by Joseph Kenny | 10/21/08

Many find it hard enough to protect their credit rating from their own hands, but when that credit has been compromised by a theft it tends to be a bit harder.

A thief can decimate your credit rating with only a few quick swipes of a stolen credit card. Luckily, consumers who act quickly can limit and negate these detrimental acts.

The first step is to make sure your credit card does not get stolen. While this sounds like a simple piece of common sense many people are still experiencing credit card theft.

Other safety tips include:

• Do not leave your credit card out in the open.


• Keep your cards with you at all times.


• Know where your purse and wallet are.


• Never give out your credit card number over the phone unless you know for certain whom you are dealing with.


• Be weary of online stores. Never purchase anything from a site you are uncertain of.


• Keep track of your monthly statements and report any fraudulent charges.


• Make sure to cut up all of your old cards.

If your card or card number is stolen anyways then you have to act promptly. The longer you wait the more damage to your credit score will happen and the harder it will be for you to repair that damage. As soon as the theft happens, or as soon as you find fraudulent charges then call the card company. You will need to call all of the credit card companies if it was your wallet or purse that was stolen. That way all of the companies are on alert for unauthorized charges.

Then you will need to place a Fraud Alert. A Fraud Alert will notify the three main credit bureaus of the theft. This will help prevent damage to your credit score. You will need to mail off the request for Fraud Alert, a simple phone call or email will not do.

If you have not already done so, call your local police department to report the crime. It may take some time to recover your cards and your credit score but it is possible.

If you fear that more then your credit card was stolen, additional steps will be required. You can place a freeze on your credit report which will block all new credit lines and accounts from opening in your name. It will also prevent credit checks from occurring so employers and lenders will be unable to see the damaged credit score.

Having your credit score ruined by a theft is nerve wracking and even heart breaking. You work so hard to keep the score the highest you can and seeing those numbers plummet as a result of a theft is horrifying. What is worse is having spent years repairing your credit score from bankruptcy or foreclosure only to have all that hard work swept out from under you.

You can prevent all this by being careful with that little piece of plastic. Remember, a credit card can make the difference between how much you have and how much you owe. Just make sure whatever charges you do make are items that you need and not what some strangers wants.