Strategy: Record Keeping
What loan-related documents should you keep?
- Promissory notes
- Disclosure statements
- Notifications of lender change
- Repayment schedules
- Lender correspondence
- Income tax returns
You should also keep track of all telephone or e-mail communications with your lender, holder, and servicer. Your log should include:
- The date and time of the call/message
- The reason for the call/e-mail
- A copy of the e-mail (if applicable)
- The expected follow-up
- The full name of the person with whom you spoke or the e-mail address of the respondent
Your Filing System
Develop a filing system that will work for you, something you'll maintain and use. There are many books and software products available about personal finance that contain information about how to set up a record-keeping system. You can use individual file folders, portfolios, three-ring binders, manila envelopes, or filing cabinets.
Remember the 3 S's of Record Keeping
Simple: (make it simple to use)
Sustainable: (make it something you'll maintain over the long term)
Secure: (secure your records against fire or theft) You can use our online "Loan Ledger" to help keep track of your loan information.