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A couple of weeks ago, a staff member at FOX21 called Bill Stanley in a panic -- she had lost her wallet, and was going through the hassle of trying to recover all the contents while protecting her financial accounts.

The next day, Stanley said he saw an article on missing wallets in AARP The Magazine, and figured the points are worth passing on to all of us.

First things first, here are his tips for "an ounce of prevention":
1) Never carry around a large amount of cash
2) Keep only one credit card in your wallet -- the one you are currently using
3) Gentlemen: keep your wallet in a deep side pocket, not in the more vulnerable back pocket. (He covers his wallet with a handkerchief.)
4) Ladies: never, never be separated from your wallet. If you keep it in a purse, keep the purse in front of you close to your body.
5) Make a copy of the front and back of every card you have in your wallet. That way, you will know what you lost and have the phone numbers for immediate contact.

If you are unlucky enough to lose your wallet, what do we do?:
1) Call the credit card companies immediately. Ask for an "account number change"; don't "cancel" your account since this might affect your credit score.
2) Call each credit bureau (phone numbers are listed below) and request a "fraud alert" be placed on your credit accounts. Any attempt at new credit should alert the issuer to verify your identity before issuing a new card in your name.
3) Notify your bank regarding missing ATM and debit cards and get a new checking account if your checkbook was lost.
4) Check your credit history two weeks after the loss. Look under "inquiries" for new credit applications.  Two weeks provides time for a thief to request credit in your name but generally not enough time for a card to be sent.
5) File a police report and ask DMV to "flag" your license file.

Again, prevention is the key, Stanley said. Be careful and do everything you can to prevent loss in the first place.
If there is a loss, take immediate action.

Credit Bureau phone numbers:
Experian: 888 397-3742
TransUnion: 800 680-7289
Equifax: 800 525-6285

To check your credit report: www.annualcreditreport.com

Bill Stanley and Money Matters airs every Tuesday on FOX21 Morning News.
If you have a question for Bill, contact him directly: moneycoachbill@aol.com