Nothing is worse than realizing that your wallet has been lost or stolen. If you are like most people, you probably carry a lot of valuable items in your wallet ranging from credit cards and cash to your driver’s license.
When your wallet goes missing, it is important to act quickly. The faster you take action, the better chance you have of protecting your identity, securing your finances, and recovering your wallet. Here are the steps that you should take when dealing with a lost wallet:
Steps You Should Take When Dealing with a Lost Wallet:
1. Make sure your wallet is really lost. Retrace your steps, making sure that you didn’t just misplace your wallet or leave it somewhere where it could have been found. For instance, if you ate at a restaurant, contact the restaurant to see if anyone turned it in. Check your car to see if it fell out of your purse or out of your pocket. Contact social security administration (ssa) for your lost SS card. Ideally, you will be able to track down your wallet so that you can avoid all of the additional steps below.
2. Report your credit cards as being lost or stolen. Don’t make the mistake of canceling your credit cards. That can have a negative impact on your credit score. Instead, contact the bank or financial institution that issued the card to let them know that it has been lost. They can then deactivate your old card and issue you a new card without affecting your credit score.
Contact The Credit Bureaus For Your Lost Wallet
3. Protect your credit. Contact the credit bureaus to place a fraud alert or freeze on your credit profile. This will make it much harder for someone to steal your identity. If also lost your social security card with your then contact local post office as soon as possible.
4. Get a new driver’s license. Each state has different procedures for replacing a lost license. You can find out more about the process in your state by checking the website of the DMV or by visiting the office in person.
5. Report your missing wallet to the local authorities. This is important for a couple of different reasons. First, if someone turns it in, the police will know who to contact. Second, if you happen to become a victim of identity theft further down the road, having a copy of the police report showing a missing wallet can help you prove your innocence.
It is important to take all of these steps to deal with a lost wallet as quickly as possible. The faster you act, the less likely you are to become a victim of fraud or identity theft.