Dealing with the loss or theft of your wallet can be a stressful experience. However, acting quickly can help you minimize or even prevent damage to your credit and bank accounts. Here are nine essential steps to take if your wallet is lost or stolen, brought to you by O1ne Mortgage. For any mortgage service needs, call us at 213-732-3074.

1. Freeze Your Credit Cards

Immediately freezing your credit cards can help prevent unauthorized purchases. Most card issuers allow you to freeze your account through their website or app without any fees or penalties. Remember, you still need to make monthly payments and pay interest on any unpaid balance.

2. Contact Your Credit Card Issuers

After freezing your credit cards, contact each issuer to report the loss or theft. Follow up with a letter that includes your account number, the time and date you realized your card was missing, and when you reported the loss. Keep copies of all correspondence and notes from your calls.

3. Contact Your Bank or Credit Union

If your wallet contained a debit or ATM card, notify your bank or credit union immediately. Reporting the loss within two business days limits your liability to $50. If you report it after two days, your liability could increase to $500. Your bank may be able to freeze your card through their website or app.

4. Notify the Police

File a report with the police department where the loss or theft occurred. While they may not be able to recover your wallet, a police report can be helpful if you become a victim of identity theft or fraud. Provide details such as when and where the wallet was lost or stolen, what was in it, and a description of the wallet and potential thief.

5. Notify the Social Security Administration

If your Social Security card was in your wallet, contact the Social Security Administration (SSA) immediately. The SSA can issue a replacement card but not a new number. If you suspect identity theft, contact the Federal Trade Commission at 877-438-4338 or visit IdentityTheft.gov.

6. Set Up a Fraud Alert

Monitor your credit reports and set up a free security alert with the Experian fraud center. This alert notifies lenders to take extra steps to verify your identity. You can also freeze your credit to limit access to your credit file, which can be lifted when you apply for credit.

7. Replace Your Driver’s License

If your driver’s license or state ID was in your wallet, contact your state’s department of motor vehicles or secretary of state’s office to report it missing. Visit a local office to begin the process of obtaining a new one.

8. Make a List of Everything in Your Wallet

While it’s still fresh in your mind, make a list of all the items in your wallet, such as insurance cards. Contact the appropriate organizations to replace these items and prevent issues like medical identity theft.

9. Monitor Your Accounts

Keep a close eye on your bank and credit card accounts for any suspicious activity. Use your account’s website or app for real-time updates and carefully review monthly statements. Regularly check your credit reports for unusual transactions or inquiries.

The Bottom Line

Acting quickly can help you minimize or avoid financial damage from the loss or theft of your wallet. For extra peace of mind, consider signing up for identity theft monitoring services. If you need any mortgage services, don’t hesitate to contact O1ne Mortgage at 213-732-3074. We’re here to help you with all your mortgage needs.