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Synchrony Bank Requested 4056T !!!!!

Valued Contributor

Re: Synchrony Bank Requested 4056T !!!!!

Thanks for sharing the info about being self employed and that your income may be different (I believe it was something along those lines). I would love to be my own boss but also realize and enjoy the benefits of being an employee.

 

I would imagine that all of my creditors report the same income for me and I have provided POI to many.

 

I certainly understand the OPs desire to not share the information.

Super Contributor

Re: Synchrony Bank Requested 4056T !!!!!


humuhumunukunukuapuaa wrote:

 GTC471 wrote:


The day I received my 4th AmEx card in June 2016, the Platinum Card, used it once and next thing I saw when I logged on was SUSPENDED ACCOUNTS.
A warning letter like Synchrony would've been preferrable, but it is what it is.
I had to scramble at 11 pm (I work nights, 7p-7a) going through all my automatic payment bills coming out of my AmEx cards and switching them back to my debit card. Called them up right away, and of course, they requested the 4506-T. I signed the form, faxed it back,
and within 10 days, the suspension was lifted and accounts restored.

 

 

 

 

 

 

humuhumunukunukuapua'a wrote:

 

I would most definitely sever the relationship with any institution at which I had to scramble to rearrange many scheduled automatic payments (and hope I changed everything over in time so no problems occurred), and that took a full TEN days to restore my access after I did all of that scrambling. No, thank you.

 

Glad it worked out for you, though.


Right, and as you have an Amex BCP, let's hope you don't have to decide!    But everyone's weighting varies, depending on your need for the card vs whatever your privacy concerns are.     

Frequent Contributor

Re: Synchrony Bank Requested 4056T !!!!!


humuhumunukunukuapuaa wrote:

awp317 wrote:

I know im beating a dead horse here. But If it weren't for my willingness to just sign the document and not care I wouldn't have the limits I do have on most of my accounts.  Chase and Amex both asked me to document. I had no problem with this. Now that I have done it with AMEX they don't question approving new limits since I'm over the 35k exposure with them. I also had to prove income to Mercedes-Benz financial to lease my new s class, oddly enough they preferred bank statements to tax returns, even with my scores they just said since I had opened a lot of accounts recently they wanted to be extra sure, 10 min later I walked into the back room, signed documents and drove away, IM not going to deny myself something I want just because I fear what "might" happen. The only reason I can see someone not wanting to submit is because they were not truthful on the app, to each is own. But Seriously, I have life lock, I'm not worried about identity theft. I know that my investment accounts and bank accounts require me to visit in person to do anything catastrophic, and my credit cards all have fraud protection. So why should I care? That being said I haven't received a 1040 from GE/Synchrony. Curious to see if I do, Since its in my company name with me as a PG it may be different who knows. Happy to show business tax returns too. 


 

UncleB mentioned a number of very excellent reasons above that a person would not want to submit a 4506-T, including children's tax data and sensitive medical expense information. They've been mentioned repeatedly in several other threads also, which I would suggest as reading material. Smiley Happy

 

LexisNexis has a large number of class-action lawsuits against them for violating the FCRA many times. I'd trust a homeless stranger with my information more so than I would them.

 

Plus, as we have seen with all of the data sharing services (LexisNexis, Innovis and others) not only do you lose control of your personal information once they get hold of it, but they often share very incorrect information as well.

 

We don't know them and have never agreed to do business with them, so we would not want to share our sensitive tax and financial information with them.

 

You also may not care about your personal finanical information residing in some random database of an information sharing service, but most of us would have a problem with that.

 

I also don't know why anyone would not do their best to minimize the number of sources that have this sensitive data.

 

 

Here is a post that someone made in a different thread that I think clarifies quite a bit: (and these are just a few of the items provided on a 4506-Tthis is not a complete list)

 

 

 

 

Screen Shot 2016-07-28 at 9.44.37 PM.png

 

 

 

You can certainly feel free to trust a company you don't do any business with with your child's sensitive information on your tax return, or your own sensitive medical expense information. Most of us don't plan to do that.

