Skip Tracing Tricks
Skip Tracing Tricks
Skip Tracing Tricks State Links
Skip Tracing Tricks
Skip Tracing Tricks
Skip Tracing Tricks
Skip Tracing Tricks
Skip Tracing Tricks

Skip Tips Home

Skip Tracing Tips

Skip Tracing Links

Asset Searches

Skip Tracing Jobs

Collection Agencies

Skip Tracing Forum

Skip Tracing Tips

The Grahm Leach Bliley Act - Asset Searches

The Financial Modernization Act of 1999, also known as the "Gramm-Leach-Bliley Act" or GLB Act, includes provisions to protect consumers’ personal financial information held by financial institutions. There are three principal parts to the privacy requirements: the Financial Privacy Rule, Safeguards Rule and pretexting provisions.

The GLB Act gives authority to eight federal agencies and the states to administer and enforce the Financial Privacy Rule and the Safeguards Rule. These two regulations apply to "financial institutions," which include not only banks, securities firms, and insurance companies, but also companies providing many other types of financial products and services to consumers. Among these services are lending, brokering or servicing any type of consumer loan, transferring or safeguarding money, preparing individual tax returns, providing financial advice or credit counseling, providing residential real estate settlement services, collecting consumer debts and an array of other activities. Such non-traditional "financial institutions" are regulated by the FTC.

The Financial Privacy Rule governs the collection and disclosure of customers' personal financial information by financial institutions. It also applies to companies, whether or not they are financial institutions, who receive such information.

The Safeguards Rule requires all financial institutions to design, implement and maintain safeguards to protect customer information. The Safeguards Rule applies not only to financial institutions that collect information from their own customers, but also to financial institutions "such as credit reporting agencies" that receive customer information from other financial institutions.

The Pretexting provisions of the GLB Act protect consumers from individuals and companies that obtain their personal financial information under false pretenses, a practice known as "pretexting."

For decades skip tracers relied heavily on pretexting individuals, companies and government institutions to obtain financial information. Once banks placed account transaction histories on the internet, skip tracers were able to tap into a new wealth of information. There were no laws directly protecting financial records, this was the golden age of skip tracing.

Hundreds of skip tracing companies across the USA were selling anyone's banking records for around $500. Since GLB was passed most of these skip tracing companies stopped selling asset searches and financial records.

2006 Skip-Tips.com All Rights Reserved
Skip Tracing Information and Skip Tracing Tips