When you are reading through your credit report, you may be shocked to discover another person’s name on it. It can be difficult to know what to do when this happens. To help you, read through this article.
What Could It Mean?
The presence of another person’s name on your credit report could mean a number of things. Read through the following examples of what it could signify.
Incorrectly Spelt Names
Though it is rare, you may find that your name is inaccurately spelled on your credit report. These errors can include letters that are not actually in your name. There is no reason to panic if this does happen, as it can easily be fixed and is not a source of concern.
If this does happen, the best thing to do is to simply contact your account holder. Explain the situation to them. Following this, the company should offer to fix this error and to change their records.
This information should then be communicated to the Credit Reference Agencies, who will revise the spelling of your name. You will have to bear in mind that your information will not be immediately changed. Instead, it may take a few weeks for you to receive a credit report with your name spelled correctly.
Variations Of Your Name
What may appear to be someone else’s name on your credit report could simply be a variation of your name. For example, this could be a surname that you no longer use. This could be because you have since gotten married. Your maiden name may still be used on your credit report.
In this example, you will not need to worry. You may just need to wait for the records to update. If it takes a while for this to happen, you can phone up the company with which you have an account.
Another form of name variation that may appear on your credit report is a nickname or a shortened version of your name. For example, if your name is William, your name could be printed as Will. Likewise, it could be the other way around.
If you go by the name Alex, your credit report could be written as Alexander. Again, if you want to change your name, merely call the appropriate company. These companies will often use various aliases, which represent different variations of your name.
If you do have a name that can be shortened or elongated, it is a good idea to be consistent when applying for anything. This will prevent different variations of your name from appearing on documentation.
Financial Associations
Another potential explanation for the appearance of another person’s name on your credit report could be that it is the name of a financial association. A financial association is someone you are connected to in a financial relationship. For instance, this could be someone with whom you share a credit account.
Financial associations will tend to be either a family member or a spouse. This could also simply be if you are named with someone on an account, such as an electricity bill, which could make them a financial association.
However, one thing to consider is that just because you are married to someone, it does not mean that their name will be on your credit resort. In fact, they will only appear here if you share an account with them.
Likewise, someone in your family or someone with whom you live will not automatically appear on your credit report as a financial association.
A person will only be counted as a financial association if you have a joint bank account with them or if you have registered for some form of credit with them. This may include a joint loan or mortgage. Because these financial associations can appear on your credit report, they may affect your credit.
As a result, it is good to ensure that anyone you have a joint account with is responsible when it comes to credit. Otherwise, if they have a bad credit history, you could be turned down for credit by simply being associated with them.
How Do I Dispute A Credit Report?
If you believe that there is an error with your credit report, you can have it disputed. Each bureau will have slightly different methods for filing disputes. In most cases, you can either do this online, by phone, or by email. This enables you to find the method that works best for you.
You do not have to be worried about disputes having a negative impact on your credit rating. Disputes will not be taken into consideration when you apply for credit.
Frequently Asked Questions
How Do I Get Someone Else’s Name Off Your Credit Report?
If you need to remove a name from your credit report, you will have to file a dispute. As mentioned above, this can be done in a number of ways. Generally, to do this you will need to have proof of an error. You will then need to contact the credit company or bureau.
Using the evidence, show that an error has been made in terms of the name. If there is no error, the name will not be removed and your dispute will be unsuccessful.
Can You Sue Someone For Damaging Your Credit Score?
If a party has breached the Fair Credit Report Act, there may be grounds to sue. However, you should consider that this could be a lengthy legal process. Not only that, but it could be quite costly. This should be held as a last resort, as there are more simple methods of restoring your credit score.
Closing Remarks
Noticing someone else’s name on your credit report may cause you to panic. Fear not! There are many straightforward explanations for why this may have occurred.
If you are worried about this, the best course of action is to reach out to your account holder and explain what has happened to them. They will be able to help you and can update your account information.