An asset search and a background check are both similar, as they both provide information regarding an individual’s past. However there is a slight difference, and that difference lies in what you hope to uncover from your search.
What is an asset search?
An asset search is the research, analysis, and documentation of various types of records to determine the assets owned by an individual, group of individuals, or organization. Asset searches are used for a number of reasons including determining the wealth of individuals who owe you money from a judgment or determining the assets of an estate or searching for hidden assets in a divorce case. An asset is anything that has monetary value and includes bank accounts, automobiles, property, and businesses; less common assets include things like art, life insurance policies, trademarks, leases, and patents.
What is a background check?
A background check can be performed by an individual or a company for a variety of reasons. For example, an employer might conduct a background check on a potential employee before offering them a job opportunity. A landlord might conduct a background check on a potential tenant before renting out their property. A potential spouse might conduct a background check on the person they are considering marrying.
A background check usually involves an investigation into three main areas: employment history, credit report, and criminal record. Each of these areas will provide information about an individual’s past activities and behaviors that could impact their ability to perform certain tasks in the future (such as working with money or helping others).
In the end, then, here’s what you need to decide: do you want a full picture of someone’s assets, or do you just want to know if they are worth hiring? If you are concerned about someone’s assets, an asset search is the best way to get a full picture of their assets. If you want to know about their history, a background check is the best choice.
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