Got Married? Congrats! Now Merge Your Credit!

Today’s post will discuss what to do if you get married and/or have a different legal name vs your “home country” name. This is crucial for maintaining your good credit rating because, borrowing is all based on your beacon score. No beacon? No loan! This is also an example how I #createvalue for my borrowers, by going the extra step required to make their borrowing roadmap without any detours.

Gary and Angela called me to get pre-approved for a mortgage. We discussed things in detail from a high-level point of view prior to pulling their credit. Once they were satisfied with the potential numbers, we did a credit inquiry. Lo and behold, Angela’s credit showed up as the dreaded BEACON REJECT - which is credit-report-slang for “Hey! You have no active/actual credit!”. This was a surprise to everyone since Angela showed me three credit cards she had in her possession which must result in a credit score being active. When we looked at her ID, though, we had two names: Married name on her ID but maiden name on her credit cards. A-ha!

A quick call to Equifax yielded the recommendation to merge the two credit reports together, and combine one credit score, report, and history that had all relevant information including her mortgage details, great repayment history of her credit score, as well as all previous and current employment information. Although not a simple process, we managed to simplify it for her by having the right relationship with the credit reporting agency including a business-only call centre that helps very promptly.

This type of transaction can be for people who have been recently married OR people who have two names:  Example, if you moved to Canada and had your “original” name on your citizenship and Government paperwork, but now transitioned to an “adopted” name (Anglicized name for example), this may pertain to you as well. This is vital to maintaining your credit, and should always be done in case various creditors you deal with report to each different bureau.

Please email me if you are facing the same problem and I can walk you through how to contact Equifax.

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