You need the best information possible prior to launching a legal action against a debtor or attempting to enforce a judgment. The defendant’s financial worth will significantly impact the likelihood of recovery.
Obtain the accurate picture of the defendant’s circumstances so that you will know if the legal costs incurred are going to be justified by successful collection. Guesswork is risky for the outcome and unnecessary. Take the extra step by using Quality Credit’s Asset Accumulation Report and make an informed decision regarding next actions.
What Assets Can a QCR Report Identify?
Real property - Locate real property assets, identifying fraudulent conveyances and spousal property.
Personal property and motor vehicles - Identify personal property, including motor vehicles, equipment, goods, inventory, and accounts.
Business interests and affiliations - Locate the debtor's or defendant’s business interests. We often find co-debtors and co-defendants that link debtor/defendant to other companies and businesses.
Bank accounts - Identify banking relationships, which can be useful for garnishment during the debt recovery process.
Rents - Identify this form of income.
Wages - Locate the debtor's/defendant’s place of employment and salary, which will assist with the garnishment of wages.
What Liabilities Can a QCR Report Identify?
Tax liens - Locate tax liens, including PST, Corporate Tax, RST, HST and GST.
Collections - Establish a history of collections to identify both debt and repayment history.
Pending legal actions and judgments - Identify pending legal actions, judgments and particulars that will be significant in determining the probability of debt recovery.