One of your biggest fears when getting a credit card is getting your identity either stolen or losing your credit card. Now we all now we can’t prevent everything but there are some simple steps if your credit card is stolen.

1. Contact your credit card issuer immediately

It’s always best to write down the toll-free number that is on the back of your credit card and store it in a safe place. This way, if you lose your card, you will have this number so that you can contact the customer service line immediately. When you call this customer service line, there will usually be a prompt that will specific “stolen and lost credit cards”

2. Monitor / Purchase a Credit Report

Once you cancel your card, you will want to make sure that the thief only had that particular credit card and nothing else happened on your credit report. It’s always best to check your credit report monthly to make sure there isn’t any suspicious activity. If there is, you will want to contact the card issuer immediately.

3. File a Police Report

If your card was stolen, you will want to place a police report. If you just happen to lose your card, chances are no one will risk spending money on it. Instead, cancel the card and wait a few days to make sure no activity has been placed. You can usually check your activity online instantly. This is why it’s always best to set-up an online account as well. The best thing about them is that the credit companies usually don’t charge.

These are three of major points and the steps you should take if your credit card is stolen. Now you can make the best of this situation and learn from your mistakes. It’s always best to keep your credit cards in a safe place regardless of where you go. You will never want to keep your cards unattended at all. It’s very easy for a thief to grab that card and spend it within seconds. Card thefts happen daily.

Just remember that when your card is stolen, federal law states that you’re only liable for the first $50 for unauthorized transactions. This may sound like a good point but if your credit report happens to have a mark on it that doesn’t belong there, this can take months and tons of work to have it erased.

It’s always best to purchase a credit monitoring subscription. Most credit card companies offer this for a low monthly fee. This will alert you anytime something changes on your credit card, so that you know once away. The earlier you catch these mistakes, the quicker they are at solving them.