 

 

My response would be no thanks to sharing it all with third-party information collection services if asked.


Honestly, I still don't see a problem with sharing any of that info. Most likely out there anyway, we trust the government with it. If the company is extending you credit do you really think they should just take your word for it? Unfortunately in 2016 a mans word doesn't mean jack. It comes down to this for me. A creditor is perfectly within their right to ask you for proof of income and financials when extending credit, and you are within your right to refrain from handing over said info. But you can't be mad then when the creditor who is still well within its rights decides to not do business with you and close your accounts. 

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Super Contributor

Re: Synchrony Bank Requested 4056T !!!!!


awp317 wrote:

humuhumunukunukuapuaa wrote:

awp317 wrote:

I know im beating a dead horse here. But If it weren't for my willingness to just sign the document and not care I wouldn't have the limits I do have on most of my accounts.  Chase and Amex both asked me to document. I had no problem with this. Now that I have done it with AMEX they don't question approving new limits since I'm over the 35k exposure with them. I also had to prove income to Mercedes-Benz financial to lease my new s class, oddly enough they preferred bank statements to tax returns, even with my scores they just said since I had opened a lot of accounts recently they wanted to be extra sure, 10 min later I walked into the back room, signed documents and drove away, IM not going to deny myself something I want just because I fear what "might" happen. The only reason I can see someone not wanting to submit is because they were not truthful on the app, to each is own. But Seriously, I have life lock, I'm not worried about identity theft. I know that my investment accounts and bank accounts require me to visit in person to do anything catastrophic, and my credit cards all have fraud protection. So why should I care? That being said I haven't received a 1040 from GE/Synchrony. Curious to see if I do, Since its in my company name with me as a PG it may be different who knows. Happy to show business tax returns too. 


 

UncleB mentioned a number of very excellent reasons above that a person would not want to submit a 4506-T, including children's tax data and sensitive medical expense information. They've been mentioned repeatedly in several other threads also, which I would suggest as reading material. Smiley Happy

 

LexisNexis has a large number of class-action lawsuits against them for violating the FCRA many times. I'd trust a homeless stranger with my information more so than I would them.

 

Plus, as we have seen with all of the data sharing services (LexisNexis, Innovis and others) not only do you lose control of your personal information once they get hold of it, but they often share very incorrect information as well.

 

We don't know them and have never agreed to do business with them, so we would not want to share our sensitive tax and financial information with them.

 

You also may not care about your personal finanical information residing in some random database of an information sharing service, but most of us would have a problem with that.

 

I also don't know why anyone would not do their best to minimize the number of sources that have this sensitive data.

 

 

Here is a post that someone made in a different thread that I think clarifies quite a bit: (and these are just a few of the items provided on a 4506-Tthis is not a complete list)

 

 

 

 

Screen Shot 2016-07-28 at 9.44.37 PM.png

 

 

 

You can certainly feel free to trust a company you don't do any business with with your child's sensitive information on your tax return, or your own sensitive medical expense information. Most of us don't plan to do that.

 

 

My response would be no thanks to sharing it all with third-party information collection services if asked.


Honestly, I still don't see a problem with sharing any of that info. Most likely out there anyway. If the company is extending you credit do you really think they should just take your word for it? Unfortunately in 2016 a mans word doesn't mean jack. It comes down to this for me. A creditor is perfectly within their right to ask you for proof of income and financials when extending credit, and you are within your right to refrain from handing over said info. But you can't be mad then when the creditor who is still well within its rights decides to not do business with you and close your accounts. 


100% agreed.

 

If you don't want to give out the information, that's neither here nor there. But acting like it's so outrageous for a creditor to want the information is the part that doesn't make sense to me.

 

Especially since many on here have exposure well beyond "average", it makes sense you will stick out and be asked to back up your claims. If you can't,  or don't want to, then of course the accounts may be revoked. I just don't see what the big outrage is. Yes I get it, nobody wants their information given out but like stated it's pretty much out there anyway.

