Synch 4506T-EZ ponderings...

[disdreamin]

I do not hold any Synch cards, but I've been watching the proceedings regarding account freezes and 4506T-EZ requests with a great deal of interest. I'm sure this has been proposed somewhere before, but I haven't come across it in my reading (maybe it's buried in the 50+ page thread?)...

Does anyone think this might be an additional revenue stream for Synch? I mean, does LexisNexis pay for data? If so, by having Synch provide tax transcripts to LN, if there a chance they are being compensated for this? In essence, Synch is doing some seriously invasive data mining for LN, and LN can then sell that data to others, if I'm reading their privacy policy correctly.

Thoughts?

[Anonymous]

The top 4 3rd party data and legal information collectors (LN is one of them) earn $8.5 billion per year through all of the activities they conduct, which are broad in nature.

LN would be compensated for providing a service in processing the 4506t's. No one is saying that they are selling our data. They just have had class-action lawsuits against them in the past for repeatedly violating the FCRA.

I think most of us are just saying we don't trust them, not necessarily saying they are selling our data.

[Anonymous]

 I think you are right, this is more data collection to serve LexisNexis, and I am sure they are paying for it, as they sell it.

2013 LexisNexis and Dun & Bradstreet were infiltrated by hackers who sold personal data on as many a 4 million US citizens online.

 I trust them to hold my data......sure...

[Anonymous]

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@Anonymous wrote:

2013 LexisNexis and Dun & Bradstreet were infiltrated by hackers who sold personal data on as many a 4 million US citizens online.

 I trust them to hold my data......sure...

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+1000

[Anonymous]

Keep in mind BobbyLee, they may not be holding the data per se, just processing it -  but most of us are not going to trust them to find out.

[AverageJoesCredit]

Where billions are to be made im sure their are short cuts to help keep making those billions . When it comes to that kind of money im sure wthics are thrown right out ghe window. *not everyone but you know their are people in this world who would sell their own mother for the almighty dollar!

[longtimelurker]

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@AverageJoesCredit wrote:
 their are people in this world who would sell their own mother for the almighty dollar!

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Make me an offer!

[RonM21]

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@longtimelurker wrote:

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@AverageJoesCredit wrote:
 their are people in this world who would sell their own mother for the almighty dollar!

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Make me an offer!

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wow