We live in the age of busy schedules, chaotic lives, and a multitude of things to remember and do each day. Because of all this activity every day, it is common to misplace things and even outright lose stuff, such as car keys, the kid’s stuff, your mind! But what happens when you lose one single thing that can wreak havoc on your finances and your personal life?

If you have ever lost a wallet, or worse, had one stolen, you know it is a serious matter that needs to be dealt with right away in order to protect yourself.

In some cases, our busy lives keep us so preoccupied we don’t even notice our wallet is missing for some time. If that’s the case, it becomes even more critical that you take the appropriate actions to make sure your loss doesn’t get out of control.

Here is what you need to do when you lose your wallet or have it stolen from you.

Call On the Police Immediately

As soon as you discover your wallet is no longer in your possession, contact the local police and file a report. You will need to inform them of the contents of your wallet, a physical description of the wallet, and the circumstances leading up to the loss.

This is one of the reasons it is an excellent idea to keep a record of the contents of your wallet on paper, such as copies of the credit cards, bank cards, forms of ID, and other information kept in your wallet. Keep this list in a very safe place at home, such as a locked cabinet or safe, in the event of an emergency. Include the phone numbers for contacting each of the companies so as not to waste time during an emergency situation.

Contact the Credit Bureaus

Each of the three credit bureaus (Experian, Equifax, TransUnion) will allow you to file a fraud alert or freeze on your credit accounts. They, in turn, will be extra-cautious about your accounts once they know your identity may have been stolen.

Report the Loss to the Credit Card Companies

With the list of contact numbers you keep, go down the line and contact all of the companies where you have an account and inform them of the loss. You will be insured replacement cards with new numbers, rendering your old card unusable.

Inquire about the charges for the replacements if any so you can be prepared. Ask the card company to notify you of any attempts to use the card and make sure if the card has been used, that you will not be held responsible for them for all dates after the theft.

Report the Loss to the Department of Motor Vehicles

If your driver’s license was lost with your wallet, contact the DMV to find out the protocol for getting a replacement license that you will no doubt need to identify yourself in order to deal with your wallet loss. The DMV will also file a report on the stolen license that will go in your file.

Speak to Your Bank

If you lost your bank card or any other banking information, contact your bank to report the loss. You may have to get new account numbers, debt cards, and checks to replace the lost ones with new information. Also check to make sure there has been no activity on your account that you haven’t authorized.

Other Things to Consider

Many of us carry more information in our wallets than what is listed above. If you do keep a list of the contents of your wallet, it will be simpler to get in touch with all the people you need to notify. If you are just starting a list, consider the following companies to add if they are relevant to your situation.

• Insurance cards – medical, vehicle
• Medicare cards or other state agency cards
• Identifications other than drivers license – military ID, student ID
• Membership card – library, health club, golf club, video rental