A UCC filing is what a creditor files in attempt to place a lien on the collateral of a debtor in default. These type of filings are filed with the Secretary of State and for the purpose of expressing interest in your collateral assets. UCC is an acronymn that stands for uniform commercial code.
These filings are complex and the secured interest of a UCC filing can be not so secure if filed incorrectly. It is in the best interest of the creditor to have a clear understanding of UCC filings to properly secure loan collateral.
When filied incorrectly, a debtor can use it to their advantage when a UCC is filed against them. If you currently have a UCC filed against you, contact us for a free consultation. In many cases, we are able to help in such situations, negotiating a resolution that is manageable and protects your assets.
How to Remove a UCC-1 Filing
Your lender should file a UCC-3 filing once your debt has been paid in full. This would remove the UCC-1 filing. If they fail to do so, you can request the removal of the UCC-1 yourself through your Secretary of State’s office. To dispute the filing is pretty simple. You will be asked under oath if you have paid the debt in full.
How a Uniform Commercial Code Filing Affects Your Credit
Although, the UCC filing doesn’t have a negative impact on your credit, it does still show on your report. Since UCC filings are a necessary aspect of securing more affordable funding, they are not viewed negatively. They can, however, make it harder to qualify for additional funding in the future. This is why, once a debt has been paid in full that is attached to a UCC filing, it’s good practice to make certain it’s been removed.
If you find that it has not been removed, follow the procedures involved with requesting the removal yourself. Other than making a trip to your Secretary of State’s office, it’s pretty simple to get removed.
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