What to do if your credit card is stolen
When your credit card/s is stolen the thieves have access to all the information they need to raid your bank account and savings and run up debts in your name. Once you know what to do should your credit card/s ever get stolen you can limit or even eliminate your losses.
Write down the names of all the credit card companies that you have a credit card with. Write down the credit card number and the special telephone number to contact should your credit card ever be stolen.
Contact the companies
Once you have realised that your credit card has been stolen inform all the credit card companies. The UK Banking Codes states that you are not liable for any purchases made on your credit card after you have reported the theft. The UK Banking Code also states that you are only liable for the first £50 on any purchases made on your credit card before you have had the time to report the theft. Most credit card companies will even refund that sum as long as you have not been negligent in doing something like writing down your PIN on a slip of paper and keeping it with your credit card.
Contact the police
Report credit card theft to the police so that they have a record of it. Gangs may be operating in the area or the police may have knowledge of local credit card thieves. Also remember that although it is your credit card that has been stolen any purchases made on it without your authorisation means that the credit card company and the retail outlet has also been the victims of theft.
Place a fraud alert
Contact the major credit report bureaus such as Experian or Equifax and ask them to place a fraud alert on your file. The credit report bureaus will be obliged to inform you whenever someone checks your credit history. The credit bureau will not divulge any information without your permission thereby preventing anybody obtaining credit in your name.
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