Centralized Database for Mobile Asset Recovery
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Solution Overview
Problem
The skip tracing industry lacks a comprehensive system for conveniently accessing information about assets or collateral sought to be recovered by lenders, making it difficult for skip tracers to locate and recover mobile assets efficiently.
Innovation Solution
A centralized database system that processes and sends identifying information related to mobile assets to user-operated mobile devices, which use GPS coordinates to determine proximity and alert users, enabling them to visually locate and recover assets through a network connection.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If skip tracers use traditional manual methods to locate mobile assets, then they can access some information through multiple separate resources, but the process is time-consuming and inefficient
Solution Approach 1:
The patent combines multiple separate information resources (public records, private databases, lender information) into a single centralized database system. This merging allows skip tracers to access all necessary asset location information through one unified platform rather than manually querying multiple separate sources, directly improving productivity while reducing time loss.
Solution Approach 2:
The patent introduces a centralized database as an intermediary between lenders and skip tracers. This intermediary consolidates and organizes asset information from various lenders and makes it systematically accessible to skip tracers through mobile devices, eliminating the need for manual information gathering across multiple resources.
2Loss of information
If skip tracers access information from multiple separate resources, then they can gather necessary data, but the system complexity and difficulty of access increase
Solution Approach 1:
The centralized database system serves multiple functions: it stores information from various lenders, processes reverse geocoding, provides mobile device connectivity, and delivers comprehensive asset information. This universal system replaces the need for skip tracers to manually access and integrate multiple separate resources, reducing system complexity while maintaining information completeness.
Solution Approach 2:
The system performs preliminary actions by pre-consolidating asset information from multiple lenders into the centralized database before skip tracers need it. The reverse geocoding of addresses to coordinates is also performed in advance, so when skip tracers access the system, all necessary information is already organized and ready for immediate use.
3Ease of operation
If traditional skip tracing methods are used, then investigators can locate assets through manual effort, but the ease of operation and convenience are reduced
Solution Approach 1:
The system enables skip tracers to self-service by providing direct access to comprehensive asset information through mobile devices. The automated proximity detection and alert systems perform functions that would otherwise require manual investigation, allowing users to independently locate assets without requiring manual effort or external assistance.
Solution Approach 2:
The patent replaces manual mechanical investigation methods with automated electronic systems. Mobile devices with GPS capabilities automatically detect proximity to target assets and provide real-time alerts, substituting the manual mechanical process of tracking and locating assets with automated electronic detection and notification systems.
Applied Scientific Principles
This section explains which scientific principles are used to turn an abstract innovation direction into a practical engineering solution.
Function Achieved in This Case
Facilitates efficient asset recovery by providing skip tracers with real-time location information and alerts, allowing them to identify and confirm the presence of mobile assets, thereby streamlining the recovery process.
Implementation Method 1
a GPS receiver determines a location of the mobile device
Data Source
AI summary
An improved system and method for creating and accessing a centralized database containing an assorted variety of information related to a debtor such as physical addresses of the debtor or his friends, associates and relatives, as well as information related to a mobile asset, such as physical description information, collectively referred to as “identifying information.” Methods are also disclosed for lenders and others to send identifying information to the centralized database, and for users such as skip tracers to be able to download and use the information located in the database for asset recovery purposes.