Naked Medicine

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What to Do If You Lose Your Wallet

Some time ago, I lost my wallet, and within the hour that I realized my wallet had been lost, I was able to do the most important “damage control” tasks like:

  • notifying credit card companies to cancel existing cards and issue new card numbers
  • downloading a duplicate health insurance card
  • figure out how to replace driver license
  • putting a “freeze” on opening new lines of credit

Other than knowing an exciting day of waiting at the DMV (Department of Motor Vehicles) is in my future, I am glad I haven’t lost anything I cannot replace.

Since my credit card transactions all come with email alerts, if anyone had tried to buy anything with the cards, I’d be notified immediately via email.

In terms of lines of credit being opened, this is where putting a “credit freeze” is critical. In the U.S. the 3 major credit reporting agencies will get a record “pull” anytime when anyone inquires about your credit or someone (hopefully yourself) is trying to open up a line of credit: maybe this is applying for a new credit card, or apply for a store card, trying to buy a car, trying to inquire about a mortgage or line of equity loan etc…. by putting on a “freeze” it forces the inquirer to call a number before any data can be pulled. This way you will know if someone is trying to use your identity and take a loan in your name.

The “credit freeze” is new for me this time around when I lost my wallet, but I’m not actually worried about my credit cards being used in appropriately because of the email alerts and also because I acted extremely quickly, and have online access to all my credit card transactions.

While it’s very disturbing to have lost my wallet — I forget to appreciate how much having a method of identification factors into daily financial transactions — I also appreciate how technology lets me minimize financial damage in a quick and timely manner. Of course I’m still hoping a kind-hearted person will turn in my wallet to the police and I have filed a police report.

Do you have a “lost wallet” action plan?

Updated: September 5, 2014 — 9:46 am

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