If you lose your wallet – should you call the police?

Losing your wallet is a nightmare... 

But there are a few steps you can take to make coping with the loss a little easier:

Step 1: Cancel all your cards. Keeping a list of customer service numbers somewhere can save you a lot of time. Don’t forget department store cards too.

Step 2: Call the police. They won’t be able to do anything to get your wallet back – but you’ll have a police report on hand which helps protect you against fraudulent charges and identity theft.

Step 3: Replace your ID. It’s no fun – but you’ll need a state ID or driver’s license ASAP. If you get pulled over on your way to the DMV – that police report will come in handy.

Step 4: Request a credit report and initiate a fraud alert. You’re entitled to that for free after losing your wallet. They’ll monitor your credit for 90 days and alert you if someone tries to use it.

It’s a good idea to take a few minutes BEFORE you lose your wallet to make a list of what’s in there. Library cards, reward cards and other incidentals are easy to lose track of. You’ll also need to note any automatic bill pay and subscription services. If your wallet is lost you’ll have to change your account information on those to avoid service interruption.