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Credit Terms and Facts

Posted on December 15, 2018 at 12:25 AM Comments comments (0)

Credit invisible


In 2015, we published a report finding that 26 million Americans are "credit invisible." This figure indicates that one in every ten adults does not have any credit history with one of the three nationwide credit reporting companies. An additional 19 million consumers have “unscorable” credit files, which means that their file is thin and has an insufficient credit history (9.9 million) or they have stale files and lack any recent credit history (9.6 million). In sum, there are 45 million consumers who may be denied access to credit because they do not have credit records that can be scored. People who are credit invisible or unscorable generally do not have access to quality credit and may face a range of issues, from trying to obtain credit to leasing an apartment.


 

 

 

Credit reporting company


Credit reporting companies, also known as credit bureaus or consumer reporting agencies, are companies that compile and sell credit reports.





Credit report


A credit report is a statement that has information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts.



 


Credit score


A credit score predicts how likely you are to pay back a loan on time. Companies use a mathematical formula—called a scoring model—to create your credit score from the information in your credit report. It is important to know that you do not have just “one” credit score and there are many credit scores available to you as well as to lenders. Any credit score depends on the data used to calculate it, and may differ depending on the scoring model, the source of your credit history, the type of loan product, and even the day when it was calculated.





Fair Credit Reporting Act


The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. There are many types of consumer reporting agencies, including credit bureaus and specialty agencies (such as agencies that sell information about check writing histories, medical records, and rental history records). Learn more about your major rights under the FCRA







Fraud alert


A fraud alert requires creditors who check your credit report to take steps to verify your identity before opening a new account, issuing an additional card, or increasing the credit limit on an existing account based on a consumer’s request. When you place a fraud alert on your credit report at one of the nationwide credit reporting companies, it must notify the others. There are two main types of fraud alerts: initial fraud alerts and extended alerts.





Identity theft


Identity theft occurs when someone steals your identity to commit fraud. Stealing your identity could mean using personal information without your permission, such as:


Your name

Social Security number

Credit card number




Military active duty alert


Members of the military (such as members of the Marines, Army, Navy, Air Force, and Coast Guard) can request an active duty alert. When you place an active duty alert on your credit report, creditors must take reasonable steps to make sure the person making the request is actually you before opening an account, issuing an additional credit card on an existing account, or increasing the credit limit on your existing account. Active duty alerts last for 12 months. Your name also will be removed from the nationwide credit reporting companies' pre-screen marketing lists for credit offers and insurance for two years.




 

Security freeze


A "security freeze" on your credit report prevents new creditors from accessing your credit file and others from opening accounts in your name until you lift the freeze. Because most businesses will not open credit accounts without checking your credit report, a freeze can stop identity thieves from opening new accounts in your name.


Specialty consumer reporting company


Specialty consumer reporting companies collect and share information about your employment history, transaction history with a business or repayment history for a specific product or service.




 

Thin credit file / No credit file


A thin credit file or no credit file means that a person does not have a credit history or not enough current credit history to produce a credit score. See: Credit invisible

Credit Laws Per FCRA

Posted on December 14, 2018 at 7:55 AM Comments comments (0)


All furnishers of consumer reports must comply with all applicable regulations, including regulations promulgated after

this notice was first prescribed in 2004. Information about applicable regulations currently in effect can be found at the

Consumer Financial Protection Bureau's website,

consumerfinance.gov/learnmore

.

NOTICE TO FURNISHERS OF INFORMATION:

OBLIGATIONS OF FURNISHERS UNDER THE FCRA

The federal Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681-1681y, imposes responsibilities on all persons who

furnish information to consumer reporting agencies (CRAs). These responsibilities are found in Section 623 of the

FCRA, 15 U.S.C. § 1681s-2. State law may impose additional requirements on furnishers. All furnishers of information to CRAs

should become familiar with the applicable laws and may want to consult with their counsel to ensure that they are in compliance.

The text of the FCRA is set forth in full at the Bureau of Consumer Financial Protection's website at

consumerfinance.gov/learnmore

. A list of the sections of the FCRA cross-referenced to the U.S. Code is at the end of this

document.

Section 623 imposes the following duties:


Accuracy Guidelines

The banking and credit union regulators and the CFPB will promulgate guidelines and regulations dealing with the accuracy

of information provided to CRAs by furnishers. The regulations and guidelines issued by the CFPB will be available at

consumerfinance.gov/learnmore

when they are issued. Section 623(e).


General Prohibition on Reporting Inaccurate Information

The FCRA prohibits information furnishers from providing information to a CRA that they know or have reasonable cause to

believe is inaccurate. However, the furnisher is not subject to this general prohibition if it clearly and conspicuously specifies

an address to which consumers may write to notify the furnisher that certain information is inaccurate. Sections 623(a)(1)(A)

and (a)(1)(C).


Duty to Correct and Update Information

If at any time a person who regularly and in the ordinary course of business furnishes information to one or more CRAs

determines that the information provided is not complete or accurate, the furnisher must promptly provide complete

and accurate information to the CRA. In addition, the furnisher must notify all CRAs that received the information of any

corrections, and must thereafter report only the complete and accurate information. Section 623(a)(2).


Duties After Notice of Dispute from Consumer

If a consumer notifies a furnisher, at an address specified by the furnisher for such notices, that specific information is

inaccurate, and the information is, in fact, inaccurate, the furnisher must thereafter report the correct information to CRAs.

Section 623(a)(1)(B).

If a consumer notifies a furnisher that the consumer disputes the completeness or accuracy of any information reported by

the furnisher, the furnisher may not subsequently report that information to a CRA without providing notice of the dispute.

Section 623(a)(3).

