Sunday, July 1, 2007

Frequently Asked Questions

Q. What information must I have in order to locate assets?

Ideally, each request should include the subject’s name, address, SS/FEIN number and date of birth. If you have only a name and address, we can usually develop the remaining identifiers. If you are unable to provide the subject’s social security number or Federal Employment Identification Number, we apply a $25 surcharge for certain searches. Keep in mind, more complete and accurate information from you yields better results for you.

Q. Under what circumstances are asset searches legal?

With the exemption of real property and patents and trademarks, Liquid assets and other non-public record information are considered to be protected personal financial information according to Gramm-Leach-Bliley (Public Law 106-102). In addition, by providing such information, Search-Net Management may be considered a “financial institution” . Therefore, any request regarding such information, must be accompanied by a signed statement of permissible purpose as outlined in the Federal Fair Credit Reporting Act (Public Law 104-28) and the Fair and Accurate Credit Transactions Act of 2003. In addition, Search-Net Management cannot provide account number or balance information. However, this is provided when available. If you are submitting the search for collection purposes, you may be entitled to a credit for all or part of the charge if no recovery results
Generally, if you have a judgment or a documented debt, are acting under court order or investigating a business transaction initiated by the subject, you may order such searches. In matrimonial and estate cases, the permission of one of the spouses or an executor must be on file. Our forms contain fields that indicate the permissible purpose and authorizations but if you prefer to keep us anonymous, you may attach a plain language authorization signed by your client. If you are unsure as to whether you have a legitimate reason to request a search, please call customer service at 212-447-5913.

Q. What is the scope of each asset search?

Begins within the area of the subject’s home and/or business. The Largest banks in one state are searched and skip traced as well as small to medium sized banks in the general geographic area.

Searches and skip traces cover the nation’s largest brokerage houses and mutual funds.

Searches and skip tracing for current employment and bank account.

May include banks in areas where there is ownership of a second home or investment properties. For this comprehensive search, assets are checked in multiple states, as are other elements such as UCC filings and civil litigation. Business affiliations, patents and trademarks, real property and brokerage accounts/mutual funds are checked nationwide as well.

Q. Are volume discounts available?

Clients who submit a designated quantity of a particular search, per batch, receive substantial discounts for NO LOCATE NO CHARGE searches; the quantity is calculated based on the number of submissions, not successfully executed. Volume submitters are strongly encouraged to email data files in any format [e.g. Excel, Lotus, ASCII).

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