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An address of record is the permanent address of an individual or entity, typically having to do with the permanent location of the home or business. Different from a mailing address, the address of record refers to a specific location in which the individual or business physically resides. This designation of a permanent location is often required as part of legal documentation for a wide range of activities, including securing a loan of some type, obtaining a credit card, or even filing a tax return in many nations.
The address of record serves as the location where and individual or business can be found. In cities or towns, the address will include a specific street address, including a suite or apartment number if that location is the site of a building containing multiple units. For rural areas, the address of record will include whatever elements are useful in terms of identifying the exact location, such as a rural route number, a county or state highway number, or a beat number. In any form, the address will provide the basic information necessary to successfully identify the physical location of the site in which the business or residence can be found.
Many types of organizations require the submission of an address of record, even when contacts will be handled by using a mailing or postal address. For example, a bank will require that the paperwork associated with an application for a car loan include both a mailing and a physical address as part of the essential detail. In like manner, financial institutions that extend lines of credit to businesses will require both a mailing address and an address of record as part of the account detail that is kept on file.
While there are several reasons why different lenders and other organizations require the declaration of an address of record, one has to do with keeping the incidence of fraud within check. By providing a verifiable physical address where the account holder can be found, lenders and others are more likely to find a debtor who has defaulted on an obligation, and be able to take the appropriate steps to resolve the issue. By contrast, if the only address on file was a post office box, the debtor could simply close the box, leave no forwarding address, making it much harder for the creditor or lender to track down the debtor and seek some sort of resolution to the unpaid debt.