A stolen purse or lost wallet gives an identity thief all the information and documentation they need to take advantage of your good name and credit. Criminals can sell your identification very easily for a good price, so be aware and immediately follow the steps below.

1. Call your credit card and ATM card issuers.

Request account number changes. Be sure to understand your options here. One option is to call and completely cancel all your cards. This is almost never the right choice. Canceling credit cards that have an outstanding balance, or canceling a whole set of credit cards can have a negative impact on your credit score. Also, if you simply cancel cards, this may incite Banks to maximize the interest rate on any outstanding balance. It is best to contact customer service for each debit or credit card by phone and clearly explain that your card has been lost or stolen, most Banks have plans in place to address this situation.

• Your hard copy or electronic statements contain the Phone numbers, or call toll free assistance 800-555-1212.
• Insist on new account numbers, and request transfer of any mileage or other card benefits. Same credit limits (important for maintaining credit score), same or better terms.

2. Open a report with local Police or Sheriff

• Do not skip this step as it will be an essential piece of information if you do become an identity theft victim.
• Keep a copy of this police report for your records.
• Likely questions during the report filing process:
  • When did you first notice your wallet missing
  • Where do you think your purse was stolen or lost
  • What items were in your wallet or purse at the time
  • Any suspects? Do you have a description?

3. Call all three major credit reporting agencies and request a fraud alert be put on your account.

• Experian PO Box 9595, Allen, TX 75013-9595 Tel: 1-888-EXPERIAN (397-3742)
• Equifax PO Box 740241, Atlanta, GA 30374-0241 Tel: 800-525-6285
• Trans Union PO Box 1000, Chester, PA 19022 Tel: 800-680-7289
• This fraud alert will require creditors to verify your identity before approving any credit
• Verification is almost always done by calling your phone number which will be placed in your credit file when you place a fraud alert.
• Alternatively, you can use LoudSiren (Debix) or LifeLock and have them do this for you including renewing it every 90 days.

4. Contact your bank or credit union’s fraud department and report the event.

• You may be able to combine this with step 1 above, especially regarding ATM (debit) cards.

5. Order and begin a vigilant review of your credit reports

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• Look for and investigate any suspicious activity.
• If you use LoudSiren (Debix) or LifeLock constant monitoring is in place.

6. Report a missing driver’s license to your state’s department of motor vehicles.

• Re-issue of driver’s Licenses varies by state, ask about your state’s process when visiting with DMV

7. If your keys are missing (Auto or Home) change the locks on your home and car.

• This important step is often neglected. In case of theft, even if keys and other items are recovered, they may have been duplicated prior to recovery.

8. Begin a written list (inventory) of every item in the stolen wallet or purse

• List everything, credit cards, Blockbuster cards, retail shopping cards, gift cards, cash estimate, lipstick, children’s information, etc. Keep the list with you and add to it, in a day or two you will have remembered nearly every item. This complete inventory will be very useful in detecting fraud and speeding your recovery.
• Questions to ask yourself:
  • Were there any blank checks, or other vouchers
  • Any business cards or slips of paper with on-line account numbers or passwords?
  • Did you have any of those little plastic car or house keys?
  • ID cards for daycare or Sunday School pickup?
  • Cards or slips of paper with padlock, mailbox, or safe deposit box combinations

9. Enroll with a reputable Identity Theft Protection Service

• This is a recommendation, but we believe in it, and you will sleep much better! If you suspect that your identity may be compromised - there is no better protection than LoudSiren (Debix) or LifeLock and it is very affordable at $9 or less per month plus you get Identity Insurance or a service guarantee that covers you up to 1 million dollars. If you wait till after an identity theft attack you will not be able to get insurance from anyone. See our article titled Identity Protection Do I Really Need It? It is packed full of useful information and reveals many truths about identity theft that most people are unaware of.

10. Have a detailed discussion with your bank

According to the FTC, no federal law limits your losses should someone obtain your checks and forge your signature. State laws usually hold the bank responsible in this case, but the Catch-22 comes when they also require you to “take reasonable care” of your account. Stay in the law’s good graces by closing your current checking account and reopening a new one. The bank will notify its internal processors about the now defunct account, but the FTC recommends you call these check verification services to stop someone from using one of your checks at a merchant’s cash register:

• TeleCheck 1-800-710-9898 or 927-0188
• Certegy Inc. 1-800-770-3792
• International Check Services 1-800-631-9656

We hope these guidelines and tips will help you if you have lost your wallet, purse, handbag, or anything that contains personal information. It can be a stressful situation and leave one feeling violated and angry. However, if you act quickly using the guidelines above you can keep it from becoming a major financial disaster.

If you have not lost your wallet or purse, great! By reading the information above you can easily see why prevention is the key here! Taking a few simple precautions now can save you time and money if your personal information is ever compromised.

Here’s a few tips that may save you a lot of time, money and stress:

• Carry only what you need in your wallet or purse. Store all non-essential information in a safe place.
• Make a detailed list of the items you do carry with you.
• Keep the contact numbers and information for all your financial and personal information in a secure place so they will be available easily if needed
• Purchase Identity Theft Protection.
  • At $89 for the year you simply cannot go wrong with LoudSiren (Debix)
  • Choose LifeLock, at $99 per year or $9 per month and get 30 days free. Plus LifeLock has WalletLock which means you make one call to them if you wallet is stolen or your purse is lost and they do all the work to replace your ID .
  • Remember, its not just the fraud alerts and removal from pre-approved credit cards etc. Its the identity insurance or service guarantee that protects your money up to 1 million dollars. Its the credit restoration and protection of your good name. Its the time saving, stress reduction of having someone else on your side in the event you need them.
  • You can compare Lifelock to Loudsiren on our comparison chart. If you are unfamiliar with Identity Protection Plans you can read a Lifelock Review or a Loudsiren Review to learn more about the services from these identity protection companies.
  • If you decide not to use an Identity Protection Service please read through this website and learn about Identity Theft. You will find some great tips and hopefully you will come to the understanding that we live in a different time now and you must take steps to protect yourself from identity theft. How you do it is up to you, we just implore you to do something before it is too late.