can take up to 3 days. So this may not be a good option if you need instant credit approval.

After contacting the credit bureaus, you’ll need to contact the companies of all of the items that were included. If your driver’s license was in the wallet, you’ll need to contact the DMV. They will place a lost/stolen notification on your account. You’ll have to get a new card issued. You may be able to get a new number if they don’t use your SSN. Your checking and savings accounts will need to be closed and new accounts opened. The same goes for your credit cards and all other accounts. Try to password protect your accounts if possible.

Make sure you keep records of your conversations and copies of all of your paperwork. Have the companies send you verification that the accounts have been properly closed if possible. While trying to get this situation taken care of, speak to a fraud investigator or manager whenever possible. After you have contacted all of the appropriate places, you’ll need to keep an eye on your finances to make sure there is no unusual activity. Following these simple steps after your wallet has been lost or stolen can definitely minimize your risk of identity theft.