Would changing my name by deed poll essentially wipe my credit score?

There are many of us who would love to be able to wipe out our credit score and start over, but is it possible to do it by simply changing your name by deed poll?

The Simple Answer

The simple answer is no, changing your name by deed poll will not wipe out your credit score. It is not like moving to a new country where you have a new credit record and start from scratch. 

The Long Answer

The reasons that changing your name by deed poll will not wipe out your credit score is that you are only changing your name. When a name change happens, you have to inform all sorts of official channels of the name change, and thus your new name becomes linked to your old name. There is no way to avoid it. 

Whether you are changing your surname because you are getting married, changing your first name, or changing both of your names, the moment that you change your name associated with your National Insurance number, your bank account, register for the electoral roll, or change the name on your driving license or your passport, your new name will become associated automatically with your old name. 

Time Frame

It can sometimes take a few months for new names to become associated with old names on credit reports, but it will happen eventually. If you are trying to avoid debt or escape a poor credit history, changing your name by deed poll is not a solution to this problem. The easiest way to think of it is if it worked, there would be an awful lot of people changing their names to avoid paying debts of any kind. 

What if I wanted to change my name to buy some time?

Legally, you can change your name at any time using deed poll, however changing your name to try and avoid paying any debt or escape a poor credit rating can lead you into legal difficulties with fairly serious implications. 

If you apply for a credit card, loan or other financial product using a name that you have created for yourself using deed poll, but you fail to disclose your financial history when asked, then you are guilty of fraud. When the fraud is uncovered, you can face a community sentence, a fine to the value of up to 150% of your weekly income or up to 10 years in prison. 

What is the answer?

Changing your name by deed poll is not the solution to any financial issues that you might be facing, however taking expert financial advice on how to manage your debts and/or improve your credit rating are the best, most responsible, and only long term solution to wiping out a poor credit history. 

There are many reasons that you may want to change your name by deed poll, if you need help with understanding the process or need advice about deed poll, contact our experts today.