The Skinny On How To Obtain Financial Information Of Your Debtors
Being able to locate a debtor’s bank account information could be very useful in your attempts to collect debt. By law, it is required that a private investigator to do the work. Be wary when you hire someone to locate bank account numbers as there are a number of scam companies claiming that they can help, and take your money with no activity in return.
Down Below are legal and legitimate ways to obtain a debtor’s bank account number.
First, if your debtor works at a retail store buy something from the debtor and pay by check. This is a good way to find out account information by looking at your own bank statement; the bank account information will allow you to determine the debtors account number.
Interacting with a previous landlord of the debtor can be quite helpful. Ask his formal landlord. You can subpoena the old land lord for a copy of the rental application to see where the defendant banked. Because old habits die hard, it is likely that the debtor still uses the same bank account.
It may be wise to consider serving a Business Record Subpoena on the debtor’s employer so that you can acquire a copy of a payroll check the debtor has cashed in. The check should have the defendant’s account number and possibly the name of the bank on the bank.
There are also more “colorful” ways to obtain information about a debtor’s bank account. Conduct a trash search. This is an effective way to obtain bank information and a way to get to know more than you ever wanted about this debtor.
An elaborate scheme to get the scoop on your debtor’s bank account is called “the fake block party.” Send post cards to everyone who lives on the debtor’s block, and put up signs directing traffic towards his house. The debtor may get block party fever and open his garage. Scope out his items and take inventory. He may even start to sell things. At this point, buy something and give them a check.
Viola! All of these plots are legal, but my advice would be to root through a debtor’s trash and stage a block party last, because that seems kind of crazy.
Mallory Megan works for a debt collection company. She also composes articles on business and finance, consumer spending and collection agencies.
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