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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
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