As the latest victim of Synchrony AA, quick question

[sarge12]

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@sarge12 wrote:

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@longtimelurker wrote:

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@sarge12 wrote:

I just want to state once again, I do not even like giving the information on my tax return to the IRS, but I have little choice. It will be a cold day indeed before I willingly give permission for them to share that information with anybody, especially just to keep a piece of plastic in my pocket. I would urge anyone to look really hard at all the information on a tax return...ss#, bank routing and acct#, investment acct#, medical expenses, full name and addresses. Would you be comfortable sharing that info with a known felon? Do you know for sure who sync. is going to share that info with? We already know Lexis Nexis. What security measures are in place to protect this data? Are they selling this info to the highest bidder? If it is all about income, why is a copy of paycheck stubs not enough? If you do not know the answers to these questions, and you are still OK with sending in a 4506-T, then that is your right. Give my regards to Rachel from card holder services when you give her the info she asks for.

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While I agree that there is sensitive info there, bank routing and acct numbers don't appear on the transcript I got from the IRS online service.   Are they on yours?  Investment accounts appear only on the Wage and Income transcript, I don't think this is the one usually requested.

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Routing and account numbers are included for deposit of refund by the IRS unless you have them mail you a check.

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Form 1040a it is lines 48 b and d

[longtimelurker]

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@sarge12 wrote:

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@sarge12 wrote:

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@longtimelurker wrote:

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@sarge12 wrote:

I just want to state once again, I do not even like giving the information on my tax return to the IRS, but I have little choice. It will be a cold day indeed before I willingly give permission for them to share that information with anybody, especially just to keep a piece of plastic in my pocket. I would urge anyone to look really hard at all the information on a tax return...ss#, bank routing and acct#, investment acct#, medical expenses, full name and addresses. Would you be comfortable sharing that info with a known felon? Do you know for sure who sync. is going to share that info with? We already know Lexis Nexis. What security measures are in place to protect this data? Are they selling this info to the highest bidder? If it is all about income, why is a copy of paycheck stubs not enough? If you do not know the answers to these questions, and you are still OK with sending in a 4506-T, then that is your right. Give my regards to Rachel from card holder services when you give her the info she asks for.

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While I agree that there is sensitive info there, bank routing and acct numbers don't appear on the transcript I got from the IRS online service.   Are they on yours?  Investment accounts appear only on the Wage and Income transcript, I don't think this is the one usually requested.

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Routing and account numbers are included for deposit of refund by the IRS unless you have them mail you a check.

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Form 1040a it is lines 48 b and d

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That's on the tax form.  I am talking about the transcript which is what the 4506-T gives access to. See https://www.irs.gov/individuals/get-transcript to get your own

ETA: But that may be because I owe tax and they don't store those fields in that case

[sarge12]

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@longtimelurker wrote:

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@sarge12 wrote:

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@sarge12 wrote:

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@longtimelurker wrote:

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@sarge12 wrote:

I just want to state once again, I do not even like giving the information on my tax return to the IRS, but I have little choice. It will be a cold day indeed before I willingly give permission for them to share that information with anybody, especially just to keep a piece of plastic in my pocket. I would urge anyone to look really hard at all the information on a tax return...ss#, bank routing and acct#, investment acct#, medical expenses, full name and addresses. Would you be comfortable sharing that info with a known felon? Do you know for sure who sync. is going to share that info with? We already know Lexis Nexis. What security measures are in place to protect this data? Are they selling this info to the highest bidder? If it is all about income, why is a copy of paycheck stubs not enough? If you do not know the answers to these questions, and you are still OK with sending in a 4506-T, then that is your right. Give my regards to Rachel from card holder services when you give her the info she asks for.

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While I agree that there is sensitive info there, bank routing and acct numbers don't appear on the transcript I got from the IRS online service.   Are they on yours?  Investment accounts appear only on the Wage and Income transcript, I don't think this is the one usually requested.

---

Routing and account numbers are included for deposit of refund by the IRS unless you have them mail you a check.

---

Form 1040a it is lines 48 b and d

---

That's on the tax form.  I am talking about the transcript which is what the 4506-T gives access to. See https://www.irs.gov/individuals/get-transcript to get your own

ETA: But that may be because I owe tax and they don't store those fields in that case

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If a complete transcript is ordered it even includes W2 and 1099's which has investment account information...basicly everything you send the IRS, depends on which block you check on the request. Now I do not know for sure what parts the blue envelopes ask you to include. I will never know either, because if requested, the blue envelope will be shreaded along with the credit card.