The federal banking and credit union regulators and the CFPB will issue regulations that will identify when an information

furnisher must investigate a dispute made directly to the furnisher by a consumer. Once these regulations are issued,

furnishers must comply with them and complete an investigation within 30 days (or 45 days, if the consumer later provides

relevant additional information) unless the dispute is frivolous or irrelevant or comes from a “credit repair organization.” The

CFPB regulations will be available at

consumerfinance.gov

. Section 623(a)(8).

Duties After Notice of Dispute from Consumer Reporting Agency

If a CRA notifies a furnisher that a consumer disputes the completeness or accuracy of information provided by the

furnisher, the furnisher has a duty to follow certain procedures. The furnisher must:

•Conduct an investigation and review all relevant information provided by the CRA, including information given to the

CRA by the consumer. Sections 623(b)(1)(A) and (b)(1)(B).

•Report the results to the CRA that referred the dispute, and, if the investigation establishes that the information was,

in fact, incomplete or inaccurate, report the results to all CRAs to which the furnisher provided the information that

compile and maintain files on a nationwide basis. Sections 623(b)(1)(C) and (b)(1)(D).

•Complete the above steps within 30 days from the date the CRA receives the dispute (or 45 days, if the consumer

later provides relevant additional information to the CRA). Section 623(b)(2).

•Promptly modify or delete the information, or block its reporting. Section 623(b)(1)(E).

Duty to Report Voluntary Closing of Credit Accounts

If a consumer voluntarily closes a credit account, any person who regularly and in the ordinary course of business furnishes

information to one or more CRAs must report this fact when it provides information to CRAs for the time period in which the

account was closed. Section 623(a)(4).


Duty to Report Dates of Delinquencies

If a furnisher reports information concerning a delinquent account placed for collection, charged to profit or loss, or subject

to any similar action, the furnisher must, within 90 days after reporting the information, provide the CRA with the month and

the year of the commencement of the delinquency that immediately preceded the action, so that the agency will know how

long to keep the information in the consumer's file. Section 623(a)(5).


Any person, such as a debt collector, that has acquired or is responsible for collecting delinquent accounts and that reports

information to CRAs may comply with the requirements of Section 623(a)(5) (until there is a consumer dispute) by reporting

the same delinquency date previously reported by the creditor. If the creditor did not report this date, they may comply with

the FCRA by establishing reasonable procedures to obtain and report delinquency dates, or, if a delinquency date cannot

be reasonably obtained, by following reasonable procedures to ensure that the date reported precedes the date when the

account was placed for collection, charged to profit or loss, or subjected to any similar action. Section 623(a)(5).


Duties of Financial Institutions When Reporting Negative Information

Financial institutions that furnish information to “nationwide” consumer reporting agencies, as defined in Section 603(p),

must notify consumers in writing if they may furnish or have furnished negative information to a CRA. Section 623(a)(7). The

Consumer Financial Protection Bureau has prescribed model disclosures, 12 CFR Part 1022, App. B.


Duties When Furnishing Medical Information

A furnisher whose primary business is providing medical services, products, or devices (and such furnisher's agents or

assignees) is a medical information furnisher for the purposes of the FCRA and must notify all CRAs to which it reports of

this fact. Section 623(a)(9). This notice will enable CRAs to comply with their duties under Section 604(g) when reporting

medical information.


Duties when ID Theft Occurs

All furnishers must have in place reasonable procedures to respond to notifications from CRAs that information furnished is

the result of identity theft, and to prevent refurnishing the information in the future. A furnisher may not furnish information

that a consumer has identified as resulting from identity theft unless the furnisher subsequently knows or is informed by the

consumer that the information is correct. Section 623(a)(6). If a furnisher learns that it has furnished inaccurate information

due to identity theft, it must notify each consumer reporting agency of the correct information and must thereafter report

only complete and accurate information. Section 623(a)(2). When any furnisher of information is notified pursuant to the

procedures set forth in Section 605B that a debt has resulted from identity theft, the furnisher may not sell, transfer, or place

for collection the debt except in certain limited circumstances. Section 615(f).

The Consumer Financial Protection Bureau website,

consumerfinance.gov/learnmore

, has more information about the FCRA.


Citations for FCRA sections in the U.S. Code, 15 U.S.C. § 1681 et seq.:

Section 603

Section 604

Section 605

Section 605A

Section 605B

Section 606

Section 607

Section 608

Section 609

Section 610

Section 611

Section 612

Section 613

Section 614

15 U.S.C. 1681

15 U.S.C. 1681a

15 U.S.C. 1681b

15 U.S.C. 1681c

15 U.S.C. 1681c-1

15 U.S.C. 1681c-2

15 U.S.C. 1681d

15 U.S.C. 1681e

15 U.S.C. 1681f

15 U.S.C. 1681g

15 U.S.C. 1681h

15 U.S.C. 1681i

15 U.S.C. 1681j

15 U.S.C. 1681k

15 U.S.C. 1681l

Section 615

Section 616

Section 617

Section 618

Section 619

Section 620

Section 621

Section 622

Section 623

Section 624

Section 625

Section 626

Section 627

Section 628

Section 629

15 U.S.C. 1681m

15 U.S.C. 1681n

15 U.S.C. 1681o

15 U.S.C. 1681p

15 U.S.C. 1681q

15 U.S.C. 1681r

15 U.S.C. 1681s

15 U.S.C. 1681s-1

15 U.S.C. 1681s-2

15 U.S.C. 1681t

15 U.S.C. 1681u

15 U.S.C. 1681v

15 U.S.C. 1681w

15 U.S.C. 1681x

15 U.S.C. 1681y


What is Credit Repair?

Posted on October 29, 2018 at 10:15 PM Comments comments (0)

What is Credit Repair?

