Posts Tagged Public Records
Improve Your Personal and Business Credit Using UCC Filings
Aiman Zul asked:
Credit improvement using UCC filings:
Any document that is filed with your state is considered a public filing. That document is now public knowledge. Anyone can search through these public records and find these documents/information.
Credit bureaus are connected to a public filing database that updates every 24- 72 hours. They automatically receive all liens and bankruptcy information after it is filed at the county state or federal level.
UCC stands for Uniform Commercial code. UCC filings is a VERY powerful tool in improving both business and personal credit. The amazing thing is that most people do not know about this technique. Well. most people do not even know that you do NOT need a lawyer to incorporate a business. Lawyers might charge you up to 4 times more than if you incorporate yourself. There are many such examples, lawyers being paid for something that can easily be done yourself. You will be amazed how easy some of these things are.Moreover the purpose of UCC filings is NOT to build credit – the credit building part is a by-product. If you really think about it, most credit building methods are just that.
What you have to understand about UCC filings is that they are not new. Public filings, in one shape or form, have always been around. UCC filing basically shows the public that a collateral is being held between parties for an agreement between the parties. So if I get into a monetary agreement with you I can file a UCC to give details of the collateral that will secure that agreement.. Of course when the UCC is filed it will be public knowledge and any good data collection agency or credit beauru will pick that up. That is when the “fun” starts.
For now, long story made short, UCC is a form of public filing that will help you develop both your business and personal credit. As the collateral is released and the UCC eventually terminated your credit will improve. This is true for both personal and business credit. The effect is similar to getting a bank loan and paying it off.
Personally I think that this method will work for another 1 to 2 years max. I believe that this “loop-hole” (for the lack of a better word) will eventually close. Remember at present anyone can file a UCC and the requirements are not that hard to meet. This is very similar to when people could improve their credit by becoming authorized users of another persons credit card. Even if they had bad credit a mere phone call would make them authorize users. I remember witnessing a person build a 5 year credit history by getting his friend to make him an authorized user on one of his cards. Of course the “trick” became common practice and now that method is almost obsolete. You can still become an authorized user BUT it does not effect your credit the way it used to. There is a good chance that UCC filings would follow the same pattern (for credit repair that is) but for now I believe that any intelligent person should make full use of this method. Knowing the law and than using the law is the “way” of the corporation. Both personal and business credit can be improved using UCC filings.
Vanessa
Credit improvement using UCC filings:
Any document that is filed with your state is considered a public filing. That document is now public knowledge. Anyone can search through these public records and find these documents/information.
Credit bureaus are connected to a public filing database that updates every 24- 72 hours. They automatically receive all liens and bankruptcy information after it is filed at the county state or federal level.
UCC stands for Uniform Commercial code. UCC filings is a VERY powerful tool in improving both business and personal credit. The amazing thing is that most people do not know about this technique. Well. most people do not even know that you do NOT need a lawyer to incorporate a business. Lawyers might charge you up to 4 times more than if you incorporate yourself. There are many such examples, lawyers being paid for something that can easily be done yourself. You will be amazed how easy some of these things are.Moreover the purpose of UCC filings is NOT to build credit – the credit building part is a by-product. If you really think about it, most credit building methods are just that.
What you have to understand about UCC filings is that they are not new. Public filings, in one shape or form, have always been around. UCC filing basically shows the public that a collateral is being held between parties for an agreement between the parties. So if I get into a monetary agreement with you I can file a UCC to give details of the collateral that will secure that agreement.. Of course when the UCC is filed it will be public knowledge and any good data collection agency or credit beauru will pick that up. That is when the “fun” starts.
For now, long story made short, UCC is a form of public filing that will help you develop both your business and personal credit. As the collateral is released and the UCC eventually terminated your credit will improve. This is true for both personal and business credit. The effect is similar to getting a bank loan and paying it off.
