What Should You Do if Your Card is Lost or Stolen?
Luckily, consumers have the credit card companies protection when unauthorized charges are made on their credit cards. Not only will the cards do everything in their power to chase down the thugs taking a free ride on your credit, but in the U.S., cardholders are protected from unauthorized transactions on their credit card accounts, and will have the charges refunded.
- First, call the issuing bank or credit union immediately. Act fast – if you don’t report the loss right away, you may end up with some liability if someone uses your card for a shopping spree permission. Once reported, you know for sure that you are not liable for any further charges on the account.
- If you want to be absolutely sure you document your reporting your cards as stolen you can follow up in writing. Send your bank or credit union a letter telling them when and how your credit card was lost or stolen.
- Use your online banking service to review the charges on your account. Your monthly statements should be reviewed to ensure you haven’t fallen victim to any unauthorized charges.
- Check your credit report regularly, and make sure there aren’t any unauthorized accounts that have been opened in your name. Although you won't be liable for reported fraudulent charges on your credit card, the credit bureaus may not be as easy to convince that proplems with your credit accounts weren’t your fault. To order a copy, contact:
◦ Experian www.experian.com Phone: 1.888.EXPERIAN
◦ Equifax www.equifax.com Phone: 1.800.685.1111
◦ TransUnion www.transunion.com Phone: 1.800.916.8800