Successful People as Investors: Helpful Information

Many of my clients often seek my input on financial matters outside the realm of investments. To that end, I wanted to share the following with you. It was sent to me by a friend and was written by a corporate attorney who sent it to the employees of his company.

Place the contents of your wallet on a photocopy machine, do both sides of each license, credit card, etc. You will know what you had in your wallet and all the account numbers and phone numbers to call and cancel. Keep the photocopy in a safe place. I also carry a photocopy of my passport when I travel either here or abroad.  

We've all heard horror stories about fraud that's committed on us in stealing a name, address, Social Security number, credit cards, etc. 

Unfortunately, I, an attorney, have firsthand knowledge because my wallet was stolen last month. Within a week, the thief/thieves ordered an expensive monthly cell phone package, applied for a Visa credit card, had a credit line approved to buy a computer, received a PIN number from DMV to change my driving record information online, and more. 

Here's some critical information to limit the damage in case this happens to you or someone you know: 

We have been told we should cancel our credit cards immediately. The key is to have the toll free numbers and your card numbers handy, so you know whom to call. Keep those where you can find them easily.  

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 (if there ever is one). 

But here's what is most important: 

Call the three national credit reporting organizations immediately to place a fraud alert on your name and Social Security number. I had never heard of doing that until advised by a bank that called to tell me an application for credit was made over the internet in my name. The alert means any company that checks your credit knows your information has been stolen and they have to contact you by phone to authorize new credit.

By the time I was advised to do this, almost two weeks after the theft, all the damage had been done. There are records of all the credit checks initiated by the thieves' purchases, none of which I knew about before placing the alert. Since then, no additional damage has been done, and the thieves threw my wallet away this weekend (someone turned it in). It seems to have stopped them in their tracks.

The numbers are:

Equifax -1-800-525-6285 

Experian (formerly TRW) -1-888-397-3742 

Trans Union -1-800-680-7289 

Social Security Administration (fraud line) -1-800-269-0271 

David Biebelberg can be reached at dave@ewgadvisors.com or (732) 546-9353.