According to Experian here is your answer:

When people mention credit repair, they are often referring to organizations that charge a fee, promising to remove negative information from your credit report. The most important thing to know about these organizations is that there is nothing they can do for you that you can't do for yourself.


If you feel there is inaccurate information appearing on your credit reports, you have the right to contact each of the three credit reporting agencies and dispute that information for free. You can dispute information on your Experian credit report online, by phone, or by mail. The easiest, fastest and most secure way to dispute information is online at www.experian.com/dispute.


Credit repair companies do not have any special rights or privileges when it comes to disputing information on your credit reports. They are regulated by the Credit Repair Organizations Act (CROA). Before paying for services with any organization promising to fix your credit, be sure you understand your rights under this federal law. Here are just a few of the things the law requires. The organization:

  • must provide a written contract specifying the services it will provide
  • must allow three days for you to withdraw from the contract
  • cannot advise you to make false claims are alter your identity, which could make you guilty of credit fraud
  • cannot take any payment until it fulfills all of the terms of the contract
  • cannot promise to remove accurate information from your credit report in return for payment

Improving Your Credit

The single most important factor in credit scores is paying your bills on time. If you are trying to improve your credit scores, it may be more beneficial to use the money that would be spent on hiring a credit repair firm to pay down any outstanding debts on your credit report and bring any past due accounts up to date.

Once your accounts are current, the most important thing you can do is make sure all of your payments are made on time, every time.

You may also want to consider ordering your credit scores from each of the three credit reporting agencies.

When you receive a credit score, it should come with a list of the elements in your credit report that are most affecting your score. Paying attention to this list will help you determine what changes you can make to further increase your credit rating going forward.

Credit Facts You Can Count on to Score

Posted on October 29, 2018 at 9:50 PM Comments comments (0)

6 SECRETS ABOUT YOUR CREDIT MAYBE HURTING YOUR CREDIT SCORE - Some factors affecting your score might be obvious, others are sneaky and easy to overlook. Make sure you consider all of the factors that affect your small business credit score.

Whether you’re in the market for a new credit card or a business loan, you probably already know that potential lenders will scrutinize your business’s history and financials. But did you know that your personal credit score can affect lenders’ decisions about whether to extend you those loans and lines of credit?


If that seems unfair, consider this: Until you’ve established a solid line of business credithttps://www.crilegal.com/credit-guide" target="_blank">, the only history available for potential lenders to assess is your personal credit score. And while some of the factors affecting your score might be obvious (failing to pay bills; maxing out credit cards), others are sneaky and easy to overlook.


But before we dig into the surprising pitfalls that could lower your score, let’s get the basics out of the way.


What’s my credit score, again?

Think of your credit score like a debt management report card. A high score tells potential lenders that you’re responsible and trustworthy—someone who can be relied on to pay back their debts. A score of 700-749 is considered good; anything above 750 is excellent.


When you were a kid, your parents might have rewarded you with money for stellar grades. That’s kind of how your credit score works, too—except that money comes in the form of you getting approved for more types of loans, with the best possible rates. Lenders determine if you’re credit worthy by checking your FICO score—a decades-old system that’s now used by all sorts of lenders to estimate your creditworthiness.


The Sneaky Reasons Your Credit Score Might Be Tanking

Maintaining solid credit is one-part diligent maintenance and two parts careful balancing act. Sure, you’ll want to pay your bills on time, in full, every month. You’ll also want to use your credit cards—but not too much. You’ll want to maintain a healthy mix of credit accounts, like a mortgage, car loans, and credit cards—but don’t go overboard, opening a slew of accounts.


Monitoring your credit-related activities so closely might feel like overkill but trust us—soon it’ll be second nature. Remember to follow the two ground rules: Pay your bills on time and pay off your debt. And be on guard against these 6 surprising reasons your credit score can take a hit.


1. Library and Other Rental Fees

Been holding on to that battered copy of “Who Moved My Cheese?” for so long, you think it’s not worth returning? Think again. The 2008 recession inspired libraries and media rental companies (like Netflix and Redbox) to keep track of delinquent accounts. They report these accounts to collection agencies, who in turn rat on you to the credit bureaus. So, round up those overdue books and movies and prepare to settle up.


2. Your Gym Membership

Gym contracts’ stringent canceling policies seem downright cruel, with many requiring you to send a letter or cancel in person. But if you’re not using the membership, cancel it. Don’t let monthly unpaid fees pile up, and don’t even think about simply closing the account from which you paid those fees. Defaulting on your dues could trigger the collectors to come after you—but closing your account will lower your score even more.


3. Opening New Accounts

Whenever someone requests your credit information, it shows. Called “credit inquiries,” these requests come in two varieties: “soft” and “hard.” Soft credit inquirieshttps://www.crilegal.com/credit-guide" target="_blank"> occur when a non-lender, such as a future employer, requests your credit score. Most of the time, this doesn’t affect your score.


A hard inquiry happens after you’ve applied for some type of credit, triggering the lender to request your score. These types of inquiries can lower your score. That’s because your request is a red flag, signaling to credit bureaus that you need money and could possibly default on your debt.


4. Changes to Current Accounts

Like opening a new account, requesting a change to a current account—like increasing your credit limit, or lowering your annual interest rate—is considered a hard inquiry. Your credit card company will need to check your credit, resulting in a lowering of your score.


5. Parking and Speeding Tickets

It’s amazing how these seemingly minor violations can dog us for years. If you fail to pay a ticket and it ends up in collections, you’re delinquent. Your debt will be reported to the credit bureaus, where it can cause your score to drop dramatically—sometimes by as much as 50 to 100 points.


