How many times have you heard or read about someone that has had their purse or wallet stolen and thought to yourself, wow, that's awful, and then very conveniently and quickly convinced yourself that that particular human situation happens to other people, not you? Well, in case you are feeling a little proactive and willing to entertain the slim chance that it could happen to you someday, I have put together a few ideas about how to weather this particular storm - based on experience of course!

Preventative measures.

1. Carry the bare minimum with you. And by all means, store your social security card somewhere else.

2. Tedious as it may be, photocopy every card in your wallet/purse. This may seem like a big effort but believe me, should you ever find yourself in the position of trying to suspend and replace your accounts, while in shock and dealing with the police, you will be glad to have an easily accessible record of what you had. You will inevitably go through the list of what you have lost over and over again - help yourself out by having a list to start with.

3. Get a safe deposit box at your local financial institution and/or get yourself a Fire Safe to store your important documents at home. At a minimum - be sure your fire safe is rated for 2 hours and includes a media cooler if you want to include media other than paper.

4. Purse/wallet theft is usually covered on your Home Owners/Renters Insurance policy. Check with your agent for the details.

5. Do you have your spouses or children's social security number written down in your purse or wallet for convenience? Memorize it!

What to do if your purse or wallet is stolen.

1. Call the local police or sheriff department depending on jurisdiction. You may need to provide a case number to some financial institutions or insurance companies.

2. Cancel or suspend your accounts; including credit cards, bank accounts and Cellular phone if applicable.

3. Next, and very important in this day and age, put a fraud alert on your credit files. This is easily done by calling anyone of the three credit reporting agencies. Equifax has a self guided phone system that walks you through the process. Their number is 800.525.6285. That will put a 90 day alert on your credit file should anyone attempt to establish credit in your name. You can request a free credit report annually.

4. Make a visit to your financial institution soon to get some operating funds while you wait for your replacement plastic to make it's way to your mailbox.

5. Next stop, DMV to replace your Drivers License. Here is the tricky part, you will need some form of identification to get a replacement Drivers License. Check with your local DMV BEFORE you go in to determine acceptable forms of identification as they vary slightly from state to state.

6. Remember any changes to your bank accounts mean that you need to change your automatic bill pay arrangements.

So, just what is in your purse or wallet?

Ok - this is the reality checklist - seriously, what is in your purse or wallet right now and what kind of hassle/expense/resources will it take to replace it?

Checks, Credit Cards, Drivers License ($21 dollars to replace in Oregon!), Auto Insurance Card, Medical Insurance Cards and "Bennie" cards, Cash, Social Security Card  (still in there? get it out!), Passport, Company security pass/entrance badge, Gift Cards, MP3 Player and Earbuds, Cellular phone and Headset, Medication, Reward/Airline/Hotel/Gym Membership cards, Makeup and other miscellaneous items.

Now, what can you get rid of?

Resources.

If  you want more information about what you can do to protect yourself from Identity Theft, call the Federal Trade Commissions Identity Theft hotline toll-free at 877.438.4338 or http://www.ftc.gov/bcp/edu/microsites/idtheft//

To dispute credit issues on your credit report or to monitor your credit report more closely visit http://www.equifax.com