Does Changing Address Affect Credit Score?

Moving to a new place? You might wonder if updating your address will hurt your credit score.

The short answer is no - your address doesn't directly impact your creditworthiness.

Let's break down what you need to know about addresses and your credit score in simple terms.

Address information on your credit report

Credit bureaus include your address on your credit report simply to verify who you are and help protect you from identity theft.

Your report might show:

• Current home address

• Past addresses

• Work addresses

• PO boxes

• Addresses of joint account holders

These addresses don't factor into calculating your credit score, they're just there for identification.

How changing your address might indirectly affect your credit

While your address itself doesn't impact your credit score, certain moving-related situations could:

Missing Bills at Your Old Address

If you forget to update your address with creditors, bills might go to your old home. Missing these bills could lead to late payments, which definitely hurt your credit score.

Hard Credit Inquiries During Moving

If you're applying for new utilities, rental agreements, or mortgages when moving, these might trigger hard inquiries on your credit. Too many hard inquiries in a short time can temporarily lower your score.

Putting Moving Expenses on Credit Cards

Moving is expensive. If you charge those costs to credit cards and can't pay them off quickly, your credit utilization ratio will increase, which can lower your score.

Do you need to tell credit bureaus about your move?

You don't need to directly contact credit bureaus when you move, instead:

1. Update your address with your banks and lenders

2. They'll report the new information to the credit bureaus

3. Allow about 30-45 days for this information to appear on your report

How to update your address on your credit report

If you need to update your address directly, submit proof of your new address to the credit bureaus.

Acceptable documents include:

• Utility bills

• Bank statements

• ID cards showing your new address

Other things that don't affect your credit score

Your address isn't the only thing that doesn't impact your credit score.

These factors also have no effect:

• Your name, gender, or race

• Your employer or employment status

• Negative information that's expired (most negative marks fall off after 7 years, bankruptcies after 10)

Your address change won't hurt your credit

You can move as often as you want without worrying about your credit score taking a hit. Just remember to update your address with your creditors so you don't miss any bills, and be mindful of any new credit applications during your move.

Your credit score is about how you manage money, not where you live.