Sadly enough, wallets and purses get stolen or lost quite frequently. So, what shall you do if your credit card is missing? You need to know to protect yourself from identity theft!
As a matter of fact, all trustworthy credit companies have some sort of policy to protect you in cases of loss or theft. Therefore, make sure to find out what this policy is and how it will work for you.
Help! My Credit Card Was Stolen!
When your credit card gets stolen, the first thing to do is inform the issuing company as quickly as possible. To do this, you can most likely make use of a toll-free number or an online service specialized in handling these problems.
Luckily enough, according to federal law you are only accountable for the first $50.00 of any deceitful charges made on a charge card. However, you still need to report the event. Actually, you will not even have to pay $50.00 if you report the loss or theft before any illegal use.
Many card issuers will waive the $50 limit exposure coverage, so make sure to understand the conditions offered by your credit card.
If your card gets lost or stolen, examine carefully each charge on the bill. If you notice something that is not yours anymore, inform the card company in writing straight away including the exact date you reported the company about the loss. Avoid attaching your payment, which will easily get lost in the process as payments are rarely sent to the same address as fraud notices need to be.
If you own a debit card, the extent of liability you are accountable for depends on how fast you can report it lost or stolen. Again, you are not accountable for any deceitful charges until an unauthorized use takes place. Do not wait, as even two business days could make you responsible for up to $500.00 of any fraudulent charges established on the card.
Do not forget to review your bills after having reported the occurrence. Inform your bank about any questionable subtractions from your account that took place throughout the period of time your card was lost or stolen. To absolve yourself of any liability, make sure to write a certified letter including the day you reported your card stolen or lost.
To avoid these kinds of happenings, keep track of your card by always knowing where it is and where your secret pin number is. If possible, don’t choose a pin number that people would easily find out such your birth date or telephone number. Figure out a number that is meaningful only to you and keep it in a secret place.
Learn more about credit cards and your credit score with these related articles:
All about Credit Cards … a series of articles on choosing credit cards, how to evaluate them and where to get them, quickly and easily!
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