Consumer credit and mistaken identity!

Here you are proud as can be at the birth of your first child and the decision to name him after your grandfather and yourself.   John Laurence Jr.  I am sure at this moment no one is thinking about the ramifications of this sentimental and proud moment on the future of both parties credit.

When the credit bureaus, Experian, Trans Union, and Equifax pull your credit profile, through their computer system, by using your name, SS#, and addresses to gather information about you.  This causes many inaccuracies and problems since 2 people with the same name ,and may have lived at the same address, are 75% of the time confused with each other. 

If down the road the Jr. has credit issues Sr. may wind up with bad credit and vice verse.  It is always at the worst time that this is revealed.  Even if we are able to remove this negative information it usually comes back within a year or so.  It is a constant battle to keep each individuals credit seperate.  For the rest of their lives they must view their credit, at least, 5 months before applying for any new credit to correct the false accounts on the reports.

Be very careful before naming your child!

“Great credit brings great opportunity”