6. Failing to Use Your Credit Card

Credit bureaus like to see that you have access to a lot of credit but don’t use it all. Experts suggest targeting a credit utilization ratio below 30% (i.e., you’re using only that percentage of your available credit). 

Rather than trying to hit that ratio, it might seem easier to simply not use your card at all. But paradoxically, an unused card is terrible for your credit score. If your account shows six months of inactivity, your bank may stop reporting your card information to the credit bureaus. Or they might close your account, full stop. Either situation will tank your score.


But don’t be discouraged: A healthy credit score is achievable with a little time and effort. Monitor your credit (and snag your free annual report from AnnualCreditReport.com) and pay your bills in full. Than get that small business loan—and use it to expand your hiring, purchase new equipment, or move into a larger space. Because the ultimate reward of a healthy credit score is the opportunity to dream bigger. 


NOTICE OF COMMENCEMENT STATE LAWS

Posted on October 20, 2018 at 7:20 AM Comments comments (0)

November 23, 2011


2011-R-0396

 

NOTICE OF COMMENCEMENT OF WORK IN MECHANICS' LIEN LAWS

 


By: James Orlando, Associate Analyst


You asked about states that provide for the filing of a notice of commencement of work when providing mechanics' lien rights.


SUMMARY


We found several states with mechanics' lien laws that require or allow an owner or other party to file a notice of commencement of work when contracting for improvements to real property. These states include Florida, Georgia, Michigan, Nebraska, Ohio, South Carolina, and South Dakota. Utah requires a notice of commencement only for government projects.


In these states, a notice of commencement is generally filed before the project begins or within a specified number of days of project commencement. Generally, in states with notice of commencement laws, when a notice is filed, mechanics' liens are effective from the filing of the notice, although there are exceptions. States with notice of commencement statutes generally require the notice to describe the property and provide the names and addresses of the property owner, contractor, and others connected to the project (e.g., some states require the lender's name and address). Some require the notice to describe the proposed improvement. Some also require a statement about lien rights and owner requirements and possible liabilities.


States with notice of commencement statutes generally require them to be both filed and posted on the work site. Some of these states require the owner or lessee contracting for the improvement to provide the notice to specified people connected with the project, either automatically or upon request. Contractors or subcontractors must also provide the notice to specified others in certain states.


Connecticut's mechanics' lien law does not provide for the filing of a notice of commencement of work. In 2011, Raised Bill 6644 would have created a process for the holder of a mechanics' lien to establish priority for the lien, effective upon filing a notice of commencement. The bill received a public hearing but no further action.


EXAMPLES OF STATES WITH NOTICE OF COMMENCEMENT LAWS


Below, we summarize laws regarding notices of commencement in the states listed above. Please note that these descriptions do not include all details of the applicable law or all ways that a notice of commencement may affect the mechanics' lien process. These descriptions also do not include all aspects of the specific requirements for what must appear on the notices themselves (e.g., whose name and address must be listed on the notice). If you would like more information about particular states or about particular aspects of the process, please let us know.


Florida


Florida's construction lien law generally requires the owner or owner's agent to file a notice of commencement for projects with a contract price over $2,500. The notice must be filed in the clerk's office, before the work begins.


If the contract between the owner and contractor states a completion time of greater than one year, the notice of commencement must state that it is effective for a year plus any additional period of time. Payments the owner makes after the notice of commencement expires are considered improper. A copy of any payment bond must be attached to the notice when it is recorded (failure can negate an exemption from certain other provisions).

 

The notice is effective upon its filing. If the work described in the notice is not begun within 90 days from the notice's recording, the notice is void. The law specifies that the recording of the notice does not itself constitute a lien on the property, but gives constructive notice that claims of lien under the construction lien law may be recorded and may


take priority as provided by law. The posting of a copy of the notice does not constitute a lien, cloud, or encumbrance on real property or constitute actual or constructive notice of any of them.


The following statement must appear on the notice (the statement is in all capital letters in the statute):

 

Warning to owner: any payments made by the owner after the expiration of the notice of commencement are considered improper payments under Chapter 713, Part 1, Section 713.13, Florida Statutes, and can result in your paying twice for improvements to your property. A notice of commencement must be recorded and posted on the job site before the first inspection. If you intend to obtain financing, consult with your lender or an attorney before commencing work or recording your notice of commencement.


The owner must post the notice at the construction site. The law also provides a procedure for amending the notice.

 

The law requires a lender to record the notice of commencement before disbursing funds to the contractor. The lender's failure to record the notice makes the lender liable to the owner for all damages sustained by the owner as a result of the failure. Whenever a lender is required to record a notice of commencement, the lender must designate the lender, in addition to others, to receive copies of notices to the owner. These provisions do not give anyone other than the owner a claim against a lender for failure to record the notice (Fl. Stat. Ann. § 713.13).


With some exceptions (e.g., specified professional services and subdivision improvements), Florida law provides that construction liens attach and take priority when the notice of commencement is recorded. If such a notice is not filed, the liens attach and take priority when the claim of lien is recorded (Fl. Stat. Ann. § 713.07).


After construction is completed, or after construction has ended before completion but all lienors have been paid, an owner can end the effectiveness of the notice of commencement by filing a notice of termination and meeting other requirements (Fl. Stat. Ann. § 713.132).


When someone applies for a building permit, the issuing authority (among various other requirements) must inform the owner of the requirement to record a notice of commencement and the consequences for failing to do so, and provide at least two copies of the notice form (Fl. Stat. Ann. § 713.135).

 

 

Georgia

 

Georgia's mechanics' lien law requires the owner, owner's agent, or contractor to file a notice of commencement with the superior court clerk within 15 days after the contractor begins work on the project. The contractor must give a copy of the notice to subcontractors, materialmen, or others upon written request.

