An asset search means a lot of different things to a lot of different people. An asset search is traditionally defined as a search designed to identify and locate personal and real property, companies, income, and financial information about a specific person or business. The circumstances of an asset search can range from an individual approaching a private investigator to assess the assets of an individual for the purpose of filing a lawsuit to an attorney attempting to collect on a judgment. Other cases include parties attempting to draft prenuptial agreements to discover if either party is hiding anything.
There are three different types of asset searches and they range in price depending on how in-depth the search is. An asset search isn’t an inexpensive proposition.
- The first type of asset search is a basic background and asset search for an individual that includes a 20-year address history, verifying date of birth and social security number, all statewide real estate property, corporate and limited partnership information, civil and criminal records from 15 of the 58 California counties, as well as other details.
- The second type is a bank, savings, and checking account search which provides the name of the bank, addresses, account numbers and balance as of the date of the asset search.
- The third type is a securities search which provides the name of brokerage accounts, addresses, account numbers and the balances as of the date of the asset search.
There were over 200 private investigators and information brokers conducting asset searches before the Gramm–Leach–Bliley Act of 1999 (GLBA) was signed. As of 2012, there are five companies, including my firm, doing it legitimately.
Every case processed by our offices will be compliant with the GLBA bill and the Fair Credit Reporting Act (FCRA). My firm will put it in writing and testify that all information collected during the course of an asset search was collected legally and without any clandestine tactics.
Do you have questions about conducting an asset search? Please let me know and I would be pleased to address your concerns.