We have all heard of cases where an individual has lost or had stolen their wallet or purse with all their personal identification and credit cards therein.  The horror stories of the problems resulting from this unhappy event should give us all reason to take some steps to protect ourselves.  As everyone always advises, cancel your credit cards immediately, but the key is having the toll free numbers and your card numbers handy so you know whom to call.  Here are some steps you can take to help you prevent abuse of your credit cards, etc. and recover your good name from future damage.

Step 1. Place the contents of your wallet on a photocopy machine and run copies of both sides of each license, credit card, etc.  You will then have a record of the important things you had in your wallet and all of the account numbers and phone numbers you need to call and cancel.  Keep the photocopy in a safe place.

Step 2. File a police report immediately in the jurisdiction where it was stolen.  This proves to credit providers you were diligent, and is a first step toward an investigation (if there ever is one).

Step 3. This one is perhaps most important: (and most people never think to do until it is too late).  Call the three national credit reporting organizations immediately to place a fraud alert on your name and SS#.  The alert means any company that checks your credit knows your information was stolen and they have to contact you directly by phone to authorize new credit.  These companies maintain records of credit checks initiated by card purchases and requests for other types of credit.

The numbers to call are:

Equifax: 1-800-525-6285
Experian (formerly TRW): 1-888-397-3742
Trans Union: 1-800-680-7289

Also call Social Security to let them know about the loss in case someone contacts them for a new card, etc.
Social Security Administration (fraud line): 1-800-269-0271

We hope you never need to go through this experience, but being prepared will help you sleep better at night if you do.