Someone Stole Your Wallet! Now What?

Losing your wallet can be incredibly stressful. With very important financial items that is contains, a savvy thief could easily steal your identity. Not only can a thief use the accounts that are already in your wallet, but also open new ones - racking up even greater debt in your name.

However, if you have lost your wallet, do not panic. Follow this guide, and you will be able to stop any potential damage to your financial health.

Make a List of the Lost Items

The first thing that you need to do is make a list of all the items that you have lost. This includes any credit cards, social security cards, passports, video rental cards, driver’s licenses, bill statements, or anything else that was stolen. By getting organized, you will be able to determine what needs to be done. This will also give you some time to calm down and take control of the situation - giving you the best strategy to stop potential identity thieves before they have a chance to debilitate your credit.

File a Police Report

Now that you know what is missing, you can file a police report. Regardless of how much the police can actually do to help you recover stolen items, you need the report because it is an official document that shows that your wallet was lost or stolen. You might need this report later to prove when you recognized that it was missing - and to demonstrate that the transactions made on your credit cards were not authorized by you.

Close Your Accounts

Your organized list will also tell you all of the accounts that are now compromised. You will need to contact all of these companies to close the existing accounts and open new ones. This includes every account - not just your credit card accounts.

Federal law states that you can only be held liable for up to $50 of unauthorized activity on your credit card accounts, but these laws usually do not apply to most of the other accounts that you might have. This means that someone could actually cause you more problems by stealing your video rental card than your credit card. Remember that you should also contact the DMV and the Social Security Department if these documents have been stolen.

Open New Accounts and Request New Cards

Now that you have closed your accounts, you will need to open new ones and request new cards. If you had your PIN numbers in your wallet, then you should also contact the appropriate companies to request new ones. It might take several days for some of the cards to arrive, so you will need to be patient, but the safety of your financial health is well worth the wait.

Protecting your identity is important, especially when you have lost your wallet or purse. The information that many people keep in these carryalls can be used to open new accounts. Once you recognize that your purse or wallet is missing, you must act as quickly as possible to mitigate the potential dangers to your financial health and credit standing.