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One of our readers, Jack, sent us that question:

Just a quick question. One of my family members had their purse stolen. Everything they owned was in the purse, from credit cards, checks, social protection cards, and so on. Now would Freezing their credit report benefit her? Or would freezing them hinder the progress of getting everything straightend out? The theives did not open any new accounts.

Thanks,

Jack

Thanks for your question Jack! The short reply is yes, she absolutely needs to freeze her credit report as quickly as possible. Any date your purse or wallet is stolen there are ten basic steps that you need to take in order to protect your accounts and your credit rating.

Ten Steps to Combat Identity Theft:

1. File a police report - signal your local police station (not 911). They will help you file a report. invent certain that you keep a copy of the report, and keep the report number handy. You may need it as proof to follow some of the steps below.
2. shout your bank and report your debit card lost / stolen - It is crucial that you do that as quickly as possible considering whether you do not you could end up being liable for any charges the thief makes on your card.

Here’s how federal law works: whether you report your card stolen before the thief manages to charge on your card, next you are not liable for the charges. whether you report it afterwards, the amount of your liability depends on how expanded you wait - so don’t wait. Do that the instant you have filed your police report, whether not sooner. Ask for a new card, with a different detail number.

3. Your Checking and Savings Accounts - Close them and stop payment on any checks you have out whether possible. Open up new ones, with new explanation numbers. Your bank should be able to help you.
4. Freeze your credit reports - One of the first things would-be identity thieves do is to try to open up new accounts in your name. whether you freeze your credit report it will not matter how many applications for credit someone puts in, they will probably not be able to open new accounts since your credit score will be hidden.

   Freezing your credit reports is a far more effective policy than simply placing a hoax watchful since some lending banks could disregard the

   scam heads up and open new accounts despite the warning. As expanded as you have a police report there should be no charge to freeze your report at any of the three credit bureaus.
5. build a list of everything that you know was in your wallet / purse - At the very least you are going to need that list so that you know what you need to replace. You will additionally need it for step number 6.
6. Start calling your credit card companies - Report the loss of each individual card. Cancel the card, and ask for a new card, with a new detail number. By law you are not liable for more than $50 per detail whether your card is used without your permission, so take a deep breath and relax.
7. Your Driver’s License - You will need to go to your local DMV and report your license as lost, and get a replacement.
8. Your social protection card - you will have to go up to your local social safety measure office to get a new social defense card. However, you will never be issued a new social safety measure number unless there is proof that someone is using it fraudulently - you will just get a replacement card.
9. Change your locks - whether the thief got your keys as well, thereupon you need to change the locks on your house, and whether possible, your car. They have your keys. They have your address. Why take a chance?
10. Temporarily purchase a credit monitoring service - particularly whether you do not freeze your credit report. that will be the first indicator that someone is opening accounts in your name, and right now, I think that it only costs around $30 a month to monitor your reports and scores from all three credit bureaus. Personally, I prefer TransUnion’s credit monitoring service by Experian’s. I have never used Equifax’s, so you may have to check that out yourself. You could additionally look into companies like Lifelock.

Once you have finally gotten that resolved, don’t forget to get a free copy of your credit report each year. Once someone has your knowledge, it is possible that they always have it, so at the very least check once a year to compose certain no new accounts have been opened without your knowledge.

Have a question for us? Leave a comment below!

Orginal post by Jenna

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