WHAT WOULD YOU DO IF YOU LOST YOUR WALLET/PURSE?

Cheap advice from a friend on what to do if your purse/wallet is stolen. We've all heard horror stories about fraud that is committed using your name, address, social security number, credit, etc. Unfortunately I have firsthand knowledge. My wallet was stolen last month and within a week the thieves had ordered an expensive monthly cell phone package, applied for a VISA credit card, had a credit line approved to buy a Gateway computer, received a PIN number from DMV to change my driving record info online, and more.

Here is some critical information to limit the damage in case this happens to you or someone you know. As everyone always advises, cancel your credit cards immediately. The key is having the toll free numbers and your card numbers handy so you know who to call. Keep those where you can find them easily (having to hunt for them is additional stress you WON'T need at that point!). File a police report immediately in the jurisdiction where it was stolen. This proves to credit providers you were diligent and is also the first step toward getting an investigation started by local authorities.

Probably the most important call you can make is to the three national credit reporting organizations. Make these calls immediately to place a fraud alert on your name and social security number. I have never heard of doing this until advised by a bank that called to tell me an application for credit was made over the Internet in my name. The alert means any company that checks your credit knows your identity was stolen and they will contact you by phone to authorize new credit.

	Report fraud:	Request report:
Equifax:	800-525-6285	800-685-1111
Experian:	888-397-3742	800-353-0809
Trans Union:	800-680-7289	800-888-4213
Social Security Administration Fraud Line:	800-269-0271

Almost two weeks had passed before I was advised to place a fraud alert with the credit reporting organizations. By then the damage had been done. A review of my credit records revealed all the credit checks initiated by the thieves' purchases, none of which I knew about before placing the alert. Since then no additional damage has been done and my wallet was found and turned in.

Found this information at msNBC.com
Step 1: Protect your finances
Contact the fraud departments of each of the three major credit bureaus. Get a copy of your credit report, which is free to ID theft victims. Ask that your file be flagged with a "fraud alert tag" and a "victim's statement." That will limit the thief’s ability to open new credit accounts, as new creditors will call you before granting credit, generally. Insist, in writing, that the fraud alert remain in place for seven years, the maximum, according to PrivacyRights.org.
Step 2: File a police report
You will need a police report to dispute unauthorized charges and for any insurance claims. Be persistent; your local police department may suggest that this isn’t necessary, because they don’t want the paperwork hassle. Also, fill out an online ID Theft complaint with the Federal Trade Commission or call 1-877-ID-THEFT. That enters your case in the FTC’s “Consumer Sentinel” database, a nationwide list of ID theft cases which can be used by law enforcement officers to find patterns and catch criminals.
Step 3: Close all compromised accounts
The list may be wider than you realize. This includes accounts with banks, credit card companies and other lenders, and phone companies, utilities, ISPs, and other service providers. Dispute all unauthorized charges – The FTC offers a sample dispute letter on its Web site. Disputes may require a sworn statement and a police report. The FTC also offers a form affidavit which can be used for the sworn statement at www.consumer.gov/idtheft/affidavit.htm.