Owning an asset it has something of value. An asset search is done when you have concealed information about the assets to the concerned persons. The asset searches is usually done by investigators who are specifically hired for that purpose.
The need for asset search
This is done during personal injury or a motor vehicle case in which a grievous injury has taken place with a small insurance in place. The asset search is important in such cases.
To collect debt many efforts are put into place but sometimes it is better to put an asset search to see if it is worth putting in efforts to collect the debt if at all.
Due diligence for business is very important, it’s like a background check before an agreement, contact with a firm or a person, or while hiring.
In divorce cases it is important to find out if the spouse has any hidden assets not known to you, here the asset search will definitely play a crucial role in the proceedings.
Collection of unpaid child support is done by asset search by an investigating.
The kinds of asset searches
Individual asset search consists of many categories such as mortgage information, vehicle owned information etc.
Corporate asset search consists of real estate or deed transfer, professional licences etc.
Liabilities asset search consists of recent law suits, lien filings, judgements etc.
Missing person search consists of finding the location, such as address, and this can be termed as asset search as people try to escape obligation by changing their address.
Criminal record search consists of when you are hiring and you want to sure with their testimonials and hence records have to be checked and this is a kind of asset search.
Civil record search consists of finding documents when court cases are going on.
Who all are allowed for asset search?
Those who want get their loans back, Spouses who are going for a divorce, creditors, Government agencies, business or corporations, professionals seeking due diligence, human resource department while hiring, and investors during merger etc.
How to choose an asset company
Choosing an asset company is not easy and requires a lot of research as it is a responsible job which requires an experienced hand. A firm of reputable nature will only give results that you would be anticipating. A good number of years as experience will give a cue to the number of cases they have handled. We should also be aware that there are scamsters everywhere and creating a website and advertising that they are asset search companies.
It is important to get good advice and feedback after getting the results from the asset research company as they would help you decipher and utilise the information better.
The key of choosing a right asset search company is when their turnaround time, quick response and user friendly website etc. Will give them better exposure.
Other vital points to be kept in mind before settling down on a particular asset company –
- Whether they are using ethical and legal means for procuring information
- The quality of work that has been promised is not compromised.
- The information provided by you and the information collected is kept confidential.
- The report after the asset research is of professional kind and to your satisfaction.
If all the above requirements are met then you could have chosen the right asset search company for your work.