You thump your pockets, repeatedly checked your other pants, and thoroughly inspect all of your bags. You swear to yourself for realizing that you have lost your wallet. There are lots of important things put inside the secure folds of our wallets and perhaps nothing is more valuable in there than one’s precious credit card.

If your credit card is lost and/or stolen, you can get a lot of credit damage as the perpetrator may use up your entire credit limit. That is a double whammy if you ask me. Therefore, it is vital to report to your issuer(s) as soon as you discover that your credit card is lost or stolen. You must take action IMMEDIATELY and do not wait for tomorrow or even for a minute.

First and foremost, before actually losing something, you must understand that you are not immune to losing your credit cards.

Here are some guidelines on how to appropriately handle the situation:

1. Make Copies – The things that you put in your wallet such as IDs, licenses, important receipts, debit cards, and especially credit cards should be photocopied on both sides. Copies should be stored in a separate safe place. Make sure that your copies are updated especially if you are traveling to a foreign country.
2. Call and Report – Most companies that issued your credit card have a hotline and are available 24/7, particularly to deal with these kinds of emergencies. Have your copies ready when you are reporting. The copies will serve as your aid in providing the person you’re reporting to with the essential details about your account.
3. Inform well and complete – If you are able to remember the details of your last purchase — like the amount, item, store, date, and time — give it to the person you are reporting to. If you think that you have lost your card at an earlier time, feel free to impart this information.
4. Ask, record, and write – Know the name of the person you are speaking with and take note. Follow up your phone call report with a letter. In your letter, put all the information and details about your account and the particulars about the loss or theft of the card. You can also summarize your phone call in your letter and provide the name of the person that entertained you.
5. Inform the Big Three – Call the three most popular national credit reporting agencies (see below) to report the loss and theft. They will know what to do and will likely attach a “Fraud Alert” to all of your lost or stolen credit cards.
   • Experian (TRW) – 1-888-397-3742
   • Trans Union – 1-800-680-7289
   • Equifax – 1-800-525-6285
6. Report to the Police

These are the essential steps to take on the unwanted event of credit card loss or theft. Hope it won’t happen to you but at least, you will know what to do.