Bill Overview
Title: Credit Reporting Accuracy After a Legal Name Change Act of 2022
Description: This bill prohibits, upon a consumer's request, a credit reporting agency from including on a consumer credit report a consumer's prior name after a legal name change.
Sponsors: Rep. Pressley, Ayanna [D-MA-7]
Target Audience
Population: Individuals undergoing a legal name change
Estimated Size: 1000000
- The act is specifically designed to affect individuals who undergo a legal name change.
- Credit reporting agencies will no longer be able to include an individual's previous names in credit reports upon their request.
- This change directly impacts the individuals who wish to ensure that their prior names are not used on credit reports, potentially affecting their credit history or privacy.
Reasoning
- The policy will likely have a direct impact on individuals who have undergone a legal name change, affecting approximately 1,000,000 people in the U.S. This includes people who have changed their name for reasons such as marriage, divorce, gender transition, or personal choice.
- Since the policy is targeted, not everyone will experience the policy's effects, and many may experience them at different levels of intensity.
- The budget allocation suggests that implementing the policy requires resources to educate citizens, modify processes in credit agencies, and handle requests efficiently.
- We consider a diverse range of individuals to capture perspectives from married individuals, transgender persons, and others who choose to change their names due to personal decisions.
Simulated Interviews
Software Developer (Brooklyn, NY)
Age: 32 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 18/20
Statement of Opinion:
- I changed my last name after getting married recently. It's good to know my previous name won't show up in credit reports anymore. It's a relief and definitely adds some privacy.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 6 |
| Year 20 | 7 | 5 |
Marketing Specialist (Austin, TX)
Age: 29 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 20.0 years
Commonness: 3/20
Statement of Opinion:
- I've faced issues with having my previous name show up unexpectedly. This policy will help prevent that, easing some stress during this already challenging process.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 5 |
| Year 10 | 9 | 5 |
| Year 20 | 9 | 4 |
Real Estate Agent (Los Angeles, CA)
Age: 45 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 15.0 years
Commonness: 12/20
Statement of Opinion:
- After my divorce, I reverted to my maiden name. It's good to have a policy that helps secure my financial identity as I move forward.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 8 | 5 |
| Year 20 | 6 | 4 |
Accountant (Denver, CO)
Age: 52 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 10/20
Statement of Opinion:
- While the name change was voluntary and not due to life events, it's nice to know my previous name won't appear where it's not needed.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 5 |
| Year 10 | 6 | 4 |
| Year 20 | 5 | 4 |
Student (San Francisco, CA)
Age: 18 | Gender: other
Wellbeing Before Policy: 7
Duration of Impact: 20.0 years
Commonness: 3/20
Statement of Opinion:
- Name privacy is important to me personally. Not having my old name appear in credit checks aligns with my need for a new start.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 9 | 7 |
| Year 3 | 9 | 6 |
| Year 5 | 9 | 6 |
| Year 10 | 9 | 5 |
| Year 20 | 8 | 5 |
Entrepreneur (Miami, FL)
Age: 40 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 6/20
Statement of Opinion:
- As a business owner, projecting the right image is key. Not having past names in the mix can help smooth my business operations and align my personal brand.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 5 | 4 |
| Year 20 | 5 | 4 |
Graduate Student (Chicago, IL)
Age: 24 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 2/20
Statement of Opinion:
- I changed my name due to personal beliefs. This policy helps me maintain privacy in a way that feels very supportive of my choices.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 7 |
| Year 2 | 9 | 7 |
| Year 3 | 9 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 6 |
| Year 20 | 8 | 5 |
Civil Engineer (Seattle, WA)
Age: 37 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 10.0 years
Commonness: 12/20
Statement of Opinion:
- I changed my name to match my family's surname. It's good to have assurance that financial records will only reflect this name.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 5 |
| Year 20 | 7 | 5 |
Retired (Phoenix, AZ)
Age: 66 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 5/20
Statement of Opinion:
- The change after retirement was purely personal, but ensuring privacy and consistency in my financials is important.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 6 | 4 |
| Year 20 | 5 | 4 |
Chef (Boston, MA)
Age: 50 | Gender: other
Wellbeing Before Policy: 5
Duration of Impact: 20.0 years
Commonness: 2/20
Statement of Opinion:
- Cultural ties are significant to me, and this legal step aligns my presence and helps prevent any potential discriminatory practices in finance that might arise from my previous name.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 5 |
| Year 2 | 8 | 5 |
| Year 3 | 8 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 9 | 4 |
| Year 20 | 9 | 4 |
Cost Estimates
Year 1: $20000000 (Low: $15000000, High: $30000000)
Year 2: $10000000 (Low: $5000000, High: $15000000)
Year 3: $10000000 (Low: $5000000, High: $15000000)
Year 5: $10000000 (Low: $5000000, High: $15000000)
Year 10: $10000000 (Low: $5000000, High: $15000000)
Year 100: $10000000 (Low: $5000000, High: $15000000)
Key Considerations
- Major technological upgrades are required for credit reporting agencies to comply.
- Training for staff and update of customer service processes will be needed.
- The number of people requesting such change may grow over time as awareness increases.