When it comes to personal property transactions, a Personal Property Securities Register basic search can do wonders. From checking any security interest over a personal property to checking an individual’s credit rating, a PPSR basic search can do a lot to lessen the risk of fraudulent transactions. Buying a second-hand car? If you don’t want financial companies confiscating the car from you due to unpaid balances secured by the car, you might want to do a PPSR basic search to avoid that.

PPSR basic searches are services provided by companies and are designed to reduce the risk of financial transactions through security by personal properties. They search through the registration at the Personal Property Securities Register to see if there are any current security interests in a particular property. Through a PPSR basic search you may be able to:

  • Buy more securely. Without conducting a PPSR basic search, you blindly buy personal property without knowing the security interests that might be over them, thus risking the chance of the secured party confiscating it from you. Through a PPSR search, you are able to reduce, if not eliminate, the chance of that happening, thereby saving you time and money. A PPSR search would be able to identify information regarding the security interest, such as who made it, when was it made, and until when is it effective.

  • Lend more securely. Through a PPSR basic search, you will be able to check if there is any security interest over an individual or organization’s personal properties, hence giving you clues on their credit rating. This reduces the risk of you dealing with people with a low credit rating, thus reduces the chance of you losing money to people who tend to default on their credit.

  • Be proactive with your finances. By checking security interests over your personal properties, you may be able to proactively take action to preserve your credit rating. If companies don’t remove interests over your property after you settled your debt, they might be hurting your credit rating. Doing a PPSR basic search enables you to identify these, and you may be able to take action if they wouldn’t release the claim with the required 15 days.

Information regarding security registrations is within your arm’s reach. PPSR basic search also includes the following:

  • Organizational and Individual grantor searches enabling you to identify any security registrations over a company or individual’s personal property.

  • Serial number search enabling you to identify any security interest over personal properties such as land, water, and air vehicles, and even non-physical properties such as intellectual properties.

  • Registration search allows you to retrieve the registration details of a personal property by entering its registration number.

  • Ordinal search which allows you to identify the order of any two registration events, such as a change of party claiming security interest or an expiration of a claim.