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Can a Private Investigator Obtain Bank Records & Asset Information?

2/5/2019

It is not possible for a private investigator to obtain an individual’s bank records or asset information unless you have an official signed release from the subject, or you have permissible purpose. Recently we have received an abundance of requests from both lawyers and non-lawyers regarding asset investigations and searches. Assets include information such as bank accounts, IRA's, 401K's, investment accounts, credit cards, and so on. More often than not, private investigators do not have the authority to obtain information such as bank records or asset information 

 For a private investigator to obtain asset information they must:

1. Obtain a signed authorization letter/statement from the person who you are trying to get   that information on. The letter must state it is okay for their asset report to be pulled       (employment check, background check, etc.).

 2. Have a permissible purpose - which includes but is not limited to, a court subpoena, court order, judgment for collections, settlements, etc. These all need to stay in compliance with the Gramm-Leach-Bliley Act (GLB Act or GLBA) and Fair Credit Report Act (FCRA).

The GLBA prohibits any financial institution from sharing bank account numbers, account numbers, or access numbers. This does not mean it is impossible to get that information, it just means you must follow the proper procedures to obtain that information.

Many websites, as well as some private investigation companies, will sell you on the fact they can run a location report for assets which will name the financial institution but no identifying accounts; don't fall into this expensive trap. We have seen these reports many times and 9 out of 10 times they have no information, old information, or wrong information and that 10th time they usually only have one item listed.

The information in this blog should be considered a guideline, it is always best to run your situation by a qualified investigation agency as they may identify something from your story that will open another avenue to obtain the information you are looking for. If you are in need of a private investigator, or would like someone to examine your specific circumstances please contact us for a free consultation.