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What is the Personal Financial Statement 1 Form?
Personal Financial Statement 1 Form is a federal form of the US Government that allows revealing the current financial situation of an individual in the required period. You are not required to accompany Personal Financial Statement 1 Form with other forms, but you may be requested to fill out additional forms to apply for credit.
What I need the Personal Financial Statement 1 Form for?
Personal Financial Statement 1 Form:
- Is required when you apply for credit, including a loan, mortgage, or other types of credit.
- Provides the crediting organization with an understanding of the real financial state of the applicant;
- Allows the crediting party to make a decision to provide or deny credit provision.
A Personal Financial Statement 1 Form validity term is not established. You should provide it every time you apply for credit and fill it again every time, using the updated information.
Filling out Personal Financial Statement 1 Form
Filling out the Personal Financial Statement 1 Form, you have to provide personal information, a statement of financial position, reveal your annual income and expenses (or estimate of annual expenses), list assets and liabilities, and other general information and data. Section II requires information about Cash in Banks and Notes Due to Banks. Next, enter data about life insurance, securities owned, notes and accounts receivable, real estate owned, mortgages and contracts owned, personal property, and other notes. Send the filled form to the organization that requested Personal Financial Statement 1 Form from you.
Organizations that work with Personal Financial Statement 1 Form
- Credit-providing organizations;
- Other organizations that have the legal right to request your financial information.
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Fillable online Personal Financial Statement Template