 

The failure to file the notice of commencement renders inapplicable certain requirements regarding a “notice to contractor” that generally apply to subcontractors and others who are not in privity of contract with the contractor and attempt to enforce a lien. The contractor's failure to provide a copy within 10 days of receipt of a written request, as specified above, similarly renders these requirements of the lien law inapplicable to the subcontractor or other person who requested it.

 

The law specifies that the filing of the notice of commencement does not (1) constitute a cloud, lien, or encumbrance upon or defect to the title of the property described in the notice, (2) change the allowable aggregate amount of liens, (3) affect the priority of any loan in which the property is to secure payment of the loan filed before or after the notice, (4) affect the future advances under any such loan, or (5) affect specified provisions regarding dissolving liens (Ga. Code Ann. § 44-14-361.5).

 

Georgia also requires a notice of commencement in other circumstances (e.g., a contractor furnishing a payment bond or security deposit on a public works construction project) (Ga. Code Ann. § 13-10-62).

 

Michigan

 

Michigan's construction lien law has separate statutes for residential and non-residential property. For residential property, an owner or lessee contracting for physical improvements to property must prepare and provide a notice of commencement to a contractor, subcontractor, supplier, or laborer, on their written request. For non-residential property, an owner or lessee contracting for such improvements must record a notice of commencement in the office of the registrar of deeds, before the work begins. In either case, a blank notice of furnishing (a notice by a subcontractor, supplier, or laborer who provides labor or material to the project) must be attached to each copy of the notice of commencement.

 

The following statement must appear on the notice of commencement, for both residential and non-residential projects:

 

To lien claimants and subsequent purchasers:

 

Take notice that work is about to commence on an improvement to the real property described in this instrument. A person having a construction lien may preserve the lien by providing a notice of furnishing to the above named designee and the general contractor, if any, and by timely recording a claim of lien, in accordance with law.

 

A person having a construction lien arising by virtue of work performed on this improvement should refer to the name of the owner or lessee and the legal description appearing in this notice. A person subsequently acquiring an interest in the land described is not required to be named in a claim of lien.

 

A copy of this notice with an attached form for notice of furnishing may be obtained upon making a written request by certified mail to the above named owner or lessee; the designee; or the person with whom you have contracted.

 

The following notice must also appear on notices for residential projects only:

 

WARNING TO HOMEOWNER

 

Michigan law requires that you do the following:

 

1. Complete and return this form to the person who asked for it within 10 days after the date of the postmark on the request.

 

2. If you do not complete and return this form within the 10 days you may have to pay the expenses incurred in getting the information.

 

3. If you do not live at the site of the improvement, you must post a copy of this form in a conspicuous place at that site.

 

You are not required to but should do the following:

 

1. Complete and post a copy of this form at the place where the improvement is being made, even if you live there.

 

2. Make and keep a copy of this form for your own records.

 

While there is substantial overlap in the requirements for residential

 

and non-residential projects, there are differences. For example, for non-residential projects, the owner, lessee, or designee must automatically provide a copy to the general contractor, if any, and must provide a copy to specified others within 10 days of a written request. For residential projects, the notice must be provided within 10 days of the contractor's or specified others' written request.

 

Both statutes have similar requirements for contractors or subcontractors to provide the notice to specified others in direct contract with them, on written request. Under the residential statute, if contractors or subcontractors receive such a request but have not been given a notice of commencement, they must give the requester the name and address of the owner or lessee. Failure to meet these requirements makes the contractor or subcontractor liable to the lien claimant for expenses sustained in obtaining the information provided by the notice. The owner or lessee is similarly liable for failing to (1) post the notice as required by law or (2) provide the notice to the general contractor (non-residential only).

 

The owner's, lessee's, or designee's failure to record the notice (non-residential only) or provide the notice upon request as specified above extends the time a subcontractor or others have to provide a notice of furnishing. If a notice of commencement furnished by or for an owner or lessee contains incorrect information, a lien claimant's rights against the owner's or lessee's property are not adversely affected.


For non-residential projects, additional provisions apply if the owner, lessee, or designee fails to provide, record, and post the notice within 10 days of the contractor's written request to do so after the work has begun. In that case, the owner or lessee is generally barred from requiring the contractor to hold the owner or lessee harmless from liens to the extent the claims could have otherwise been avoided through proper payment, had the owner or lessee complied with the request. If the contractor pays a valid lien claim at the direction of the owner, lessee, or designee after that person's failure to comply with the notice of commencement requirements, the owner or lessee is generally liable to the contractor to the extent the lien claim could have otherwise been avoided through proper payment had such request been complied with (Mich. Comp. Laws Ann. § 570.1108 (non-residential); Mich. Comp. Laws Ann. § 570.1108a (residential)).


Michigan law provides that the recording of a notice of commencement or a claim of lien operates as constructive notice to subsequent purchasers or encumbrancers in the same manner as the recording of a real estate mortgage (Mich. Comp. Laws Ann. § 570.1112).



Nebraska


Nebraska law allows a contracting owner or others to file a notice of commencement in residential construction projects. The notice must have a duration of at least six months, although the owner can extend it. If a notice does not state its duration, it has a duration of one year.


If there is no notice of commencement applying to an improvement, a claimant entitled to record a lien may record such a notice. Such a notice has an automatic one-year duration. A claimant who records a notice of commencement must send a copy to the contracting owner no later than the day of recording. A claimant who fails to do so is liable to the owner for any damages caused by the failure (Neb. Rev. Stat. Ann. § 52-145).


