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CIBIL Score: Changing your name in your credit report is an essential process that keeps your financial profile accurate and up-to-date. If your name is changed due to marriage, divorce, or legal reasons, leaving it unupdated can lead to problems with personal loans, credit cards, and other financial services. Even if your name is incorrect, it's important to get it corrected.

CIBIL Score: People often discover their name is incorrect after reviewing their credit report. If your name has changed due to marriage, divorce, or other legal reasons and hasn't been updated, it can lead to problems with loan approval or credit card approval. Therefore, it's crucial to get it corrected promptly.

Banks and NBFCs prioritize individuals with a credit score above 750 and a fully updated profile. For this, your name, PAN card, Aadhaar, and other documents must be the same.

Step-by-Step Process for Changing Name at a Credit Bureau

• Updating your name can now be easily done online. Here are some basic steps:
• First, gather the necessary documents, such as your PAN card, Aadhaar card, marriage certificate or divorce papers, and a legal name change affidavit.
• Next, visit the credit bureau's website.
• Login and go to the 'Correction' or 'Dispute' section.
• Select the name update option and upload the documents.

Learn about the offline method as well.

If you prefer, you can attach a copy of the document to a letter and send it to the bureau's postal address. After submitting the documents, receive updates on your registered email address or mobile number.

What if the name has changed later?

Institutions like CIBIL, CRIF High Mark, Experian, and Equifax provide CIBIL scores in India. All these bureaus update profiles using data from banks and NBFCs. Therefore, you must first update your name in your bank, NBFC, and other loan accounts. Once the bank updates its records, the same data will be sent to the credit bureaus.

How long does it take to update your name?

It typically takes 15 to 30 days, or about 3-4 weeks, to update your name. Once the process is complete, you will receive a confirmation via email and SMS. Therefore, be sure to provide the correct email address and mobile number when filling out the form.

What problems will arise if you don't update your name?

Delays in loan approval
Problems with credit card processing
Mismatches in documents and records
Difficulties with ID verification
Negative impact on your financial profile

Why is it important to have clean and updated records?

Your credit report is a record of your entire financial discipline. If your name isn't updated correctly, banks and lending institutions won't trust you. A clean record not only facilitates loan approval but also helps secure better interest rates and easier repayment terms.

Conclusion

Changing your name is a simple process, but taking it lightly can lead to significant problems. Failure to update your name in a timely manner after marriage, divorce, or any other legal change can disrupt your credit profile. Following the correct documentation and procedures makes this process easier, ensuring your credit score remains clean and strong without any hassle.

Frequently Asked Questions (FAQs)

1. Will changing your name lower my credit score?

No, changing your name does not impact your credit score.

2. How long does it take to update your name on your credit report?

It usually takes 15 to 30 days.

3. What documents are required for a name change?

PAN, Aadhaar, marriage or divorce certificate, and affidavit.

4. Does changing your name affect loan approval?

Yes, if your name is not updated, loan approval may be difficult.

5. Is it necessary to update your name after marriage?

Yes, if your name has changed, it is very important to update it after marriage or divorce.