Changing my name won't affect my credit reports and credit history. ... After the Social Security Administration and creditors are notified of your name change, the new information will be reported to the three major credit bureaus (Equifax, Experian and TransUnion), so it's not necessary to contact them.
A name change won't affect your credit history. Don't be concerned; your credit history is tied to your Social Security number, which hasn't changed. In other words, if you have an excellent credit score, changing your name shouldn't affect it unless you've done things like make a late payment.
Will changing my name affect my credit rating? No — not if you tell all record holders about your new name. ... The credit reference agencies can correlate your credit history from your old and new names. However, you should make sure that you tell all financial organisations — banks, credit card companies, lenders, etc.
Yes. A rose by any other name still owes his debts. A legal name change will acknowledge that you are still obligated to all past contracts, debts, and other responsibilities.
Even though debts still exist after seven years, having them fall off your credit report can be beneficial to your credit score. ... Only negative information disappears from your credit report after seven years. Open positive accounts will stay on your credit report indefinitely.
You probably expect to need to update your Social Security information and your credit cards, but there are plenty of other people who need to know about your new name as well. "A name change can have an impact on your taxes. All the names on your tax return must match Social Security Administration records.
If you need to correct your name on your credit reports, you must file a dispute with each credit bureau that lists the name incorrectly. The process differs somewhat for each of the national credit bureaus. The Experian Dispute Center webpage explains procedures for submitting disputes online, by phone or by mail.
If you legally change your name because of marriage, divorce, court order or any other reason, you must tell Social Security so you can get a corrected card. ... See Defining the legal Name for an SSN. To get a corrected Social Security card, you will need to: Show the required documents.
You typically must refinance your loan if you have a change of names on the mortgage. ... The lender will require you to fill out a form removing their name from the mortgage and provide a certified copy of the death certificate.
You usually do this by filing a quitclaim deed, in which your ex–spouse gives up all rights to the property. Your ex should sign the quitclaim deed in front of a notary. One this document is notarized, you file it with the county. This publicly removes the former partner's name from the property deed and the mortgage.
Do You Get a New Title When You Refinance? ... Usually, you will not be issued a new title at the end of the process. An owner's policy is only brought at the original closing. For each separate loan transaction, only a loan policy is purchased.
The credit bureaus cannot remove an account that is accurately reported to them by your lenders. And if you remain liable for the mortgage loan after your divorce, it will remain on your credit reports.
You can apply for a new social security card by mail (find instructions here) or in person at a local Social Security office (click here for your nearest location). There is no fee for this service.
If it does not match, ask your employee to provide you with the exact information as it is shown on the employee's Social Security card. If the information matches the employee's card, ask your employee to check with any local Social Security office to resolve the issue.
Each state's name change requirements vary, but most require you to file a formal petition (written request) with the local court. Your request must be complete with your current and proposed new name and include a statement that you're not seeking a name change for any illegal purpose.
Con: It's not free
It needs to get notarized. If your name change is the result of a divorce or a marriage, you may need additional documentation. It's not prohibitively expensive — court fees may be a few hundred dollars — but it does cost money. This is only something you want to do if you're serious about it.
Cons of a Name Change
First and foremost, it isn't free. You will be required to pay for the cost of the petition to change it. In most states, the cost isn't more than a few hundred dollars, but that amount could be prohibitive for some people.
If your name is on the deed but not the mortgage, it means that you are an owner of the home, but are not liable for the mortgage loan and the resulting payments. If you default on the payments, however, the lender can still foreclose on the home, despite that only one spouse is listed on the mortgage.
Even if you sign a quitclaim deed, the mortgage balance will continue to show up on your credit report. This will hurt what is called your “debt utilization ratio”. This may mean you have too much debt to be qualified for your next mortgage when you want to buy a new home.