-----BEGIN PRIVACY-ENHANCED MESSAGE-----
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,
 D39bTVeSC441K7x1dkd30JOemZ3C3x4gCW6wcfpNRjGJIEPDd76URD8+BZ0OMuuL
 Qc4lVzq+zyfCqHVV9hvFAQ==

<SEC-DOCUMENT>0001019056-04-001097.txt : 20040816
<SEC-HEADER>0001019056-04-001097.hdr.sgml : 20040816
<ACCEPTANCE-DATETIME>20040816164134
ACCESSION NUMBER:		0001019056-04-001097
CONFORMED SUBMISSION TYPE:	4/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040812
FILED AS OF DATE:		20040816

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			RAGAN W PETER SR
		CENTRAL INDEX KEY:			0001279380

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16157
		FILM NUMBER:		04979271

	MAIL ADDRESS:	
		STREET 1:		C/O RAGAN & RAGAN
		STREET 2:		3100 RTE 138 W
		CITY:			WALL
		STATE:			NJ
		ZIP:			07719

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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4/A
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4/A</documentType>

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

    <dateOfOriginalSubmission>2004-08-12</dateOfOriginalSubmission>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001279380</rptOwnerCik>
            <rptOwnerName>RAGAN W PETER SR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O RAGAN &amp; RAGAN, P.C.</rptOwnerStreet1>
            <rptOwnerStreet2>3100 ROUTE WEST</rptOwnerStreet2>
            <rptOwnerCity>WALL</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07719</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Vice President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <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="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>250000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</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>250000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>359250</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The transfer of a Warrant to Purchase Common Stock exercisable for 250,000 shares to 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 over-allocation of such Warrants to the Reporting Person when such Warrants were originally issued.  No new consideration was paid for the transfer of the Warrants.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>W. Peter Ragan, Sr.</signatureName>
        <signatureDate>2004-08-16</signatureDate>
    </ownerSignature>
</ownershipDocument>

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