“How to Handle a Lost or Stolen Credit Card: A Step-by-Step Guide”

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Protecting Your Credit Card: Essential Steps to Take

At O1ne Mortgage, we prioritize your financial well-being and education. If you find yourself reaching for your credit card only to realize it’s missing, don’t panic. While losing a credit card is inconvenient, the financial impact can be minimal due to federal laws limiting your liability for unauthorized purchases. However, it’s crucial to act quickly to mitigate any potential issues. Here are five essential steps to take if your credit card is lost or stolen.

1. Lock Your Credit Card

Locking your credit card prevents unauthorized use. You can usually freeze your account through your card issuer’s mobile app or online account. Alternatively, you can call the issuer to lock your card. This should be your first step after confirming your card is missing. If you find your card later, you can easily unlock it. If not, proceed to the next step.

2. Contact Your Credit Card Issuer

Once you’re sure your card is lost, contact your credit card issuer immediately. Use the number on your latest statement or find the contact information online. The customer service representative will deactivate your card, ensuring no one can use it. They may also review recent transactions for unauthorized charges. Follow up in writing to document your report, including your account number, the date you noticed the card was missing, and the date you reported it.

3. Monitor Your Credit Card Statement

After reporting the loss, monitor your statement for any signs of fraud. Report any unauthorized charges immediately. The Fair Credit Billing Act limits your liability for unauthorized use to $50, and many issuers offer zero-liability fraud protection. This means you likely won’t be responsible for any fraudulent charges.

4. Update Your Recurring Payment Information

When you receive your replacement card, update any accounts with recurring payments, such as phone bills or subscriptions, with your new card information. Don’t forget about infrequent charges like semi-annual insurance payments. Updating your information promptly helps avoid missed payments, late fees, and service disruptions.

5. Prevent Future Loss or Theft

While you can’t completely prevent your card from being lost or stolen, you can take steps to reduce the risk:

• Use a digital wallet: Digital wallets eliminate the need to carry your physical card and offer more secure transactions.
• Keep your cards in one place: Designate a specific spot for your cards to make it easier to keep track of them.
• Only carry what you need: Take only the necessary cards when you leave the house.
• Secure your cards: Keep your cards in a safe place when not in use to prevent theft.
• Keep your account number secure: Limit who you share your card number with and use secure passwords for online accounts.
• Use multifactor authentication: Adding layers of security makes it harder for someone to steal your information.

The Bottom Line

While losing your credit card can be stressful, taking immediate action can minimize the impact. Contact your card issuer to cancel the card, get a replacement, and report any fraudulent charges. Proactive steps can help prevent future issues. Monitoring your credit can also alert you to potential problems, such as identity fraud. For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We’re here to help you navigate your financial journey with confidence.

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