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What to do if your credit card is lost or stolen

People do find using credit cards so much more convenient, but what do you do if your cards are lost or stolen? The Fair Credit Billing Act (FCBA) and the Electronic Fund Transfer Act (EFTA) offer procedures for you to use if your cards are lost or stolen.
Hopefully you will have made a copy of all your pertinent card information and have it in a secure place. It will make it much easier for you to protect yourself.

Do contact your credit card company as soon as possible. Most have 24 hour service with toll free numbers available to deal with such emergencies. They will be able to put a stop on the stolen card almost immediately and issue you a new card. It's a good idea to follow up your phone calls with a letter. Include your account number, when you noticed your card was missing, and the date you first reported the loss. And keep records of these transactions until the matter has been resolved.

You also may want to check your homeowner's insurance policy to see if it covers your liability for card thefts. If not, some insurance companies will allow you to change your policy to include this protection.
Credit Card Loss or Fraudulent Charges (FCBA). Your maximum liability under federal law for unauthorized use of your credit card is $50. If you report the loss before your credit cards are used, the FCBA says the card issuer cannot hold you responsible for any unauthorized charges. If a thief uses your cards before you report them missing, the most you will owe for unauthorized charges is $50 per card. Also, if the loss involves your credit card number, but not the card itself, you have no liability for unauthorized use.
After your loss, go over your billing statements with extra care. Write a letter to your credit card company describing any unauthorized or questionable charges including the date of the loss of your credit card as well as when it was reported etc. Be sure to send the letter to the address provided for billing errors. Do not send it with a payment or to the address where you send your payments unless you are directed to do so.
Protecting Your Cards
The best protections against card fraud are to know where your cards are at all times and to keep them secure. For protection of ATM and debit cards that involve a Personal Identification Number (PIN), keep your PIN a secret. Don't use your address, birth date, phone or Social Security number as the PIN and do memorize the number.
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