What is a UCC filing? · Credit connector

What is a UCC filing?

**UCC Filing** stands for "Uniform Commercial Code Filing." It's a way for businesses to show that they have borrowed money or used some of their stuff as a promise to pay back that money. Think of it like a school project where you tell your teacher, “I borrowed these crayons, and I promise to return them.”

### Here’s How It Works:

1. **What It Is**: When a business takes a loan and uses something valuable (like equipment or inventory) as a promise to pay back, they file a UCC form. This tells everyone that the lender has a right to that stuff if the business doesn’t pay back.

2. **Where to Find It**:

- **State Government Websites**: UCC filings are usually kept at the Secretary of State's office in the state where the business is located. You can visit their website to look up filings.

- **Online Databases**: Some websites allow you to search for UCC filings by entering the business name. You can often find this information in state databases.

- **County Clerk’s Office**: Sometimes, local county offices also keep records of UCC filings.

- **NAV Business Report**: You can also find UCC filings in your NAV business report, which gives you insights about your business’s credit and financing.

- **Experian Business Report**: UCC filings can also be found in your Experian business report, which helps you understand your business credit profile.

3. **Can You Delete It?**:

- If a business has paid back the loan, they can ask the lender to file a "UCC Termination" form. This tells everyone that the loan is paid off and they no longer have a claim on the business's stuff.

- If the business hasn’t paid back the loan, they can’t just delete it. The UCC filing stays until the loan is settled.

### In Simple Terms:

- UCC filings are like telling everyone that you borrowed something and promised to give it back.

- You can find this info on state websites, local offices, your NAV business report, and your Experian business report.

- If you pay back what you borrowed, you can ask to remove the filing.

This way, you can understand what UCC filing is and how it works!

6 comments