What To Do When You Lose Your Credit Cards

If you think you have lost your credit card or it has been stolen, don’t panic. The Fair Credit Billing Act (FCBA) limits your liability for unauthorized charges, as long as you quickly notify the credit card company of the loss or theft.

Immediately report the loss of the credit card to the issuing company. Many companies have toll-free numbers and 24-hour service to deal with such emergencies. As a precautionary measure follow up your phone calls with a letter that includes your account number, when you noticed your card was missing, and the date you first reported the loss. After reporting the loss, review you’re billing statements very carefully. If you find any unauthorized charges, send a letter immediately to the card issuer, describing each questionable charge. Again, tell the card issuer the date your card was lost or stolen, or when you first noticed unauthorized charges, and when you first reported the problem to them. Be sure to send the letter to the address provided for billing errors. Do not send it with a payment or to the address where you send your payments unless you are directed to do so. That’s it. Once you have done this, you are no more liable for unauthorized future billings.

Your maximum liability for unauthorized use of your credit card is $ 50. If you report the loss before your credit cards are used, the FCBA says the card issuer cannot hold you responsible for any unauthorized charges. If a thief uses your cards before you report them missing, at most you are liable to pay $ 50 per card. If the loss involves your credit card number, but not the card itself, you have no liability for unauthorized use.

If case of a dispute you could contact Federal Trade Commission. The Federal Trade Commission (FTC) is responsible for enforcing federal laws that govern credit card issues. It functions for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide help information. To file a complaint or to get free information on consumer issues you could visit www.ftc.gov.