[Infographic] How Asset Searches Work

how a national asset search works

[Infographic] How Asset Searches Work

Learn how asset searches work and what you can find.

A common service we provide to an investigation is asset searches. People tend to have the same questions; how does it work and what can you find.

We wanted to answer these questions in a simple straight forward graphic.

Below is an outline of how asset searches work.

what is a nationwide asset search

What is an Asset Search?

An effective asset investigation is the essential component to protecting and securing the financial well-being of your clients.

Asset investigations are performed to help individuals and companies collect debt, verify financial statements and disclosures, identify fraudulent activity, satisfy due diligence, settle personal injury cases, and verify income and assets for divorce or child support cases.

asset search serviceHow does an asset investigation work?

An effective and thorough asset search can include public record searches, background checks, computer and mobile device forensic searches, manual financial investigations, and surveillance work.

Asset searches should only be conducted by investigation firms with the deep experience and resources to determine exactly where the assets are, what their true value are, how secure they are, and if there are any judgments against them.

What can be located in an asset search?

  • Automobiles
  • Planes
  • Boats
  • Real Estate
  • Bank Accounts: Checking & Savings
  • Safe Deposit Boxes
  • Brokerage and Retirement Accounts
  • Trust Accounts
  • Business Affiliations: C-Corps, S-Corps, LLCs
  • Income Sources

Use Cases for Asset Searches

  • Judgment Collection
  • Debt Collection
  • Child Support
  • Medical Malpractice
  • Divorce
  • Estate & Probate
  • Identifying Assets Prior to Initiating Litigation
  • Personal Injury Cases

Permissible Bank and Brokerage Searches

Financial account searches must be conducted in compliance with provisions found in the Gramm-Leach-Bliley Act (GLBA).
Permissible Purposes

  • Debt Collection
  • Judgment Collection
  • Authorized Matrimonial Investigation
  • Authorized Estate Investigation
  • Child Support Collection
  • Court order or subpoena
  • Authorized Employment Background
  • Underwriting of insurance involving the consumer
  • By written permission of the consumer to whom it relates
  • As a potential investor or servicer or current insurer in connection with a validation or, an assessment of the credit or prepayment risks associated with, an existing credit obligation
  • Credit transaction involving extension of credit to the consumer or review or collection of an account
  • Determination of consumer’s eligibility for a license or other benefit granted by a government instrumentality required by law to consider an applicant’s financial responsibility or status
  • Legitimate business need for the information in connection with a business transaction that is initiated by the consumer or to review an account to determine whether the consumer continues to meet the terms of the account

Account Information Disclosed

  • Name and location of the financial institution
  • Account description: Checking or Savings
  • Recent balance
  • If an opt-out agreement is on file, only the financial institution and type of account disclosed.

Account Numbers Withheld

To maintain compliance with GLB, account numbers are withheld.

Pretexting is not Permissible

The GLBA contains a pretexting provision making it illegal to use a consumer’s personal identifying information in order to impersonate him or her to gain account information.

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