Everyone has different techniques for keeping their wallet safe – placing it in your front pocket, holding your purse in a certain way – but the fact is, no matter how much you protect against it, there’s always a chance your wallet might be lost or stolen someday.

Here is a guide that can help you minimize the damage in case your wallet is stolen. Keep in mind that you’ll also need to be prepared to monitor the activity on your credit for at least 90 days after the theft event.

* Enroll in a credit monitoring service that will promptly notify you when certain changes are detected on your registered credit and bank account numbers, whether your wallet has been stolen or not. A credit monitoring service will also monitor your credit reports from the three major credit reporting agencies (Experian, Equifax and TransUnion) so you can act accordingly if you notice that fraudulent activity on your accounts has led to bad ratings.

* Call your credit and debit card companies immediately to report the theft. If you have kept a list of what was in your wallet in a safe place at home, along with the phone numbers you would need to call in case of theft, this process may be easier for you. But if you haven’t, you can use your account statements to track down the right telephone number. Be sure to report your theft to your creditors and ask them for a new credit card and number. To avoid penalties that might result from canceling and subsequently renewing, don’t cancel your account. Most credit card companies have theft protocols in place and will help you through the process.

* Notify Experian, Equifax and TransUnion of the theft to prevent your credit score from being unfairly damaged by unauthorized activity.

* If you are sure that your wallet was stolen and there is no chance it could just be lost, call the police and file a report. While the police may not be able to track down the person who stole your wallet, it’s important to have this information on the legal record in case the thief tries to steal your identity by using what they found in your wallet.

* Think beyond just your credit cards and make sure no other important information, such as your account passwords, was stolen along with your wallet. Change the appropriate passwords immediately if this was the case.

* If your driver’s license was in your stolen wallet, head to the Department of Motor Vehicles as soon as possible to get a new license and cancel your old one.

Having your wallet stolen is never a pleasant experience, but if you’re prepared to take the appropriate actions right after it’s stolen, you may be able to minimize your losses.

This article was sponsored by IDENTITY GUARD (R).