Benefits of Using Secured Party Numbers
Secured party numbers facilitate entry of secured party data for registrations as follows:
- Secured parties can be set up with a unique secured party number in advance of any registration. When registering, a user can select the secured party number instead of manually typing the secured party data details. Data fields are populated by the system when a secured party number is entered. The use of secured party numbers should improve the accuracy and consistency of secured party data.
- Notices to Secured Party reports are stored in the electronic ACOL PPRS document repository. For secured parties that were entered using a secured party number (or where same-as-registrant was selected), the secured party administrators can access the Notice to Secured Party report through Retrieve Reports.
- If some of the information for a secured party changes, such as address or email address, the global change function can be used to apply the changes to all previously created registrations which contained that secured party number.