Personally I think that this method will work for another 1 to 2 years max. I believe that this “loop-hole” (for the lack of a better word) will eventually close. Remember at present anyone can file a UCC and the requirements are not that hard to meet. This is very similar to when people could improve their credit by becoming authorized users of another persons credit card. Even if they had bad credit a mere phone call would make them authorize users. I remember witnessing a person build a 5 year credit history by getting his friend to make him an authorized user on one of his cards. Of course the “trick” became common practice and now that method is almost obsolete. You can still become an authorized user BUT it does not effect your credit the way it used to. There is a good chance that UCC filings would follow the same pattern (for credit repair that is) but for now I believe that any intelligent person should make full use of this method. Knowing the law and than using the law is the “way” of the corporation. Both personal and business credit can be improved using UCC filings.
Vanessa
Personal Credit Report
Beth Pardue asked:
Your personal credit report is an electronic record of your credit activities. These activities include borrowing money to buy a car, applying for a loan or credit card and your payment history of the loans you have taken. Every time you apply for credit or a loan, potential lenders use this report to see how you use credit and how much of it you have available.
According to TransUnion, one of the three major credit bureaus, there are four main areas of content in your personal credit report: Identifying information, credit history, public records, and credit inquiries. Your credit report also shows any current credit that you have. This includes amounts owed, amounts available, like on a credit card or other form of revolving credit and payment amounts on installment loans.
When lenders evaluate your loan request they use the information on this report to generate your credit rating. The higher this rating, the more likely you will receive the loan and at more favorable terms. If you are planning on applying for credit anytime soon, it’s a good idea to take a look at your credit report before the people reviewing your application do. This will ensure that you aren’t caught off guard by any unpleasant surprises that may be on your credit report. Many people have found errors on their credit report that were bringing down their credit score.
Luckily, getting a copy of your credit report is easy and if you request it from the right place it can also be free! A quick Internet search will direct you to many reputable companies that will provide you with a copy of your credit report free of charge. We recommend visiting [http://www.credit-report-credit-score.com] to learn more about credit and to obtain a free copy of your credit report.
If you find errors or false information on your credit report, they can be disputed and corrected. However, correcting these mistakes can sometimes be a lengthy process. That is why it is the best idea to keep a watchful eye on your credit report activity at all times in addition to checking it before you plan to apply for credit or a loan. That way, if any errors ever do make their way on to your credit report you can save valuable time by correcting them before you are ready to apply for your next loan.
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Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published “as is” (unedited) and all URL’s are made active hyperlinks with no syntax changes.
Alice
Your personal credit report is an electronic record of your credit activities. These activities include borrowing money to buy a car, applying for a loan or credit card and your payment history of the loans you have taken. Every time you apply for credit or a loan, potential lenders use this report to see how you use credit and how much of it you have available.
According to TransUnion, one of the three major credit bureaus, there are four main areas of content in your personal credit report: Identifying information, credit history, public records, and credit inquiries. Your credit report also shows any current credit that you have. This includes amounts owed, amounts available, like on a credit card or other form of revolving credit and payment amounts on installment loans.
When lenders evaluate your loan request they use the information on this report to generate your credit rating. The higher this rating, the more likely you will receive the loan and at more favorable terms. If you are planning on applying for credit anytime soon, it’s a good idea to take a look at your credit report before the people reviewing your application do. This will ensure that you aren’t caught off guard by any unpleasant surprises that may be on your credit report. Many people have found errors on their credit report that were bringing down their credit score.
Luckily, getting a copy of your credit report is easy and if you request it from the right place it can also be free! A quick Internet search will direct you to many reputable companies that will provide you with a copy of your credit report free of charge. We recommend visiting [http://www.credit-report-credit-score.com] to learn more about credit and to obtain a free copy of your credit report.
If you find errors or false information on your credit report, they can be disputed and corrected. However, correcting these mistakes can sometimes be a lengthy process. That is why it is the best idea to keep a watchful eye on your credit report activity at all times in addition to checking it before you plan to apply for credit or a loan. That way, if any errors ever do make their way on to your credit report you can save valuable time by correcting them before you are ready to apply for your next loan.
