Unfortunately, the author of this piece who happens to be an attorney has firsthand knowledge, because his wallet was stolen and within a week the thieves 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 information online, and more. But here's 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, but the key is having the toll free numbers and your car numbers handy so you know whom to call. Keep those where you can find them easily. File a police report immediately in the jurisdiction where it was stolen, this proves to credit providers you were diligent, and is a first step toward an investigation (if there ever is one).
But here's what is perhaps most important:
(I never ever thought to do this) Call the three national credit reporting organizations immediately to place a fraud alert on your name and SS#.
I had never heard of doing that 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 information was stolen and they have to contact you by phone to authorize new credit. By the time I was advised to do this, almost 2 weeks after the theft, all the damage had been done. The names and phone numbers are at the end of this message.
There are records of 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 the thieves threw my wallet away this weekend (someone turned it in). It seems to have stopped them in their tracks. Print out these important numbers and keep them handy:
Equifax: 1-800-525-6285 http://www.equifax.com/home/
Trans Union: 1-800-680-7289 http://www.transunion.com/
Social Security Administration (fraud line):1-800-269-0271
Visit the following websites for more information:
The Federal Trade Commission is responsible for enforcement of many of the nation’s other consumer credit statutes, including:
The Truth in Lending Act, which requires creditors to disclose in writing certain cost information, such as the annual percentage rate (APR), before consumers enter into credit transactions.
The Consumer Leasing Act, which requires leaseholders to give consumers information on lease costs and terms.
The Fair Debt Collection Practices Act, which prohibits debt collectors from engaging in unfair, deceptive or abusive practices, including over-charging, harassment and disclosing consumers’ debt to third parties.
http://www.ftc.gov/bcp/menu-credit.htm.
National Foundation for Credit Counseling. The National Foundation for Credit Counseling (NFCC) is a membership organization of counseling services. Each member of the NFCC is accredited by the Council on Accreditation. Consumer Credit Counseling Services, a widely known credit-counseling service, is a member of the NFCC. You can find a complete list of NFCC members at its Web site.
http://www.nfcc.org
We pass along jokes. We pass along just about everything. Do think about passing this information along. It could help someone. I would also like to add: do not carry your social security card on your person. If your purse or wallet is taken they would have full access to your SS number.
