Ok, my parents just came back from an international trip. Dad lost his wallet somewhere along the way. He had $26 in cash, 2 debit cards, his social security card, medicare card, and both his and mom's drivers licenses in the wallet.
Cash - gone but not a huge loss
Debit cards - called the banks, no weird activity noticed, canceled the cards
SS/Medicare cards - ordered replacements
Drivers Licenses - ordered replacements
So, the question is this. Should we report the lost wallet situation to the credit bureaus? If we do, will this mess up their credit situation, i.e. make it difficult for them to get future loans if needed, and if so, for how long. It is unlikely that they'll need any kind of loans, but just in case, you know? My parents have absolutely no debt, no mortgage or loans of any kind, and do not use credit cards at all. They don't speak much English so I will have to call the credit bureaus for them -- is this something I can do online for them instead of over the phone?
What do you guys think? Any suggestions would be appreciated!
Lost wallet questions
April 27th, 2010 at 12:50 pm
April 27th, 2010 at 01:00 pm 1272373257
Here's a link with a little more information.
April 27th, 2010 at 01:08 pm 1272373720
April 27th, 2010 at 01:41 pm 1272375678
In fact, because of that, I would do a 7-year-alert on the credit reports. When info like that is stolen, it is often not used for a year or 2. (I don't remember offhand how you prolong the alert - maybe can send in a letter). You can maybe do a letter for the initial alert. Of course, heck, I think it is an automated phone system - just call.
The effect of the alert is merely that any bank would need to call them before issuing credit in their name. Just so credit isn't issued in your name, without your knowledge. It doesn't matter for FICO or getting loans. My identity was stolen and I have the 7-year alert on my credit bureau accounts.
April 30th, 2010 at 08:58 pm 1272661122
Jerry