I lost my credit card

Posted By: Dr. Frugal in Credit on 08/08/2007 at 08:38:31

If your card is lost or stolen, report it immediately to the bank or other issuer in order to limit your personal liability if the card is used fraudulently. Keep a list of your credit cards and telephone numbers in a safe place so you can access the phone number as quickly as possible.

Under federal law, if you report the loss before any unauthorized charges are made to your card, you can't be held responsible for any charges. If the thief uses your card before you report it missing, the most you will owe for unauthorized charges is $50 per card. If somebody uses your credit card number fraudulently without physically stealing the card itself, you are not liable for the charges.

Even though you called the issuer to report the loss, it's a good idea to follow up with a letter in case you need to prove that you did so. After the loss of your card, review your monthly statements carefully and report in writing any unauthorized charges. Be sure to send the letter to the billing error address and not to the payment address (unless they're the same of course). Lost credit cards should also be reported to each of the major credit-reporting agencies: Experian, TransUnion and Equifax. Ask them to place a security alert on your account to intercept possibly fraudulent applications for credit.

If you are still concerned about ID theft, there are also two major personal ID theft insurance companies you may file with: Debix and Lifelock. The link will take you to a comparison of the two companies.

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