Inform the police
Naturally, the first thing you should do is file a police report and keep a copy of it for insurance purposes. The local police will need to know as much information as possible, such as where and when you lost your wallet as well as a list of the missing contents – so try your best to remember as many details as you can. You may think you can forego reporting your missing wallet to the police if you just carelessly left it somewhere, and while the police are unlikely to launch a statewide search for it, having reported the loss could be useful in future. This is especially true if you become a victim of identity theft, as having a police report filed means you can then file a complaint with the Federal Trade Commission.
Notify your bank
With the police report done, it’s time to prevent anything from happening with your bank cards (if you were carrying any cash, forget about it). Call your bank to report your cards lost or stolen, and the bank will be able to cancel them. It’s vital that you take this step quickly, as your liability increases the longer you go without reporting your loss. For instance, reporting after two days may leave you liable for up to $500 spent on your cards. However, if you fail to report your loss until after 60 days, you will be held fully responsible for any money spent using your card. Of course, changing your cards and account details means you’ll be getting a lot of new passwords and PIN numbers, so using a password manager is a recommended, secure way of keeping all this information safe and easily manageable.
It’s important to note that it’s inadvisable to simply cancel your accounts, as this can be detrimental to your credit score, as we’ll see.
Place a fraud alert
Next, place a fraud alert on your credit reports. To do this, you’ll have to get in touch with the three credit reporting agencies – Equifax, Experian, and TransUnion – individually. Having a fraud alert on your credit reports means creditors will have to follow different procedures when opening new accounts in your name or making changes to your existing ones. Conveniently, you’ll also be able to get free copies of your credit reports at this point. It’s a good idea to read them thoroughly, as there may be some unexpected surprises in there, like new debts or accounts.
The fraud alert stays on your account for 90 days, but you have the option to request an extension for up to seven years.
Everything else
Now that you’ve taken the most important steps, there are still a few extra things to do. For instance, if you had anything in your wallet with your Social Security number on it, then it’s imperative that you get in touch with the IRS. Letting the IRS know that someone has your SSN means they’ll be aware if anyone tries to get a job or file a tax return in your name.
You’ll have to report your lost Medicare card, any healthcare cards, and of course your driver’s license. Then you can finally deal with your less vital items, like your library card or loyalty cards. Sadly though, your Blockbuster card might be gone forever.
Keeping your wallet safe
Losing your wallet is a stressful experience, and not one you’ll want to go through twice. Make sure to keep it close to you at all times, and certainly never in your back pocket. Ideally, you’ll want it somewhere that you can close with a zipper. It’s also a good idea keep the contents of your wallet light. You don’t always need to take every card with you, and in case you do lose your wallet again, this also means you’ll have fewer things to replace.
Richard C.
