Asset Searching for Recovery Actions – The Decision Maker’s Tool Part 2
In Part One of this article we took a look at some minimum recommendations for asset searches as a recovery medium. This discussion is based on the assumption that an asset search has already been determined to be sanctionable by, for example, a loan in default, a judgment that has been rendered, a court order obtained for the release of credit information in cases that are not clearly defined under the FCRA or “extended consent” given in a creditor/debtor or employee – employer relationship.
As Part One suggested, to properly identify a non-corporate subject, fraud examiners in non-law enforcement environments should take the following steps:
* Obtain credit reports form the three major credit bureaus, per FCRA requirements
* Obtain social security traces form the three major credit bureaus.
* Obtain address update/credit report header information from the three major credit bureaus.
* Match the information obtained through the independent sources to the information Nokia N85 presented by the subject of the asset search.
Part One also provided suggestions for determining assets, including real property ownership, vehicular searches, vessel ownership, aircraft ownership, and banking information. Following is additional financial and business information that should be gathered, as well as liability-related data that impacts the subject’s net worth in a recovery action.
Financial Information
Credit reports should be obtained from all major credit bureaus in order to completely determine the subject’s credit worthiness or credit status. The Federal Home Loan Mortgage Association (“Fannie-Mae”) determined several years ago that a minimum of three national credit bureau repositories should be accessed to develop credit information prior to the qualification for a mortgage loan. While this is the standard, many companies do not provide this information in the pursuit of the asset search, and limit their request to only one major credit bureau. Some difficulty also exists with respect to the investigative community’s lack of access to major credit bureaus, and many credit reports procured for investigative purposes are, in fact, procured through third- and fourth-party blind sources.
Credit bureau-based research agencies are usually your best source for credit and financial information, as well as banking data, since their primary focus is in the credit community and understanding the limitations of the credit system, as well as knowledge of “better” access to the credit bureaus. This assures their continued success in operating their business.
Credit reports are important not only from the standpoint of providing identification information, additional addresses unknown to the client, and/or additional name variations in the form of aliases and/or akas, but they also provide an almost up-to-the-minute window of credit activity pertaining to the subject. This gives an impression of the subject’s credit worthiness with respect to paying off the obligations the subject is currently faced with, not to mention, in many cases, his or her current whereabouts.
If an overwhelmingly favorable credit report is generated on the individual, chances are strong that the subject may be hiding assets, and a more aggressive collection and/or litigious pursuit is justified. If the individual’s credit is in a “pre-bankruptcy” mode, chances are strong that the lack of discovery of available assets, which would affect the decision whether to charge-off or litigate the matter, is more easily palatable by the analyst.
Credit histories also contain adverse public records that may not have been developed throughout the Холодильник трехкамерный course of the search, since the primary search parameters are on an exact name basis, and usually a specific jurisdiction basis only. The benefit of credit reporting agencies is that they procure information from large repositories, which contain information attorneys for texas kinship guardians from jurisdictions that may not necessarily be germane to the original asset search request.
Corporate Affiliations
A determination of an individual’s Officer/Director and/or Registered Agent status within a corporation is important to determine whether or not that individual may own stock in that enterprise, which can also be used toyota auto part buyers in southern california determined somewhat by a search of applicable public records within certain state jurisdictions. Some states do not provide public access to information with respect to stock ownership in corporations, yet many states do provide information with respect to the Officer/Director and/or Registered Agent видеокамеры JVC status of an individual.
These searches are conducted at the Secretary of State level, and if the information is developed, certain other information with respect attorneys for texas kinship guardians to the corporate enterprise may be provided. This includes the status of the corporation (i.e., good standing, suspended, or forfeited), the filing date and filing numbers of the corporate enterprise, and the subject’s affiliation with the enterprise.
Many states require a secondary search level to be undertaken, which is the procurement of a “Statement of Officers/Directors” (ET SEQ.). There are database repositories, which provide President and/or
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