How to Recover From Credit Card TheftJanuary 7, 2011 - 8:17 am
No one wants to deal with the unfortunate event of a credit card debt but when it happens to you is better to be prepared so you can act quickly to minimize the damage and clear your name.
Record Customer Service Phone Numbers
Now well you still have your credit card in your possession is a good idea to write down the telephone numbers of all your credit card company customer service. Keep these phone numbers in a safe place that you can easily retrieve them in case your credit cards go missing. If you don’t write these numbers down you have to spend time trying to locate the phone numbers for the customer service of your stolen credit cards after your credit card are missing.
Don’t worry if you forget to write down these numbers you can still find the customer service number for your missing credit cards on your credit card billing statement or on the website for your credit card company.
The reason these phone numbers are so important is you need to notify your credit card company as soon as you know your credit card is missing. Time essential when it comes to a missing credit card. The sooner you report a missing credit card the less likely it is that you’ll be the responsible for any of the charges made on your stolen credit card.
Your Liability for Stolen Credit Card Charges
If the thief makes a charge on your stolen credit card before you get a chance to report it, you could be liable for up to $50 of the stolen credit card charges. However, many credit card companies will waive the charges if you report the missing credit card within a reasonable amount of time. On the other hand, if you report your stolen credit card before the thief makes any charges, then you won’t be responsible for anything the thief charges on your credit card after you report it stolen. Finally, if the thief only steals your credit card number and you still have the credit card in your possession, you won’t be responsible for any charges.
Cancel the Accounts and Get New Ones
Anytime your credit card is stolen, you should close the account. The credit card company will probably do this automatically and reissue another credit card with a new credit card number.
If you had any automatic billing setup with the old credit card account, you’ll need to change these. For example, if you had a subscription that was automatically billed to your credit card, you should contact the publisher to have the credit card number changed. Otherwise, your subscription could be cancelled. Worse, the account could be sent to a collection agency to collect the payment. Review your previous billing statements to remind yourself of any automatic payments set up against your credit card.
Credit Report Fraud Alert
As a final measure, you can put a fraud alert on your credit report. It’s not likely that a thief could apply for a credit card in your name after stealing another credit card, but if your social security card or other personal information was also stolen, a fraud alert will prevent new accounts from being opened in your name.