[sarge12]

https://www.irs.gov/pub/irs-pdf/f4506t.pdf

[Anonymous]

I find it funny that people say that would never share transcripts for credit cards yet will for a mortgage. So you have no problem sharing for a secure loan of $100k but expect a bank to give you $100k in unsecured lines without having to prove income.

[AverageJoesCredit]

Good point but id imagine a house is alot harder to obtain than a credit card, more important too. Just mho

[Anonymous]

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@AverageJoesCredit wrote:
Good point but id imagine a house is alot harder to obtain than a credit card, more important too. Just mho

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+1.

[sarge12]

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@Anonymous wrote:

I find it funny that people say that would never share transcripts for credit cards yet will for a mortgage. So you have no problem sharing for a secure loan of $100k but expect a bank to give you $100k in unsecured lines without having to prove income.

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First off, a house is more important to me, and they do not have included in their user agreement that they can share my info with...partners..such as lexnex. I have had two mortgages in my life, and neither time did they require 4506-t or copy of tax return. If a bank has 100k in exposure with 1 debtor...well, how did the customer get that kind of limit? When the customer asked for cli, the issuer could easily refuse to grant cli without a 4506-t, but that is not what happens, is it? To be honest, the creditor has every right to ask for a 4506-t at any time they wish...and I have every right to tell them to stick their plastic card where the sun wont shine! The credit cards in my pocket represent an agreement between me and the issuer, which I or the issuer can cancel at any time. I have 15 credit cards, but 1 mortgage...a few cards closing is no big deal. If it was, I would have to decide if I should allow a piece of plastic to be that important in my life.

[UncleB]

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@sarge12 wrote:

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@Anonymous wrote:

I find it funny that people say that would never share transcripts for credit cards yet will for a mortgage. So you have no problem sharing for a secure loan of $100k but expect a bank to give you $100k in unsecured lines without having to prove income.

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First off, a house is more important to me, and they do not have included in their user agreement that they can share my info with...partners..such as lexnex. I have had two mortgages in my life, and neither time did they require 4506-t or copy of tax return. If a bank has 100k in exposure with 1 debtor...well, how did the customer get that kind of limit? When the customer asked for cli, the issuer could easily refuse to grant cli without a 4506-t, but that is not what happens, is it? To be honest, the creditor has every right to ask for a 4506-t at any time they wish...and I have every right to tell them to stick their plastic card where the sun wont shine! The credit cards in my pocket represent an agreement between me and the issuer, which I or the issuer can cancel at any time. I have 15 credit cards, but 1 mortgage...a few cards closing is no big deal. If it was, I would have to decide if I should allow a piece of plastic to be that important in my life.

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+1

I have been through the process four times (two purchases, two refi's) and a 4506-T was never mentioned.  They did thoroughly verify my employment, which at the time was easy (I was working for a Fortune-100 company) but they were only concerned with what I was earning at that time, not historically.

To be fair, the homes in my region aren't that expensive relative to other areas... perhaps when the value exceeds a certain amount the brokers become more concerned with historical income when evaluating a prospective mortgagor.

[Anonymous]

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@UncleB wrote:

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@sarge12 wrote:

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@Anonymous wrote:

I find it funny that people say that would never share transcripts for credit cards yet will for a mortgage. So you have no problem sharing for a secure loan of $100k but expect a bank to give you $100k in unsecured lines without having to prove income.

---

First off, a house is more important to me, and they do not have included in their user agreement that they can share my info with...partners..such as lexnex. I have had two mortgages in my life, and neither time did they require 4506-t or copy of tax return. If a bank has 100k in exposure with 1 debtor...well, how did the customer get that kind of limit? When the customer asked for cli, the issuer could easily refuse to grant cli without a 4506-t, but that is not what happens, is it? To be honest, the creditor has every right to ask for a 4506-t at any time they wish...and I have every right to tell them to stick their plastic card where the sun wont shine! The credit cards in my pocket represent an agreement between me and the issuer, which I or the issuer can cancel at any time. I have 15 credit cards, but 1 mortgage...a few cards closing is no big deal. If it was, I would have to decide if I should allow a piece of plastic to be that important in my life.

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+1

I have been through the process four times (two purchases, two refi's) and a 4506-T was never mentioned.  They did thoroughly verify my employment, which at the time was easy (I was working for a Fortune-100 company) but they were only concerned with what I was earning at that time, not historically.

To be fair, the homes in my region aren't that expensive relative to other areas... perhaps when the value exceeds a certain amount the brokers become more concerned with historical income when evaluating a prospective mortgagor.

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Agreed, UncleB and Sarge. I've owned two homes at different points in my life, and was never asked for any sort of 4506-T information. And the home loans were with major lenders for significant amounts. Synchrony is full of it. No piece of plastic is even close to being as important as your home.