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Does a Name Change Affect Your CIBIL Score

Thousands of people change their names each year, often as a result of marriage or divorce, and for various other reasons. However, there can sometimes be confusion about your identity if your information isn’t being accurately reported. When you make a name change in your CIBIL report, your new name is added to your CIBIL reports after notifying your mortgage lender, credit card issuers and other businesses of the change.

They report the change, be it a first or surname change, to the three main credit bureaus and your new name replaces the old one, which then remains on your credit history.

What happens to the Credit History when you make changes to your name’s spelling?

If you recently changed your name’s spelling and are thinking about how it can have an effect on credit history. Well, changing your name’s spelling or even changing your first names or surname for whatever reason has no impact on your CIBIL rating or credit history. When you change your name you are required to inform your bank about such changes. This will ensure that your personal data and documents are updated accordingly. So, when you update the bank or the lender regarding the changes in your name or name’s spelling or the surname, that information straight away goes to the credit bureaus. The records get automatically modified and your credit score remains the same.

However, the data might not get updated instantly. This can surely create some confusion and you might face some delay when you apply for a new credit as the lender will not be able to assess all your credentials properly. Hence, it’s advisable to notify the credit bureau about such changes as soon as possible.

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Notify CIBIL

To have a good CIBIL score you need to maintain a good credit history. It's best to check and keep a track of your credit report. You also need to ensure that you inform the CIBIL bureau to update the name’s spelling or surname. You may also choose to raise a CIBIL dispute and state your name's spelling to be corrected.

Important Details

Whether you raise a CIBIL dispute or write to the CIBIL bureau, you must provide the following details in support of your claim:

  • Your current full name.
  • Your full name that is registered with a bank or the lender.
  • Your complete address as per registers.
  • Your Aadhaar number if it is linked to the loan account.
  • A name change proof document indicating the change in name. For eg. Divorce settlement, court affidavit or marriage certificate.

Impact of the delay

In case there have been significant changes made to your name, it can be quite misleading for the bank or the lender. There can also be a case of identity mistake that might lead to CIBIL report alteration where you might stuck with a different individual’s credit liabilities. This makes it even more necessary to ensure that you inform about the changes to the creditors or the bank as soon as you can. You also need to inform them about the name change process that has been completed at your end. Once all of this is done, you need to be proactive in following up with the credit bureau. This will ensure that your credit bureau updates its records by changing the spelling of your name. Once this is done, you will not have to face any more problems when you apply for new credit.

Your credit report is an extremely important document that determines whether you are eligible for a loan. As per the regulations set by the Reserve Bank of India, all banks must check with their credit report before the loan request is accepted. So, it is very important for any individual to keep their credit report up to date. Check CIBIL Score instantly with Finserv MARKETS and get a detailed report along with recommendations to improve or maintain it.

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