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Things to do if you have Lost your Credit Card

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LOST OF CREDIT CARD / STOLEN

Well, it is said that credit cards are crucial to handle and the fear of the credit card getting stolen is the worst. You don’t know the amount of damage it can do to your bank balance and your mental health.

There comes a time when after being very cautious with the credit card, theft can be caused without the knowledge of the best credit card holder or can also just get lost.

In such cases certain steps are required to be kept in mind which are explained below;

1. INFORM YOUR BANK ABOUT STOLEN CREDIT CARDS

In case if you have lost your credit card or you have noticed some suspicious transactions taking place, the first and the foremost thing that you should do is, inform your bank about it as soon as you can.

Also, the CIBC instant Teller machine provides the credit card holder the option to change their PIN. Upon this notification, the bank then issues the holder a new credit card in place of the lost or the stolen one. If you are a victim of fraud, then you won’t be liable for any losses that have been caused.

2. FILE A POLICE REPORT

You are required to file a police complaint in case of credit card theft, not only the banks should be informed but also legal action is needed to be taken against the culprit, and he/she should be held responsible for it.

3. CALL CREDIT BUREAUS

It is essential that the respective bureaus like the EQUIFAX and TransUnion should be notified against the credit card theft and also request that a fraud has been conducted and an alert is placed on your credit profile.

The holder is also required to review his/her current credit report and ensure that no other frauds are caused. And if you find any irregularity, then the credit card holder is required to notify the bureau immediately.

4. KEEP WRITTEN RECORDS

The credit card holder is required to document every single detail of the person they are speaking to from their respective banks as well as the bureau when a theft is involved.

All the communications are required to be noted down as the date and time you spoke, the content of your conversations and if any follow-up items.

5. DESTROY ASSOCIATED CARDS AND CHEQUES

It is important that all the related documents to the credit card account that has been compromised be destroyed. If the option of online banking was registered, then enroll the new registered issued credit card account number and also ensure that the old one has been blocked and canceled by the bank.

If the stolen credit card was registered for the service of automatic billing with a certified retailer or service provider, then update them with your new account number as soon as possible.

CONCLUSION

Use of best credit card is an easy way to pay for the services that we avail, but if it is not used accurately, then it can pull the customers in debt. All you have to do is to keep track of all your purchases, remembering the payment cycles and also try to settle down credit card purchase payment at the end of every month and also avoid overspending.

The holder is required to handle their respective cards cautiously. As well as if any theft or fraud is done then follow the steps as mentioned above for safety and security via notifying the respective banks and the bureaus.