Losing a credit card or having one stolen can be a nightmare. If you’ve fallen victim to credit card theft or loss, there are certain steps that you should immediately take to protect yourself and your accounts…

First of all, notify the credit card issuer immediately if you find that your credit card is lost or stolen. You will be charged up to a maximum of $50 of unauthorized purchases that occurs per card before the card company is notified of the loss. If you lose five credit cards, you may be responsible for up to five times $50 or $250. (Some homeowners insurance policies cover up to $500 in charges on stolen credit cards.) As soon as the credit card issuer has been informed that a card has been lost or stolen, the credit card holder is no longer responsible for even $50 of unauthorized purchases.

You should be informed about your $50 liability for unauthorized use of credit cards when you receive requested cards. Prepare for the possibility of lost cards by listing credit card account and phone numbers, and addresses for notification. Keep this information separate from your cards and leave it with a relative or friend.

Lost or stolen debit cards can cost more to their owners than lost or stolen credit cards. Debit card holders are liable for the first $50 of charges even if the loss is reported before the card is used. If the loss is not reported, the debit card holder is liable for up to $500 of unauthorized use.

You should also contact the Fraud Units for the credit reporting agencies if cards are lost are stolen.

• Equifax 1-888-766-0008
• Experian 1-888-397-3742
• Trans Union 1-800-680-7289