CREATING A TRADELINE

[augie]

Can you use a UCC Filing and a promissory note to create a verifiable tradeline under public records since they are filed with the county? I know the Bureaus pick up on these fast! Anyone have sucess with this? Any info is much appreciated. thank you in advance.

[augie]

Can you use a UCC Filing and a promissory note to create a verifiable tradeline under public records since they are filed with the county? I know the Bureaus pick up on these fast! Anyone have sucess with this? Also, Can a UCC filing showing paid off per agreement or anything of the sort help build your credit up? Since it's technically a loan? Any info is much appreciated. Thank you in advance.

[Slow Ride]

This looks interesting

 

http://www.dos.ny.gov/corps/uccfaq.html#what

 

How much have you read up on this? It seems as though a corporation needs to be involved somewhere, which does not make this a simple endeavor. Not to say that CBers wouldn't do this be up to the task

 

 

I can just imagine, the birth of CB Finance Co. lol.

[augie]

Hey Slow Ride. Too funny. I've read up a bit. I know you do not need to go through a corp to do it. Just a regular person that files the UCC along with any other paperwork with the county. I have the whole thing mapped out on paper, including how exactly to go about it. I'm just trying to find out if anyone here has done this with results before. Thanks all.

[MarvBear]

Technically, I believe a data furnisher needs an account with the bureau to whom they wish to report.

 

I don't know of any counties that have data furnisher agreements in place

[lukegotswag]

Technically, I believe a data furnisher needs an account with the bureau to whom they wish to report.

 

I don't know of any counties that have data furnisher agreements in place

 

I have seen multiple YouTube videos about this... a person or business creating a contract with another person in which an agreement is made for some sort of exchange (loan of equipment until paid in full).. in turn a lien is placed on merchandise of some sort, contract drawn up between the two... and that is filed with the necessary court. At some point later on, the lien is to be removed (a seperate filing) .. making it resemble a completed agreement with a lender (individual or business) and therefore in someway shows as a credit experience.

 

What it sounds like the OP is trying to find out is whether any of us here have seen this to be tried and true and factual before stepping out to attempt it. Also sounds like she is seeking clarity on in the even that it does work, does it have an effect on one's score. I personally have not verified this, but i would imagine with there being SOOO many Youtube videos about it, maybe someone early in the game proved it in some way. I havent even attempted it so that shows how credible my word alone is.

 

Hope this helps everyone.

[augie]

Since it is technically a public filing, the bureaus will pick up on it same as any other public information they pick up on. In this instance there would also be a promissory note with the terms included with the filing. When they dig deeper, they will see the financing arangement and report loan amount/line of credit and terms. You then submit an amendment after it's showing with the bureaus. the amendment will say the payments made and the balance left. finally a couple of months don the road they would file for termination of the UCC. Bureau would pick it up as paid in full showing the terms and the balance at $0.00. I am doing this next week and will keep all posted.

[augie]

The data furnisher is the public filing which all bureaus pick up on and report. that's the beauty of it.

[lukegotswag]

The data furnisher is the public filing which all bureaus pick up on and report. that's the beauty of it.

So it sounds as if the public filing in this instance is taken as a positive public filing as opposed to the ones we are accustomed to dealing with (liens, judgements, BKs) ... am i correct?

[augie]

Yes, since the only information on that filing will be exactly what both parties agree to.

[drew3918]

Best part of doing this is you can create AGE you can back-date the UCC filing and create some very nice age for you're file

I have known more then a few peeps that have did this... You must understand EVERYTHING is based on the UCC game we just do not talk much about it here on CB, land

[lukegotswag]

Best part of doing this is you can create AGE you can back-date the UCC filing and create some very nice age for you're file

I have known more then a few peeps that have did this... You must understand EVERYTHING is based on the UCC game we just do not talk much about it here on CB, land

 

Well i Sir would like to take a boat off to the island where this is discussed.... for a short while... any risks with this? Sounds like there is not.. and with the fate being in one's own hands (especially seeing as many of us have businesses we have built using CB as well) it sounds interesting. I just want to see someone who has gotten results... thats what sells me here honestly in CB.. everybody documenting their results..

[CG in TX]

It seems to me that you would have to have a true entity involved as the lender; I would be exceedingly reluctant to file anything at the courthouse that contained false information. The potential problem would then become, since you have recorded a signed promissory note to this entity for $xxxxx.xx, what if they tell you you have to pay it back?

[MarvBear]

It seems to me that you would have to have a true entity involved as the lender; I would be exceedingly reluctant to file anything at the courthouse that contained false information. The potential problem would then become, since you have recorded a signed promissory note to this entity for $xxxxx.xx, what if they tell you you have to pay it back?

Thank you for pointing this out. I believe the subject matter is proceeding into an area that CreditBoards would not endorse. So I would appreciate no further commentary by the members in this thread please.

[augie]

Hey DREW 3918,

PM me please

[MarvBear]

*sigh*