Nebraska law specifies that if a claimant records a lien while a notice of commencement is effective as to the improvement in connection with the lien, the lien attaches as of the time the notice is recorded, even if visible commencement of the work occurred before the notice was recorded (Neb. Rev. Stat. Ann. § 52-137).


A claimant who records a notice of commencement after recording a lien has equal priority with claimants who record a lien while the notice of commencement is effective. Any priority which the claimant gained over third parties by recording the notice of lien is preserved for the benefit of all claimants having equal priority under this provision (Neb. Rev. Stat. Ann. § 52-138).


Nebraska law provides for an owner to terminate a notice of commencement, by recording a notice of termination (which can take effect no earlier than 30 days after its recording) and meeting other requirements, such as notifying claimants who have requested to be notified of such a termination notice and publishing a notice in a newspaper (Neb. Rev. Stat. Ann. § 52-146). If an owner records a notice of termination before abandonment or substantial completion of all the improvements covered by the terminated notice of commencement, he or she is personally liable to any lien claimant to the extent that the claimant is unable to realize on a lien because the notice of termination was recorded before abandonment or substantial completion (Neb. Rev. Stat. Ann. § 52-156).


Ohio


For improvements to private real property, Ohio law requires an owner or lessee to record a notice of commencement in the county recorder's office, before starting the project, when contracting for labor, work, or the furnishing of materials which could give rise to a mechanics' lien. The requirement does not apply to home construction contracts, unless the lender requires it.


Among other requirements, the notice must include the following statement:


To lien claimants and subsequent purchasers:


Take notice that labor or work is about to begin on or materials are about to be furnished for an improvement to the real property described in this instrument. A person having a mechanics' lien may preserve the lien by providing a notice of furnishing to the above-named designee and the above-named designee's original contractor, if any, and by timely recording an affidavit pursuant to section 1311.06 of the Revised Code.


A copy of this notice may be obtained upon making a written request by certified mail to the above-named owner, part owner, lessee, designee, or the person with whom you have contracted.

 

Ohio law provides that if a notice of commencement furnished by or for an owner or lessee contains incorrect information, the owner or lessee is liable for a lien claimant's loss of lien rights and actual expenses the claimant incurs in maintaining lien rights, including attorney's fees, if the loss and expenses are a direct result of the claimant's reliance on the incorrect information.


In addition to filing the notice of commencement, the owner, lessee, or designee must (1) serve a copy on the original contractor and (2) provide a copy to a subcontractor, supplier, or laborer within 10 days of their written request. Contractors and subcontractors who have been provided a copy of the notice and who receive a written request from specified others (e.g., supplier) who have a direct contract with them must also provide it within 10 days of the request. Failure to meet these requirements makes the owner, lessee, contractor, or subcontractor liable for actual expenses the other person incurs in obtaining the information. Similar liability applies if the owner, lessee, or designee fails to post the notice. 


Failure to record or serve the notice of commencement also extends the time a subcontractor or supplier has to serve a notice of furnishing. If an owner, lessee, or designee fails to record a notice of commencement, a subcontractor or material supplier who performs labor or work upon or furnishes material for the improvement does not have to serve a notice of furnishing to preserve lien rights. Additional consequences apply if the owner, lessee, or designee fails to serve, record, or post a notice of commencement after the work has begun and the contractor requests that the notice be served, recorded, or posted.

 

If the owner or lessee fails to record a notice of commencement within certain time frames, the contractor or someone holding a mortgage may record one on the owner's or lessee's behalf. In that case, the owner or lessee is liable to the contractor or mortgage holder for costs and expenses incurred in (1) obtaining the information contained in the notice and (2) preparing and recording it.

 

A notice of commencement expires six years after its filing, unless the notice or amendments to it specify otherwise (Rev. Ohio Code Ann. § 1311.04).

 

With some exceptions, after a notice of commencement is recorded, liens are effective from the date of the notice's recording. Ohio has several other provisions regarding the interplay of the notice of commencement with lien effective dates and lien priority, including for situations where a lien secures a claim for work performed both before and after the notice is recorded (Rev. Ohio Code Ann. § 1311.13).

 

Ohio has a separate notice of commencement statute that applies to improvements of public property. A public authority must prepare a notice of commencement, and make it readily available to the public upon request, before the performance of any labor, work, or furnishing of materials for a public improvement (Rev. Ohio Code Ann. § 1311.252).


South Carolina

South Carolina law allows someone entering into a direct agreement with an owner for real property improvements, or someone with the owner's consent, to file a notice of project commencement with the court clerk or register of deeds.

The notice must be filed within 15 days after work begins. Among other requirements, a location notice must be posted at the job site, containing the following statement: 

The contractor on the project has filed a notice of project commencement at the county courthouse. Sub-subcontractors and suppliers to subcontractors shall comply with Section 29-5-20 when filing liens in connection with this project.

Failure to file a notice of project commencement has several consequences, such as rendering specified provisions of the lien law inapplicable (e.g., provisions relating to requirements for a notice of furnishing and proration of payments among lienors).

The law specifies that the filing of a notice of project commencement does not constitute a cloud, lien, or encumbrance upon, or defect to, the title of the real property described in the notice. The filing also does not (1) change the aggregate amount of liens allowable under the law regarding workers employed by someone other than the owner, (2) affect the priority of any mortgage filed before or after the notice, or (3) affect any future advances under any mortgage (S.C. Code § 29-5-23).


South Dakota

Under South Dakota's mechanics' lien law, the owner, owner's agent or representative, or someone entering into a direct agreement with the owner, may file a notice of project commencement with the county register of deeds, within 30 days of the start of the work (S.D. Codified Laws § 44-9-50).