————————-
Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published “as is” (unedited) and all URL’s are made active hyperlinks with no syntax changes.
Alice
Small Business Credit Reports and Scores
Adam Tijerina asked:
You know you have personal credit reports and credit scores, but were you aware that if you run a business, you also have a business credit report and score? If you run a small business, find out why it is important to access your own reports and those of your customers, vendors and suppliers and how that information can affect whether or not you get access to an increased credit line or more stringent credit terms for your company.
Your small business credit report and score can indicate to a potential customer, vendor or supplier your credit worthiness and can have factor in the what kind of credit terms you get or if you get any financing at all. They will see how many accounts you have opened, how many of those accounts are past due, the average amount you owe, and whether you have ever been past due on any of your accounts.
You can also get access to public records such as bankruptcies, judgments, liens, alternate company names and other DBAs all on a small business credit report.
All this information is then compiled and given a credit risk score by Equifax which can indicate how likely a company will fall behind over 90 days on their bills or result in a charge off over the next year. Wouldn’t this information be useful in deciding on who to do business with?
Equifax also provides a business failure score which can predict how likely a big business will fail and have to file bankruptcy over the next year.
There are no free business credit reports as their are with personal credit reports. You can chalk up the cost of this information as a cost of doing business which can save you thousands of dollars by going with a responsible vendor or supplier or new customer who will not default on their payments.
Buying small business credit reports and scores can help you make smart decisions about who you decide to do business with and can prevent you from working with an unreliable customer, vendor, or supplier who has a lousy payment history and keep your cash flow low.
Allison
You know you have personal credit reports and credit scores, but were you aware that if you run a business, you also have a business credit report and score? If you run a small business, find out why it is important to access your own reports and those of your customers, vendors and suppliers and how that information can affect whether or not you get access to an increased credit line or more stringent credit terms for your company.
Your small business credit report and score can indicate to a potential customer, vendor or supplier your credit worthiness and can have factor in the what kind of credit terms you get or if you get any financing at all. They will see how many accounts you have opened, how many of those accounts are past due, the average amount you owe, and whether you have ever been past due on any of your accounts.
You can also get access to public records such as bankruptcies, judgments, liens, alternate company names and other DBAs all on a small business credit report.
All this information is then compiled and given a credit risk score by Equifax which can indicate how likely a company will fall behind over 90 days on their bills or result in a charge off over the next year. Wouldn’t this information be useful in deciding on who to do business with?
Equifax also provides a business failure score which can predict how likely a big business will fail and have to file bankruptcy over the next year.
There are no free business credit reports as their are with personal credit reports. You can chalk up the cost of this information as a cost of doing business which can save you thousands of dollars by going with a responsible vendor or supplier or new customer who will not default on their payments.
Buying small business credit reports and scores can help you make smart decisions about who you decide to do business with and can prevent you from working with an unreliable customer, vendor, or supplier who has a lousy payment history and keep your cash flow low.
Allison
How can I increase my credit score?
2blessed2bstressed asked:
I would like to increase my credit score. I don’t have any credit cards or personal loans. I do have $9,000 in student loans that I pay on every month. However I have an old telephone bill of $1,200 that has been turned over to collection and 5 medical bills that totals to about $5000 that is also in collection, which I’m currently making monthly payments on. I have no public records / no bankruptcy. Other than that I don’t have anything else on my credit report. My score is currently 583 and 576 for Experian and transunion. I know it takes time to increase, but what would you suggest to increase my score faster; I want to purchase a home in the next year or so.
Laurie
I would like to increase my credit score. I don’t have any credit cards or personal loans. I do have $9,000 in student loans that I pay on every month. However I have an old telephone bill of $1,200 that has been turned over to collection and 5 medical bills that totals to about $5000 that is also in collection, which I’m currently making monthly payments on. I have no public records / no bankruptcy. Other than that I don’t have anything else on my credit report. My score is currently 583 and 576 for Experian and transunion. I know it takes time to increase, but what would you suggest to increase my score faster; I want to purchase a home in the next year or so.
