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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LkiM0Qvzq5lkYYc1Blv1w7hE6GalwjtNClXMB2vm+np2J2ysThvmvQnsoe2zcriN
 6UEeFQ+sCArZQK5/OwMcKA==

<SEC-DOCUMENT>0001019056-04-001099.txt : 20040816
<SEC-HEADER>0001019056-04-001099.hdr.sgml : 20040816
<ACCEPTANCE-DATETIME>20040816164227
ACCESSION NUMBER:		0001019056-04-001099
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040812
FILED AS OF DATE:		20040816

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VELOCITY ASSET MANAGEMENT INC
		CENTRAL INDEX KEY:			0000813565
		STANDARD INDUSTRIAL CLASSIFICATION:	SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153]
		IRS NUMBER:				650008442
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		48 S. FRANKLIN TURNPIKE
		STREET 2:		3RD FLOOR
		CITY:			RAMSEY
		STATE:			NJ
		ZIP:			07446
		BUSINESS PHONE:		201-760-1030

	MAIL ADDRESS:	
		STREET 1:		48 S. FRANKLIN TURNPIKE
		STREET 2:		3RD FLOOR
		CITY:			RAMSEY
		STATE:			NJ
		ZIP:			07446

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TELE OPTICS INC
		DATE OF NAME CHANGE:	19920703

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KLEINERT JOHN C
		CENTRAL INDEX KEY:			0001265899

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16157
		FILM NUMBER:		04979290

	BUSINESS ADDRESS:	
		STREET 1:		UNITEWING ENVIRONMENTSL CORP
		STREET 2:		730 GRAND AVE
		CITY:			RIDGEFIELD
		STATE:			NJ
		ZIP:			07657
		BUSINESS PHONE:		2019430800

	MAIL ADDRESS:	
		STREET 1:		C/O STD INC
		STREET 2:		49 S FRANKLIN TURNPIKE
		CITY:			RAMSEY
		STATE:			NJ
		ZIP:			07446
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-08-12</periodOfReport>

    <issuer>
        <issuerCik>0000813565</issuerCik>
        <issuerName>VELOCITY ASSET MANAGEMENT INC</issuerName>
        <issuerTradingSymbol>VCYA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001265899</rptOwnerCik>
            <rptOwnerName>KLEINERT JOHN C</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>48 SOUTH FRANKLIN TURNPIKE, 3RD FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>RAMSEY</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07446</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-08-12</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3568073</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7536823</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Warrant to Purchase Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-08-12</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>500000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2004-04-08</value>
            </exerciseDate>
            <expirationDate>
                <value>2009-04-08</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>500000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1718500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Pursuant to Debt Exchange Agreement effective as of June 30, 2004, John C. Kleinert exchanged a debt of $3,211,266 into 3,568,073 shares of Common Stock.</footnote>
        <footnote id="F2">The acquisition of a Warrant to Purchase Common Stock exercisable for 500,000 shares by John C. Kleinert occurred pursuant to an agreement by and among W. Peter Ragan, Sr., W. Peter Ragan, Jr., and John C. Kleinert, dated as of August 12, 2004, entered into in order to correct an under-allocation of such Warrants to the Reporting Person when such Warrants were originally issued.  No new consideration was paid for the transfer of such Warrants.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>John C. Kleinert</signatureName>
        <signatureDate>2004-08-16</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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