Have you recently changed your name and wondered how to report the name change? Whether you’ve gotten married or divorced, or you simply prefer to go by a different name, you’ll need to report the change to the credit bureaus.
In A Nutshell
Don’t wait until the last minute to update your information. Updating your information with credit bureaus early can help you save a lot of time and headaches in the future.
Bureaus keep records of our every move – from obtaining loans or cards in order for us to be eligible for future ones, being insured when buying property/life coverage, etc.
This can seem like a daunting task, but it’s actually quite simple. Here’s everything you need to know.
What Is A Credit Bureau And Why Do I Need To Report My Name Change To Them?
There are three major credit bureaus in the United States: Experian, TransUnion, and Equifax. Each institution maintains a separate database of consumer information, some requiring your social security number, so it is important to check all three when monitoring your credit history.
Any time you undergo a legal name change, it’s important to report the change to the credit bureaus. This is because your credit report is a record of your financial history, and it’s used by lenders to determine your creditworthiness.
When you change your legal name, credit reporting agencies will need to be able to match your new legal name with your old one in order to access your credit history.
Failure to update your name on your credit report can lead to delays in getting approved for loans or lines of credit and can appear poorly on your credit report. It can also lead to higher interest rates and fees, as lenders may view you as a higher-risk borrower.
Name Change Events That Require Credit Bureau Notification
A name change event is any legal change to your name. You may need to notify credit bureaus of a name change after getting married, divorced, or legally changing your name. When you notify the credit bureau, they’ll update your files and issue a new credit report with your new legal name.
This can help to prevent identity theft and make it easier for you to get approved for loans and lines of credit. Notifying the credit bureau is just one step in the process of changing your name.
You’ll also need to update your Social Security card, driver’s license, passport, and other documents. But by taking care of all the details, you can ensure that the name on your credit reports is updated.
How Do I Go About Reporting My Name Change To The Credit Bureau?
One of the most common occasions for changing your name is marriage. If you’re taking your spouse’s last name, you’ll need to notify the credit bureaus so that they can update your accounts. You’ll also need to provide proof of your new legal name, such as a copy of your marriage certificate or your driver’s license, or a court order.
Another common reason for changing your legal name is divorce. If you’re reverting back to your maiden name or otherwise changing your last name, you’ll need to notify the credit bureaus and provide proof of your new name. In both cases, it’s important to update your accounts as soon as possible to avoid any confusion or mix-ups.
Finally, even if you’re not changing your last name, you may still want to update your first or middle name with the credit bureaus. This is particularly common if you’ve been using a nickname or initial in place of your given first name. Whatever the reason for changing your name, be sure to notify the credit bureaus so that all of your accounts are accurate and up-to-date.
What Are The Consequences Of Not Reporting My Name Change To The Credit Bureau?
One of the consequences of not reporting your legal name change to the credit bureau is that your credit score could be affected. If you have a history of timely payments, your credit score could drop if you change your legal name and don’t update your information with the credit bureau.
Additionally, you could run into problems if you try to apply for new lines of credit or loans. Lenders may not be able to verify your identity if you haven’t updated your information with the credit bureau, which could lead to your loan application being denied.
In some cases, you might also find it difficult to rent an apartment or open a new bank account if you haven’t updated your information with the credit bureau. Ultimately, not reporting a name change to the credit bureau can have a number of repercussions, so it’s best to update your information as soon as possible.
What Should I Do If There Are Errors On My Credit Report After My Name Has Been Changed?
After a name change, it’s not uncommon to find errors on your credit report. If you find an error regarding personal information, the first step is to notify the credit reporting agencies in writing.
Be sure to include your full name, new address, Social Security number, and a list of the errors. You can also include copies of any documentation that supports your claim, such as a copy of your marriage certificate or court order.
Once the credit reporting agencies have been notified, they will investigate the claims and make any necessary corrections. In most cases, the process is relatively straightforward and should not take more than a few weeks to resolve.
However, if you have any concerns or the process is taking longer than expected, you can always contact a credit counseling service for assistance.
That’s why keeping your information up to date with the credit bureaus is important. If you’ve moved, gotten married, or changed jobs, let the credit bureaus know. Otherwise, they may not have the most accurate information on file, which could impact your score. So take a few minutes to update your information with the credit bureaus and help keep your credit score in good shape.