Laurie
How do I report a creditor/mortgagor to credit reporting agency for being late on payments?
harley princess asked:
Hello, I have a question about reporting bad debt to the 3 credit reporting agencies. I sold property, decided to hold a 2nd mortgage for the buyer. I hired an attorney and paid him to represent me but he did not discuss the actual facts to me in selling the property. I never found out my buyer had terrible credit with a recent judgment against him for not making payments on a car that had just been repoed. I found everything out on my own after closing through public records. Now, this buyer is not paying me after only 8 months. He has been late every month except one and over 30 days late each time that he has been late. I know after 30 days this goes on credit reports but how do I report this since I was never given any of his personal information. All I know is his name. I personally do not think it is fair if I could not report late debt since if I were to be late on my mortgage through my bank, I would be turned into the agencies. I do not want him to have good credit when he never pays on time. I am owed 2 months as we speak. Thank you
JAME
Hello, I have a question about reporting bad debt to the 3 credit reporting agencies. I sold property, decided to hold a 2nd mortgage for the buyer. I hired an attorney and paid him to represent me but he did not discuss the actual facts to me in selling the property. I never found out my buyer had terrible credit with a recent judgment against him for not making payments on a car that had just been repoed. I found everything out on my own after closing through public records. Now, this buyer is not paying me after only 8 months. He has been late every month except one and over 30 days late each time that he has been late. I know after 30 days this goes on credit reports but how do I report this since I was never given any of his personal information. All I know is his name. I personally do not think it is fair if I could not report late debt since if I were to be late on my mortgage through my bank, I would be turned into the agencies. I do not want him to have good credit when he never pays on time. I am owed 2 months as we speak. Thank you
JAME
The Importance of a Free Credit Report
Peter Nisbet asked:
The importance of getting your free credit report cannot be overemphasized. In the current economic climate, with such a strong squeeze on credit, everybody’s credit rating is at risk, and even if you think you have a premium credit score, you might be in for an unpleasant shock. People are getting such shocks not only daily, but hourly throughout the USA.
However, before we discuss that, let’s have a look at what a credit report is and what information it gives you. It contains four parts basically: your personal details, your credit history, public records appertaining to your financial stability and finally, inquiries made by third parties as to your credit record. While you might not understand the need for this information, they are carefully examined by potential lenders.
To put it in general terms, your credit report is a record of your credit history and your financial stability. It contains financial details such as mortgages, loans, mail order agreements, credit cards, banking facilities and so on, and includes your repayment history, any late payments, missed payments, defaults and so on. It also includes any details of credit or loan applications you have made, and whether any have been turned down.
If your credit report is bad, you will either not be offered credit or will have to pay a higher interest rate than those with a good credit report. In some cases you will be refused credit. Hence the importance of knowing what your credit record is like. The same is true of your credit score that lenders use to assess your credit-worthiness.
The implications of a bad credit report include you being refused a credit card application, a loan, a mortgage, a car loan and any other form of credit. You could even be refused a mail order agreement or even a car hire. That is not the end of it, because the same could apply to your partner and your children if they reside at the same address as you. When your kids look for a mortgage of their own before being married, or seek a loan for their first car, they could be refused because of your poor credit record.
That is fine if the record is correct, because although it is bad for you, at least it will have been deserved. However, it has been estimated that up to 90% of credit records are inaccurate, and that a large proportion of people are being wrongly refused credit. Not an entire 90%, obviously, but a lot of people are being unfairly refused credit, and that could be you or your kids. You won’t know till you apply.
Why wait till then? Why not just get a credit report now, so that you know where you stand. It makes sense, and since it is free what are you waiting for? Did you know that anybody can see your credit report? In the USA, the Fair credit Reporting Act (FCRA) allows employers, creditors, landlords, insurers and any other business to have access to your credit report for purposes of credit, renting a home, employment or any other reason where your financial situation could be of interest.
