One of the ways that identity thieves work their black magic is to simply (very simply it seems) steal their victims’ wallets or purses.  The mere magnitude of information found in the average is staggering and a virtual gold mine that can turn a petty thief into a potential identity thief.  You would think that the steps you’d take to repair the damage done from a stolen wallet would be fairly common sense, but common sense isn’t always so common, so in the event that you find your wallet is stolen and along with it some very highly personal and private information, here are the steps you should take.  First of all, call all of your credit card and debit card institutions.  Request that all account numbers are changed.  You could also simply cancel all of your cards.  The folks at Identity Theft Labs don’t recommend that tack, however, because the outright canceling of cards, especially those that carry any kind of balance can severely and negatively impact your credit score.  Most banks have policies in place in the case of a lost or stolen wallet and will work on replacing the numbers rather than the outright cancellation of the cards or accounts. Be sure to impress upon your financial institutions that you would like new account numbers and that any mileage or other benefits be transferred in full to the new account.  Also be sure to ask about the same credit limits and same or better terms as this can also affect credit score.  Secondly, file a report with your local law enforcement department like the police or the sheriff’s office.  Having filed a report with the police is a vital step toward correcting any damage done, so be sure not to skip this very important step in the process.  Once you have filed the report, be sure to keep a copy for your own records.

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