| In spite of privacy laws, the business of asset | | | | there are still many ways that private |
| searches is still very much in demand in the | | | | investigators can LEGALLY obtain this same |
| private investigative industry. Creditors need to | | | | information without violating the law. For example, |
| verify financial stability of debtors; businesses | | | | sometimes you can find out a lot about |
| need to verify assets of potential business | | | | someone's financial assets through civil or criminal |
| partners; investors need to determine the financial | | | | litigation records, which are public records. For |
| stability of those that they are considering | | | | example, if the subject has been through a |
| investing their money in. Both men and women | | | | divorce, his complete financial history should be |
| alike are frequently interested in verifying the net | | | | disclosed in the divorce files. |
| worth of potential spouses. | | | | When a person fills out a credit application of any |
| The big question private investigators often hear | | | | type, the creditor almost always asks for banking |
| is, can you find out what someone is worth, and | | | | information and account numbers. This data is |
| if so, can it be done legally? | | | | stored in many places that are perfectly legal to |
| The answer is yes, basically. You can legally and | | | | access without pretexting. |
| easily do a basic asset search for tangible assets, | | | | Another method of legally obtaining sensitive |
| and in all likelihood, develop a fairly accurate | | | | financial information include conducting a "trash |
| picture of the financial worth of your subject. A | | | | cover". Simply put, this means an investigator |
| basic asset search will disclose real estate | | | | collects someone's trash and goes through it, |
| property owned by the subject, as well as any | | | | looking for information. Believe it or not, once a |
| vehicles, watercraft, and aircraft owned by the | | | | person puts his garbage out at the curb for the |
| subject. | | | | garbage truck, it is considered abandoned |
| A basic asset search generally cannot pinpoint | | | | property and in most states, it is fair game for |
| someone's exact financial worth. While some | | | | anyone to pick it up. If it has been put out to the |
| types of assets are relatively easy to find in | | | | curb, the investigator is not violating any |
| public records (especially tangible assets like real | | | | trespassing laws because they are collecting the |
| estate, vehicles, boats, and aircraft), financial | | | | garbage from the street curb, they are not going |
| assets such as personal bank accounts and | | | | on the subject's property. So, if bank account |
| brokerage accounts are much more difficult to | | | | information is discovered through a trash cover, |
| verify. | | | | there is nothing illegal about it. |
| The reason that financial record searches are now | | | | These are only a few of the trade secrets |
| more difficult to conduct is largely due to the | | | | investigators use to legally perform asset |
| Gramm-Leach-Bliley Act, which was passed in | | | | searches. When hiring a private investigator, it is |
| 1999. Prior to the introduction the GLB Act, many | | | | important for the client to verify that asset |
| investigation firms provided liquid asset searches, | | | | searches are done legally, and that pretexting is |
| which revealed detailed information on the | | | | not used by the investigator to obtain financial |
| subject's bank accounts as well as any financial | | | | records. In most cases, and in order to comply |
| investments made through brokerage firms. In | | | | with the law, "liquid asset" searches are only |
| almost all cases, this information was obtained | | | | conducted in situations involving collection of |
| through pretext, meaning that an investigator | | | | judgments, child support, or where other legal |
| contacted the financial institution, impersonating | | | | financial obligations are the responsibility of the |
| the account holder or used other false pretenses | | | | subject. Investigators usually require the client |
| to obtain the information. | | | | provide proper documentation to justify a financial |
| Uncovering financial information through pretexting | | | | asset search, such as a court order or judgment |
| is now specifically prohibited by law. However, | | | | decree. |