Risk Management Blog

Given the uncertainty of today’s economy, businesses across the nation are looking for meaningful ways to reduce spending. Lenders however, should be cautious where they make cuts and think twice before cutting too deeply from their due diligence budgets. Now more than ever, lenders need to have a clear picture of a prospect’s financial solvency before making their funding decision. It is advisable to let your legal and risk management… >> READ MORE

A growing number of state filing offices are offering UCC search databases at low to no cost via their websites. In an effort to keep due diligence costs low, many searchers are turning to state direct online databases to fulfill their UCC search requirements. It’s easy to understand the appeal of these state direct databases – free searches: sounds great, right? When examined closely however, many of these state sites have limited… >> READ MORE

We welcome Asonia Credit Data to our blog today to discuss ways to stay competitive in today's factoring market. The factoring market is expanding rapidly, with an almost daily addition of new players. This steady influx of entrants has created a more competitive factoring market, with lower rates and tighter margins. Today, you have to do more with less income just to stay in the game. Lowering Costs Is Key in a Competitive Factoring… >> READ MORE

This is a question we face all the time when discussing our search methodology with customers and other interested parties. What does casting a wide net even mean in this context? Essentially, it means performing a search so that broad based results are produced, not narrow ones. That might seem counter intuitive since secured parties are required to file their UCCs with the exact legal names of entities and individuals as debtors, but… >> READ MORE

The Sacramento Bee ran an interesting piece last week which discusses California Governor Jerry Brown’s proposal to double the per page copy cost for court documents from $0.50 to $1.00. If approved, the same proposal would authorize California courts to charge a $10.00 fee for the clerk to retrieve a case file. The article raises some good questions about the availability and affordability of public records to the media and to the disadvantaged. Read… >> READ MORE

Exclusive to our blog readers, we are giving you a sneak preview of our new online due diligence system. First Corporate Solutions’ new online system for UCC filing & portfolio management, lien searching and account monitoring has the tools you need to perfect and maintain your security interests with ease. Our system simplifies your daily processes by providing secure online access that allows you to perform searches, prepare and… >> READ MORE

As we have discussed here on the FCS blog in several posts, one of the main things to consider when deciding whether to use a proprietary online search system is the source of the data. In short, there are two sources from which a private service company can purchase UCC and Lien data for their online search system. The first is directly from the state, which is the most accurate and up-to-date information; the second is from a third… >> READ MORE

Box 9 of the UCC3 Amendment form asks the UCC  filer to input the name of the party that is authorizing the amendment. In some instances, a UCC amendment will be authorized by the debtor, but in most cases the secured party of record will be the authorizing party. Many UCC records include more than one secured party though, and this can cause confusion about how to complete the amendment form. Unfortunately, the official instructions… >> READ MORE

The last few years have seen a dramatic rise in the number of states that allow electronic filing (eFiling) of UCC documents. In fact, nearly every state now accepts UCC filings that are transmitted electronically in some way. In most cases, eFiling represents an improvement over traditional paper filing since eFiled documents are generally acknowledged quicker than paper filings and often incur a lower filing fee. However, there are a few… >> READ MORE

It's time to refresh your UCC knowledge! Join us this week for a practical overview of common UCC filing mistakes. An Insider's Guide to Avoid UCC Filing Mistakes Duration: 30 Minutes What Will You Learn? Join us for a practical overview of common mistakes that occur on UCC filings and tips for how to avoid them. Designed for beginning-level UCC filers, this 30 minute presentation discusses errors that result in rejection as well… >> READ MORE