Time Of Essence If Your Wallet's Stolen

Every year, millions of Americans have their wallets stolen.

If you've ever been a victim, you know the awful feeling you get when you realize it's happened.

Not only does it mean you're out some money, it can wreak havoc on your credit.

On The Early Show Monday, consumer correspondent Susan Koeppen spelled out the steps you should take if it happens to you -- as it did recently to her husband.
And some of them may surprise you.

The first thing, Koeppen says, it to act quickly. You need to do the obvious, and cancel credit cards and debit cards. Whomever swiped her husband's wallet had used his debit card within minutes.

You need to be prepared for this to happen, and make sure you make the calls quickly.

In addition to canceling credit and debit cards, you need to contact the three credit reporting agencies and put a 90-day security alert on your account.

They are Experian (experian.com), TransUnion (transunion.com), and Equifax (equifax.com).

You can do it online or call -- it's quick and easy.

Placing an alert with the credit bureaus basically puts up a red flag that identity theft may have occurred, and makes it harder for someone to get credit in your name. Under federal law, lenders have to respond to your security alert, so, if someone tries to get credit in your name, they need to take action to assure they are lending to you and not a scam artist.

Such alerts can make it harder for you to get credit, if you are trying to get instant credit at a store, for instance. But that's for 90 days, so it's not long-term, and it doesn't affect your credit score.

Another move to make -- contact your health insurance company. Medical insurance fraud is a big problem, Koeppen points out. Someone can take your card and get medical care pretending to be you. Koeppen once did a story with a woman who lost her wallet and learned someone had used her information when she gave birth. You need to let your insurance company know that someone has stolen your insurance card.

Something else Koeppen suggests -- lightening your wallet load. Her husband knew exactly what he had in his wallet, because he didn't carry around much. But most people have credit cards and social security cards and all kinds of stuff they don't necessarily need.

For sure, Koeppen advises, know what's in your wallet, keep copies of what's in your wallet, and keep phone numbers handy.

If you fall victim to I-D theft, Koeppen adds, it can help if you have a police report in numerous ways, including getting things replaced, such as your driver's license.