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How to file an ucc-1 to build personal credit?
The ucc-1 is a financial instrument used by creditors to
file against a piece of property or equipment in order to loan money or
credit. The way it works is that you the
borrower have an asset that you use as collateral. The lender or bank takes that asset and file
a ucc-1. Then when the loan is paid back
in full. The lender or bank files a
ucc-3 to release the collateral.
The problem with using this method as an individual trying
to build personal credit is that the process could take anywhere from 60 days
to 120 days. In that same amount of time
you could have repaired your personal credit, and then applied for personal
credit cards or personal lines of credit.
If you have a blank personal credit file or rebuilding your
personal credit the fastest way for you to build it is to add authorize users,
get a prepaid debit card, or a certificate of deposit and borrow against it and
that would show as a secured loan on your credit report.
Now, if you wish to learn more about how to use authorize
user account to build personal credit
click here.
If you do not want to use your personal credit as collateral
but you have 3 to 6 months of bank statements lenders will use your accounts
receivable to lend you money or credit for your business. This process is a much faster process to
build personal credit than filing a
ucc-1 financial instrument.
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