In accordance with various state financial privacy laws, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, and the Gramm-Leach-Bliley Act, almost all of the asset searches described on this site require a Permissible Purpose before we can accept your request to conduct the search in question. Unfortunately, no exceptions can be made to this requirement.
Generally, a Permissible Purpose is deemed to exist when an asset search is requested for the following purpose(s):
- To assist in the collection of a judgment, debt, unpaid child-support, or other financial obligation for which the search subject is responsible;
- If a court order has been issued authorizing a search of the subject's assets;
- In conjunction with a credit transaction involving the search subject, which may include the extension of credit, the review of an existing account, or to determine if the subject continues to meet the terms, obligations or requirements of the credit account;
- In a business relationship between the parties, to assess the ability of the search subject to satisfy the financial requirements and obligations of an existing or proposed business relationship, including the ability of the search subject to satisfy any claims for loss, injury or damages that may result from the search subject's failure to properly and/or adequately discharge the duties and obligations of the said business relationship;
- For use in assessing a business transaction, such as an offer to settle a claim for injuries, damages, costs or other expenses arising from a tort. In general, the search subject must derive a potential benefit from the transaction. As such, in tort settlement cases, it is generally required that (a) a settlement offer has been made by the search subject, or a party representing the interests of the search subject (such as their insurer), (b) that the claim(s) for damages, injuries, losses, etc., exceed the proposed settlement amount, and (c) if the proposed settlement were to be accepted, a benefit will inure to the search subject in that they would be released from liability for claims over and above the proposed settlement amount. (Note: It is not necessary that the settlement offer be accepted before conducting the search. The purpose of the investigation is to assist in determining the economic viability of the settlement offer made by the search subject);
- To assist in the administration of an estate, of a decedent or a person adjudged to be incompetent, to identify assets, liabilities, sources of income, etc. The search must be requested by the executor or legal personal representative of the decedent/incompetent, or in the case of a decedent, if no executor or personal representative has been appointed, by a bona-fide heir of the decedent; and
- If the subject has consented to a search of their assets. In most cases, we require proof of identity in the form of satisfactory government-issued photo identification.
In some cases, we may require that the client provide documentation to substantiate their Permissible Purpose. Accordingly, it may be necessary for the client to provide us with copies of judgments, contracts, unpaid invoices, credit applications, Letters Testamentary (in estate cases),court orders, etc.
If you should have any questions with regard to these permissible purpose requirements, or if you would like to discuss your particular case, please contact our office at (800) 290-1012.
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Attorneys and staff are on call to advise you free of charge at (800) 290-1012