Report that lost or stolen credit card now!

Most people find it convenient to use an ATM using their credit or debit cards. However, at some point if you hold credit cards, chances are that you may lose it or have it stolen.

Today the number of ID theft cases are skyrocketing and it can be a complete nightmare to pick up the pieces following such an event.

With some thief out there charging enormous amounts to your card, you could experience a huge mess if you don't act quickly. Fortunately, there are several ways to sort out the problem and not lose a huge amount of money or your ability to spend money in the future.

The Fair Credit Billing Act (FCBA) and the Electronic Fund Transfer Act (EFTA) have regulations that can protect individuals and businesses in cases of lost or stolen credit cards, provided they follow certain procedures.

First of all, report the lost or stolen credit cards as quickly as possible to the issuers. Most companies provide a 24-hour toll-free number on their statements to deal with such emergencies.

Follow up on the phone or with a letter that includes your account number. Communicate when you first realized that your card was missing and the date that you called and reported the loss. Get them to cancel the card at once.

The faster you cancel the card, the lower are the chances that someone else can use it for criminal purposes. Always keep your credit card company phone numbers in more than one place, so that you can call them even if your wallet is stolen.

Over the next few months, review your credit card statements and check for irregularities. If you see anything suspicious or see that your bill is wrong in any way, contact the card issuer immediately.

You must be sure to inform them no later than 60 days after receiving the bill. Mention your name and account number and the dollar amount of the error, with the date of occurrence. Be sure you send the letter to the separate address provided for such billing errors and not with a payment or to an address where you usually send your payments.

You cannot not be held liable for any unauthorized card use occurring before or after the lost or stolen credit cards have been report. If any unauthorized transactions show up on your statement, report them immediately.

The best protection is to not carry credit cards at all, and never store your PIN numbers in the same place as your cards. Be sure to keep all kinds of identification safe and secure.

Unfortunately, it's a sad fact of life that credit card and ID theft are on the rise. So protect yourself by keeping your identification and financial information in a safe place that only you can access.

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