These reports are available in the USA from three agencies: Experian, Equifax and TransUnion, and each has to provide you with a free copy of your credit report annually on request. Once you have a bad record on your report you have to wait 7 years to have it removed.
However, there are companies that help you to check up on your report and have any inaccurate data removed. You could easily have your next credit request refused due to inaccurate or false information. Identity theft or even mistaken identity is no longer uncommon. Nor is it uncommon for office staff to make typing errors and you to have something on your credit record that never occurred.
In today’s economic climate your credit is the one thing you must do all that you can to protect, so make sure you implement your right to a free credit report. There are companies that can get your free report from all three agencies, and then check it with you to make sure that nothing is untoward. With 90% containing inaccurate information, that might be highly likely. If so they can help you to get these false records removed.
It’s your credit, and it affects everybody living in your home. Get it checked out now with a free triple credit report. Also check up on your credit score at the same time.
MARLON
The importance of getting your free credit report cannot be overemphasized. In the current economic climate, with such a strong squeeze on credit, everybody’s credit rating is at risk, and even if you think you have a premium credit score, you might be in for an unpleasant shock. People are getting such shocks not only daily, but hourly throughout the USA.
However, before we discuss that, let’s have a look at what a credit report is and what information it gives you. It contains four parts basically: your personal details, your credit history, public records appertaining to your financial stability and finally, inquiries made by third parties as to your credit record. While you might not understand the need for this information, they are carefully examined by potential lenders.
To put it in general terms, your credit report is a record of your credit history and your financial stability. It contains financial details such as mortgages, loans, mail order agreements, credit cards, banking facilities and so on, and includes your repayment history, any late payments, missed payments, defaults and so on. It also includes any details of credit or loan applications you have made, and whether any have been turned down.
If your credit report is bad, you will either not be offered credit or will have to pay a higher interest rate than those with a good credit report. In some cases you will be refused credit. Hence the importance of knowing what your credit record is like. The same is true of your credit score that lenders use to assess your credit-worthiness.
The implications of a bad credit report include you being refused a credit card application, a loan, a mortgage, a car loan and any other form of credit. You could even be refused a mail order agreement or even a car hire. That is not the end of it, because the same could apply to your partner and your children if they reside at the same address as you. When your kids look for a mortgage of their own before being married, or seek a loan for their first car, they could be refused because of your poor credit record.
That is fine if the record is correct, because although it is bad for you, at least it will have been deserved. However, it has been estimated that up to 90% of credit records are inaccurate, and that a large proportion of people are being wrongly refused credit. Not an entire 90%, obviously, but a lot of people are being unfairly refused credit, and that could be you or your kids. You won’t know till you apply.
Why wait till then? Why not just get a credit report now, so that you know where you stand. It makes sense, and since it is free what are you waiting for? Did you know that anybody can see your credit report? In the USA, the Fair credit Reporting Act (FCRA) allows employers, creditors, landlords, insurers and any other business to have access to your credit report for purposes of credit, renting a home, employment or any other reason where your financial situation could be of interest.
These reports are available in the USA from three agencies: Experian, Equifax and TransUnion, and each has to provide you with a free copy of your credit report annually on request. Once you have a bad record on your report you have to wait 7 years to have it removed.
However, there are companies that help you to check up on your report and have any inaccurate data removed. You could easily have your next credit request refused due to inaccurate or false information. Identity theft or even mistaken identity is no longer uncommon. Nor is it uncommon for office staff to make typing errors and you to have something on your credit record that never occurred.
In today’s economic climate your credit is the one thing you must do all that you can to protect, so make sure you implement your right to a free credit report. There are companies that can get your free report from all three agencies, and then check it with you to make sure that nothing is untoward. With 90% containing inaccurate information, that might be highly likely. If so they can help you to get these false records removed.
It’s your credit, and it affects everybody living in your home. Get it checked out now with a free triple credit report. Also check up on your credit score at the same time.
MARLON