Stolen Credit Cards
Of all the things you shouldn’t lose, a credit card definitely tops the list. Losing your credit card can seem like your worst fear coming true. A stolen credit card can cause a lot of damage, especially if you have a high credit limit. The situation can worsen if too much time passes before you realize the card has been stolen and you end up having to pay for fraudulent charges.
It is important to report a stolen credit card as soon as possible. The sooner the report is given to the credit card company, the lesser the chances of financial rupture. Fortunately, a Federal law called FCBA (The Fair Credit Billing Act) covers stolen credit cards. Under this law, you cannot be held liable for any fraudulent charges made. However, you have to report the stolen credit card without delay. If the thief starts using the credit card before you report it stolen, there could be a charge of $50. If the credit card number, and not the physical card, is used for making fraudulent charges, you won’t be held liable for any of those charges.
Reporting a Stolen Credit Card
When you find out that your credit card has been stolen, do not panic. The first thing to do is report the theft to your credit card issuer. Do not delay in doing this. If you have trouble reaching your credit card issuer, use your billing statements. Most issuers print their customer service phone numbers on these billing statements. Even the issuer’s website can be used to report your stolen credit card.
When contacting your creditor, it is important to have your account number, the date the card went missing and the date and amount of the last purchase. Be sure to also follow-up with a letter after informing the creditor of the theft. The letter is valid proof that you reported the stolen credit card, if that fact ever comes into question.
Detect and Prevent
It is easy to detect fraudulent charges on a stolen credit card. The trick is to check your account frequently, and make sure that no unauthorized charges appear. Even your credit card number alone, without the card itself, is enough for thieves. So keep track even if your cards have not gone missing. Do not keep credit cards in places where they could be vulnerable to theft, keep them securely in wallets so that only you have easy access. Also, prepare a contact list of your credit card issuers. If a credit card is stolen, precious time should not be lost searching for credit card issuers’ phone numbers. If you want help with credit cards, a debt management program will be able to guide you through all the basic requirements of managing and securing a credit card.
To know more, please visit at Debt Management Services
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