If you're dealing with a lost credit card situation, you are not alone. It happens to anyone who owns one. You need to take certain actions immediately to preserve your consumer rights and, you must be patient and calm while your situation is resolved. With this understanding, next time, your spouse, employees, or kids tell you that they have lost the credit card, you will know that this is a common occurrence and that there are solutions and regulations to protect credit card owners.
One of the main questions that you might ask yourself is how prepared you are when this situation occurs. The KAOS identity protection program starts with the letter “K” which stands for “Knowing” your information. The program suggest in this first phase of the system that identity protection starts with an in depth inventory of all identity related items we own. We need to be aware of what we own, their related information such as bank's customer service number and address, and physical location.
For example, if you have a document inventory list, you hopefully listed the credit card that you have lost, and related information such as the issuing bank name, 800 number for quick reference, and current card location such as your wallet. How many people do you know would be aware of the contents of their wallet or purse, let alone their related information for quick action? You guessed it right, not too many people.
Therefore, in case of a stolen or lost wallet or purse, you can refer back to the inventory list, identify what was in your wallet and take quick action by calling the listed banks of all credit cards using the documented information, instead of doing research in the last minute.
You see, when you lose your wallet with all its contents, every minute counts to notify the banks and close your accounts before it’s too late. So, instead of doing research about what was in your wallet or who to call, you need to take quick action by calling the banks, close the old credit cards, and get new ones as soon as possible to get you back on the shopping track without the worry of lost credit card misuse and identity theft.
If you don't currently have a document and credit card inventory list, crate one and secure the list.