What to do if Your Credit Card is Stolen

So, you recently got a student credit card, and you're feeling the happiness of a great asset in your pocket, when you notice that said pocket is a little lighter... and that your wallet has been lifted by an enterprising pickpocket. Now what?

The theft of a credit card is far more than the loss of a piece of plastic and the money that can be spent on it. Recent studies have indicated that theft of credit cards is only part of the greater crime of identity theft. This guide will help you minimize the damage a thief can do to your credit rating.

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Before you begin, make note of this important rule of thumb: In any kind of financial transaction (including reporting a theft) it is absolutely essential to get as much in writing as possible. You may, unfortunately, need to dispute items and issues for a long time, and having written records will be a sanity-saver!

First things first: report your Chase card stolen immediately. You can do so by calling 1-800-441-7681 or 1-800-432-3117. Make note of the approximate time and date when it was stolen. If you report by the Web, print a copy of your confirmation! Repeat this procedure for any other cards or vital information you had in your wallet.

Second, if you're certain it was a crime (i.e. a pickpocket ran off with your wallet in broad daylight) report it to the police. Get a copy of the report in case the bank, credit card company, or others need proof of the crime later on. You will need this if your identity is stolen along with your card!

Third, contact the three major credit bureaus and report that your identity has been stolen. Ask that a "fraud alert" be placed on your file and that no new credit be granted without your approval. After you call or file by the Web, follow up with a written letter. (keep a copy!)

Fourth, monitor your credit carefully for the next six months. Ensure that no one is attempting to establish any form of account in your name. Suspicious things to look for include new accounts, high levels of inquiries, and inquiries from vendors and businesses you have not done business with. We recommend using a professional service to do so.

Your credit is one of the most valuable non-tangible assets you have in your daily life. Protect it as you would protect any seriously valuable asset!

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