Among other requirements, anyone filing a notice of project commencement must post a location notice at the job site, containing the following statement:

The contractor on this project has filed a notice of project commencement at the county courthouse. Any sub-subcontractor and any supplier to a subcontractor shall comply with the notice provisions of § 44-9-53 before filing liens in connection with this project (S.D. Codified Laws § 44-9-51).

The law specifies that the filing of a notice of project commencement does not constitute a cloud, lien, or encumbrance upon, or defect to, the title of the real property described in the notice. The filing also does not (1) alter the aggregate amount of liens allowable by law or (2) affect the priority of a mortgage or future advances under a mortgage (S.D. Codified Laws § 44-9-52).

When someone has filed a notice of project commencement, sub-subcontractors or suppliers to subcontractors (except for individual laborers with liens under $2,000) must provide a notice of furnishing to the contractor and owner before extending a lien as specified by law (S.D. Codified Laws § 44-9-53).

Utah

In Utah, a notice of commencement is required for construction work at government project sites. The contractor, owner, or owner-builder must file the notice in the state construction registry, within 15 days of the project's start. If the notice is not timely filed, certain provisions of the lien law do not apply (e.g., the requirement that certain subcontractors on government projects file a preliminary notice with the registry) (Utah Code Ann. § 38-1-31.5).

2011 legislation eliminated the requirement to file notices of commencement for private projects (H.B. 260).

BOOKKEEPING SERVICE FAQ

Posted on October 20, 2018 at 4:55 AM Comments comments (0)

What is the difference between a Bookkeeper and an Accountant?

Bookkeepers and Accountants both provide essential business services, and in some cases they work together. However, there are key differences between the roles of a Bookkeeper and an Accountant.

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A Bookkeeper is responsible for recording financial transactions, maintaining accurate records and providing reports or statements to managers.

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An Accountant interprets, analyses and reports on financial data, providing in depth insights to the business on financial matters.

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The roles and responsibilities of a Bookkeeper and Accountant may vary or overlap according to their level of experience and the size of the business.

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Daily tasks for a Bookkeeper?

The responsibilities of a Bookkeeper vary according to the size and nature of their employer, and may include:

 

  • Recording the financial transactions of a business in bookkeeping software (such as MYOB or QuickBooks), spreadsheets or databases.
  • Arranging payment of accounts.
  • Preparing and sending invoices and receipts to debtors.
  • Processing payroll and maintaining employee records.
  • Carrying out bank reconciliations.
  • Reporting for preparation of a Business Activity Statement (BAS).
  • Checking figures and reporting for accuracy.
  • Reporting any irregularities in data to management.
  • Producing balance sheets, income statements and other financial documents.
  • To learn about the skills, traits and qualifications you’ll need as a Bookkeeper, read our tips on how to become an Bookkeeper.


Georgia State Lien 2018

Posted on October 5, 2018 at 1:00 AM Comments comments (0)

Georgia Liens

A lien is a legal claim to secure a debt and may encumber real or personal property. A state tax lien (also known as a state tax execution) is recorded with one or more Clerks of Superior Court to make it a matter of public record and to secure the debt. After a lien has become due and is in the collection process, the Department may file a lien without notice, at any time, if it is in the State's best interest.

Transfer of Ownership of Property

The Department’s liens attach to any property to which the named taxpayer is the owner of record. If ownership of the subject property changes, the Department’s lien remains attached until the lien is resolved. When there is a sale of the subject property, the lien attaches to the proportionate proceeds from the sale. If a taxpayer dies, the property becomes part of the taxpayer's estate and the lien remains attached to his or her share of the property. If the property has multiple owners, the lien may stay with the property, depending on the type of property estate.

Release of Liens or Cancellation of Liens

The Department will cancel a state tax lien when the delinquent tax liability has been resolved. The Department will mark an entry of satisfaction on the execution docket and cancel the lien with the Clerk of Superior Court in each county where the lien had been recorded.

Recorded liens are public information. Mortgage companies, financial institutions and taxpayers may obtain payoff information from the Department upon request. The Department does not require a power of attorney to be completed to receive such information.

Withdrawal of Liens

If the taxpayer believes that a lien was filed in error, the taxpayer may request a withdrawal of the tax lien. If the Department determines that the lien was filed in error, the lien will be withdrawn.

Release of Expired Liens

Expired liens (also known as statute-barred liens) do not attach to any property interest of the taxpayer whose name appears on the lien.

Removing liens from a credit bureau report

The Department has no control over the length of time that credit bureaus keep public information on a credit bureau report. To update your credit bureau report, you must contact the credit bureaus directly.

If the Department recorded a state tax lien against you in error, the Department will amend the lien by stating that it has been officially withdrawn. Please note that the Department cannot instruct a credit reporting agency to alter its records regarding this error because the Department does not report the recording of state tax liens to any such agencies.

Statute of Limitations and Liens

State tax liens must be filed within seven years of the assessment date of the tax liability if the assessment was issued before February 21, 2018. The Department has five years to file the lien if the assessment was issued on or after February 21, 2018. Once the Department files a lien, the Department has ten years from the date the lien was filed to collect the liability. This ten year period may be extended for specific reasons outlined in Georgia Code including but not limited to the taxpayer filing bankruptcy or entering into an Installment Payment Agreement with the Department. A tax lien may not be renewed.


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GEORGIA REAL PROPERTY FILING INFORMATION

 

Warranty Deed -a deed in which granter warrants good clear title. A deed which explicitly contains covenants concerning the quality of title it conveys.

 

Quitclaim Deed - a deed of conveyance operating by way of release; that is, intended to pass any title, interest, or claim which the granter may have in the premises, but not professing that such title is valid, nor containing any warranty or covenants for title.

