Legally changing your name, whether because of a marriage or divorce, or another legal reason, requires a significant amount of paperwork. Your driver's license, Social Security card, tax documents and utility and credit card accounts all need to be updated to reflect your new moniker. Failing to do so can cause major headaches, especially if your credit report is inaccurate.
Credit Reports
In general, legally changing your name is not going to affect your credit report. When the major credit bureaus provide a report to you or a potential lender, landlord or other requestor, it includes information about your accounts, including balance and payment history. The report may also include a list of addresses where you lived and names that you've used to open accounts. Because the information on your credit report is linked to specific accounts using multiple identifiers, such as account numbers and your Social Security number, changing your name will not affect the information about the accounts listed on your credit report.
Notifying the Credit Bureaus
When you change your name for any reason, you should notify the credit bureaus in writing of the change. Send a letter detailing your name change with a copy of your marriage license or court order changing your name to the three major credit bureaus. Wait several weeks, and request a copy of your report to confirm that the change has been made. Also, once your name change is official, be consistent in the name you use when you apply for credit. Using the same name, and not a variety of nicknames, abbreviations or middle initials, helps keep your report accurate and can help you detect fraud.
Disputing Incorrect Information
In some cases, changing your name can lead to an inaccuracy on your credit report, such as a misspelling. While this is not likely to influence how creditors report information, or influence your credit score, it can lead to confusion. When you request a copy of your credit report, confirm that your name and other identifying information is reported correctly. You can dispute the incorrect information with the credit bureau. The bureaus generally require proof of your correct or new name in the form of a copy of your driver's license, passport or marriage license.
Social Security
While changing your name is not likely to affect your credit report, failing to properly record your name change with the Social Security Administration can have some repercussions. If you don't update your information, it could prevent you from getting a tax refund. It could also prevent your wages and taxes from being properly credited to your record, which could affect your future Social Security benefits. When you change your name with the SSA, you'll need to provide proof of the change. Your Social Security number will stay the same, but you'll receive a new card reflecting the name change.
0 comments:
Post a Comment