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 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.
Credit reports should be obtained from all