Foreclosure sale -A sale of mortgaged property to obtain satisfaction of the mortgage out of the proceeds, whether authorized by a decree of the court or by a power of sale contained in the mortgage. NOTE - In Georgia a security deed is foreclosed, no/ a mortgage and the document type recorded is a Deed Under Power sometimes called a Foreclosure Deed.

Security Deed- a written instrument that secures real property for payment of a loan, in some states a mortgage or a deed of trust is used for this purpose

Power of Attorney - An instrument in writing whereby one person, as principal, appoints another as his agent and confers authority to perform certain specified acts or kinds of acts on behalf of principal

Fi Fa - Fieri Facias (Latin) means that you "cause (it) to be clone" Judicial writ directing sheriff to satisfy a judgment from the debtor's property. NOTE-A Fifa is a lien against all real property owned by the debtor in the County where the Fi Fa is recorded.

Plat - A map of a specified land area such as a town, section or subdivision, showing the location and boundaries of individual parcels of land subdivided into lots, with streets, alleys, easements, ECT, usually drawn to a scale

Easement - A right of use over the property of another

Materialman's Lien - By statue in most states, a person who furnishes material for the construction, improvement, or altercation of a building or other structure has a priority for payment of his claim based on his lien as a supplier of such materials. NOTE: in Georgia, A claim of lien expires and is void 395 days from the date of filing of the claim of lien if no notice of commencement of lien action is filed in that period.


Marketing Terminology and Definitions

Posted on September 17, 2018 at 3:00 AM Comments comments (0)


Commercial Credit/Understand Business Credit

Posted on September 11, 2018 at 12:25 AM Comments comments (0)

#CRILEGAL THIS WORK I DO, DAY AFTER DAY, IS FOR MY GOD, AND HIS BELOVED DAUGHTER ON HER BIRTHDAY! I LOVE YOU SASHA AND LANDON!

8)    Understand Business Credit    8)



What Scores are Included in a D&B Credit Business Credit Report?

Dun & Bradstreet’s comprehensive credit reports, accessed through D&B Credit, are uniquely suited to help you assess not only a business's current state, but also its future outlook. The reports include several types of predictive (future) and performance-based (historical) scores, including the D&B Viability Rating, the D&B PAYDEX, and the D&B Failure Score. They’re based on predictive modeling analysis and take into account the full range of data that Dun & Bradstreet has available on a business, including past payment patterns, public filings and financial information. Reports also contain financial statements, trade payment data, legal events, corporate family trees, and other third-party web and social information.


What is a Commercial Credit Score?

Unlike consumer credit, there’s no one single credit score in commercial credit. Dun & Bradstreet provides multiple types of scores to help companies assess business credit risk on their customers, vendors, and partners. In Dun & Bradstreet’s DNBi platform, the Commercial Credit Score (CCS) predicts the likelihood of a business paying its bills in a severely delinquent manner (91 days or more past terms), obtaining legal relief from its creditors or ceasing operations without paying all creditors in full over the next 12 months. This score is known as the Delinquency Score in the new D&B Credit platform. The score ranges from 1 to 100, with higher scores indicating a lower probability of delinquency.

 

What is a Delinquency Predictor Risk Class?

A Delinquency Predictor Risk Class is a segmentation of the scorable universe into five distinct categories - low, low-moderate, moderate, moderate-high, or high – to classify whether businesses have the lowest probability of delinquency or the highest probability of delinquency. This Class enables a customer to quickly segment their new and existing accounts into various risk segments to determine appropriate credit policies. Note: Delinquency Predictors are not calculated for those businesses designated as Discontinued at This Location, Open Bankruptcy, or Higher Risk. These records are automatically assigned a score of zero (0).


How is severe delinquency defined?

A severely delinquent firm is defined as a business with at least 10% of its weighted dollars 91+ days slow. Dollars are weighted based on total balance of 91+ accounts compared to total balance owed.


What does a Delinquency Score of "Zero" mean?

Delinquency scores are not calculated for those businesses designated as "Discontinued at This Location," "Open Bankruptcy", "Higher Risk." These records are automatically assigned a score of zero (0).


What is the Failure Score and What Does it Mean?

D&B's Failure Score in D&B Credit is designed to help you predict the likelihood that a company will obtain legal relief from creditors or cease operations without paying all creditors in full over the next 12 months. The score uses the full range of Dun & Bradstreet information, including financials, comparative financial ratios, payment trends, public filings, demographic data and more.


Dun & Bradstreet defines a failed or financially stressed company as one that:


Ceased operations following assignment or bankruptcy

Ceased operations with loss to creditors

Voluntarily withdrew from business operation leaving unpaid obligations

Is in receivership, reorganization, or has made an arrangement for the benefit of creditors.

Voluntary discontinuance involving no loss to creditors is not defined as financially stressed.


The risk information for the Failure Score in D&B Credit is classified in two ways, from the broadest (the class) to the most specific (the numerical score.) The classifications are:


1. A "Percentile" of 1 - 100, where a 1 represents businesses that have the highest probability of financial stress, and a 100 which represents businesses with the lowest probability of financial stress. This Percentile shows you where a company falls among businesses in the D&B information base, and is most effectively used to rank order a portfolio from highest to lowest risk of business failure.


2. A level of risk "Class" which is a segmentation of the scorable universe into five distinct risk categories - low, low-moderate, moderate, moderate-high, or high – to classify whether businesses have the lowest probability of financial stress or the highest probability of financial stress. This Class enables you to quickly segment new and existing accounts into risk groupings to determine appropriate credit policies.


What does a Failure Score of "Zero" mean?

Failure Scores are not calculated for those businesses designated as "Discontinued at This Location," "Open Bankruptcy" or "Higher Risk." These records are automatically assigned a score of zero (0).