Asset Searches : LEGAL COMPLIANCE

We conduct our asset searches in compliance with all the provisions of the Gramm-Leach-Bliley Act (GLBA) and the Fair Credit Reporting Act (FCRA).  Therefore, for bank account searches, you must have a permissible purpose to make the inquiry. 

 

The permissible purposes include: 1) Debt Collection 2) Judgment Collection 3) Authorized Matrimonial Investigation 4) Authorized Estate Investigation 5) Child Support Collection 6) Court order or subpoena 6) Authorized Employment Background 7) 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 8) Credit transaction involving extension of credit to the consumer or review or collection of an account 9) 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 10) By written permission of the consumer to whom it relates 11) Underwriting of insurance involving the consumer 12) 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.

 

If you are not sure if your purpose is a permissible one, please call us and we can tell you if it is or not.

 

To also maintain complaince with GLBA, we do not report account. numbers. You will be given the name and location of the financial institution and a description of the accounts in that institution with either the most recent balance or the average balance over the past thirty days; this depends upon the individual institutions reporting protocols.

 

Pretexting Provisions of GLBA

The pretexting provision of GLBA makes it expressly illegal to utilize a consumer's personal identifying information in order to represent oneself to a financial institution as being the consumer (impersonating him or her). Some investigative agencies use this method to obtain bank information, and it is blatantly illegal. We do not use that method. Be careful of doing business with companies who do.



It is important for those who have been defrauded or who have been the victim of scam artists or chronic debtors to have the ability to protect themselves and collect on their judgments. We are happy to be able to offer a legal way to help through asset searches.

For a more detailed discussion of asset searches, see also our article, "Asset Searches: What Are They and What's Legal" or call us with any questions you have.

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