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Additional research of real property ownership comes in
form of updating assessor’s rolls through recorder’s offices to determine if subject’s name has come into title to additional parcels of property, subsequent to “lien date” of assessor’s records, which is in many jurisdictions up to sixty to ninety days old.
The searches in recorder’s offices should also identify recent transfers of ownership of an individual’s real property, wherein ownership may have been transferred to a family member, closely held corporation, or other entity. Based upon guidelines established by client, searches can be permutated to include additional research on additional names developed during study, which examiner may feel has a direct relationship to subject of report. It is important to note that asset searches are usually requested on specific names of individuals, and it is an industry standard of practice to conduct research on specific subject name. Competent investigative agencies contact client in some way to disclose additional names discovered during searches.
Searches should also include information developed on real property assets jointly held in name of husband and wife. This information is usually indexed by virtue of husband’s name, or first name that appears on conveying deed.
It is important to understand that an asset search does not automatically search property held in name of a wife unless asset search is specifically ordered on wife’s name. If so, wife’s name would then be included as a primary search name (parameter), and assets held in wife’s name would then be covered. Quite simply, an asset search on a husband should usually also reveal information on spousal assets held jointly, but not necessarily include assets held by wife individually or as sole owner, or under different name styles such as aliases or maiden names.
Vehicle Searches: Searches should be conducted of applicable states Department of Motor Vehicles to identify all vehicles owned under name and address given to state repository for search purposes. Several states do not provide this service, as tax registration responsibility for vehicular ownership rests with a county or parish jurisdiction. Where states will not provide this information, applicable jurisdiction or jurisdictions should be researched to determine if vehicles are owned by name given as primary search parameter. It is also important to understand that most assets search requests are not only based upon single name searches, but usually single jurisdiction searches as well.
Some examiners may feel justified in providing additional “over-the-county-line” information in order to bolster information developed without an additional asset search. However, single county or parish jurisdictions should be expected as an industry standard. Analyze credit reports to determine if current outstanding) and/or previous loans may have existed, linking this type of asset to subject. Many times vehicular, vessel, and aircraft assets are not identified through standard search parameters, but are identified if subject may have asset registered in a different jurisdiction; if asset may be registered under different name; or if subject may be a guarantor on loan.
Vessel Ownership: There are three possible forms of accessing vessel ownership information. The first is on a state-by-state basis at Departments of Motor Vehicles. The second is at county or parish level. The third is a search of U.S. Coast Guard’s Watercraft Index, a nationwide repository of registered vessels over a certain length. Depending upon location of asset search to be conducted, one or all of these methods should be utilized.
Aircraft Ownership: Other than by “intelligence” information which may have been submitted to institution at outset of credit qualification process, only method of developing aircraft registration information is to perform an FAA Airman’s Search to determine if an FAA Pilot’s license has been issued, and/or if an individual has an aircraft registered in his or her name within Federal Aviation Administration’s files. As with vessel ownership search through U.S. Coast Guard Watercraft registration, there is only one national root repository that makes this service available. The service is resold through other database repositories, yet it is advised that “root” repository be utilized in order to minimize data transfer/loss from vendor to vendor.
Banking Information: Bank account searches may be world’s “second-oldest profession.” There is no specific way to access bank account information, other than by a multitude of artistic pursuits including development of information within a consumer’s credit history; director contact with a banking institution; use of sources in U.S. Federal Reserve Clearinghouse System; or by sources and contacts developed by fraud examiner with local, state, or national banking institutions.
This is truly “art and science’ of an asset search, in that ability to successfully identify banks rests heavily with fraud examiner’s prowess in this arena.
The standard guidelines for bank account searches are “exact name basis only” searches, with less emphasis placed on jurisdictional lines, since most bank account searches are developed via intelligence leads. In many instances, an asset search will refer “no record found” to a banking institution under an exact subject name.
The subject’s name may appear as a signatory on an alternate account, possibly under name of a disclosed or undisclosed entity, or as a signatory on an account held under name of another. Bank accounts will not usually be disclosed in this fashion. Unauthorized information pertaining to a no searched consumer could compromise that person’s privacy under federal privacy laws, FCRA and CCPA, as well as many other statutes.
It is safe to say that most agencies are quick to obtain at least some banking information. This should rest with successful Write of Execution language, constructed by counsel as served upon institution’s regional administrative and/or corporate offices (for examples send a request to tomlawson@apscreen.com).
In Part 2 of this article, we’ll look at other financial and business information that should be gathered during an asset search, liability-related data which impacts subject’s net worth as well as other information.
Thomas C. Lawson, CFE, CII is President and Founder of APSCREEN International, the world’s leading full service Consumer Reporting Agency since 1980. Lawson is called “one of the real pros” as he has helped to reshape laws including those for employment screening, permissible credit reporting, asset discovery and fraud examination. Tom is a Life Member of: ACFE, ASIS, SHRM, PIHRA, PNRRA, PRRN, CII, WAD, WIN, FCAOC and OCEMA.
