If Your Student Credit Card Gets Stolen
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ARTICLE: If Your Student Credit Card Gets Stolen
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It really doesn’t matter what kind of credit card you may have – it could get stolen. Therefore, it will be to your advantage to know how to deal with the police, the credit card company, and the credit bureau just in case.
A stolen credit card is not only a form of stealing money but it is also a method of stealing a credit record and/or a person’s credit identity. In the past, when a credit card was stolen, people were simply worried about how much money the thief might charge on the account before he or she was caught with the card. That, by itself, is a reason to be careful with the card as well as other debit cards, checks, or money you may have in you wallet. Now, however, it is also important to note that stolen identity is a problem as well.
If the card is stolen, you need to report it immediately to the credit card company and the police. Always keep a record of the card number and its phone numbers in your personal files so that if it is stolen you will have a way to make contact with the company and declare it unusable. When making the police report, be sure to get a copy of the report as well for future use in tracking down whoever might have stolen the card.
One other very important point is to contact the credit bureaus that are charged with keeping track of various credit records for individuals and businesses. These credit records are kept in confidentiality by Equifax, Experian, and Trans Union. Between these three bureaus, your credit records are kept for whenever you apply for school loans or whenever you apply for home loans. When your bills are paid on time, the credit record is kept clean and more credit is extended when necessary. However, if your bills are unpaid or consistently late, your credit record will be noted with that as well.
When you contact the credit bureaus, you must ask them to place a “fraud alert” on your account so that no new credit can be granted without your specific approval. Follow up your phone call with a written letter, of which you keep a copy, so that everything will be in writing. In this way, you will leave a paper trail showing that you have performed your part of the requirements for setting things to rights.
While no one wants to have their personal possessions stolen, it is best to know what to do just in case. Your credit, while intangible, is an asset. It is best to guard it wisely.
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