What to do if you lose your purse or wallet

Cancel your credit cards immediately, but the key is having the toll free numbers and your card numbers handy so you know who to call. Keep those where you can find them easily (DON'T KEEP THEM IN YOUR WALLET OR PURSE). Contact your bank if your checkbook or ATM card was also stolen along with your wallet or purse. File a police report immediately in the jurisdiction where it was stolen, this proves to credit providers you were diligent, and is a first step toward an investigation.

The most important step you can take to protect yourself is this: Most people don't even know about this. Call the three national credit reporting organizations immediately to place a fraud alert on your name and social security number. The alert means any company that checks your credit knows your information was stolen and they have to contact you by phone to authorize new credit.

The numbers are: 

Equifax 1-800 525-6285 

Experian (formerly TRW) 1-800-301-7195 

Trans Union 1-800-680-7289 

Social Security Administration also has a fraud line 1-800-269-0271.