Established Contributor

Re: Synchrony Bank Requested 4056T !!!!!

Sorry OP this happened to you

 

 

For those that really are questioning what happens when a bank outsources their data/verification services...this link is a tip of the iceberg...it goes deeper than just financial once LN puts you in their systems, and the argument about the government already having full access.. no they don't it's limited to in most areas unless a corporation gives them a back door in and in that case you are made aware of that in your intiial terms and conditions when you apply theres always the money laundering line but look deeper...

http://www.lexisnexis.com/risk/

 

Read through all the arms that LN has it's hands in and then ask yourself again

Fico 8 starting scores 09/27/15 EQ: 646 TU: 622 EX: 668 5 collections 1 PR reporting across the board
Scores 06/30/16 EQ: 685 TU: 699 EX: 695 1 collection now reporting on EQ and EX and 1 PR on EQ
Current scores 11/4/2016 EQ 688 TU: 705 EX: 736 No collections no PR/Judgements Finally Clean
Senior Contributor

Re: Synchrony Bank Requested 4056T !!!!!


longtimelurker wrote:

humuhumunukunukuapuaa wrote:

 GTC471 wrote:


The day I received my 4th AmEx card in June 2016, the Platinum Card, used it once and next thing I saw when I logged on was SUSPENDED ACCOUNTS.
A warning letter like Synchrony would've been preferrable, but it is what it is.
I had to scramble at 11 pm (I work nights, 7p-7a) going through all my automatic payment bills coming out of my AmEx cards and switching them back to my debit card. Called them up right away, and of course, they requested the 4506-T. I signed the form, faxed it back,
and within 10 days, the suspension was lifted and accounts restored.

 

 

 

 

 

 

humuhumunukunukuapua'a wrote:

 

I would most definitely sever the relationship with any institution at which I had to scramble to rearrange many scheduled automatic payments (and hope I changed everything over in time so no problems occurred), and that took a full TEN days to restore my access after I did all of that scrambling. No, thank you.

 

Glad it worked out for you, though.


Right, and as you have an Amex BCP, let's hope you don't have to decide!    But everyone's weighting varies, depending on your need for the card vs whatever your privacy concerns are.     


 

Thanks for your concern, but I wouldn't lose a bit of sleep over Amex. And I don't have any concerns with them. Smiley Happy



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Senior Contributor

Re: Synchrony Bank Requested 4056T !!!!!


humuhumunukunukuapua'a wrote:

 

UncleB mentioned a number of very excellent reasons above that a person would not want to submit a 4506-T, including children's tax data and sensitive medical expense information. They've been mentioned repeatedly in several other threads also, which I would suggest as reading material. Smiley Happy

 

LexisNexis has a large number of class-action lawsuits against them for violating the FCRA many times. I'd trust a homeless stranger with my information more so than I would them.

 

Plus, as we have seen with all of the data sharing services (LexisNexis, Innovis and others) not only do you lose control of your personal information once they get hold of it, but they often share very incorrect information as well.

 

We don't know them and have never agreed to do business with them, so we would not want to share our sensitive tax and financial information with them.

 

You also may not care about your personal finanical information residing in some random database of an information sharing service, but most of us would have a problem with that.

 

I also don't know why anyone would not do their best to minimize the number of sources that have this sensitive data.

 

 

Here is a post that someone made in a different thread that I think clarifies quite a bit: (and these are just a few of the items provided on a 4506-Tthis is not a complete list)

 

 

 

 

Screen Shot 2016-07-28 at 9.44.37 PM.png

 

 

 

You can certainly feel free to trust a company you don't do any business with with your child's sensitive information on your tax return, or your own sensitive medical expense information. Most of us don't plan to do that.

 

 

My response would be no thanks to sharing it all with third-party information collection services if asked.

 

 

 kdm wrote:

 

If you don't want to give out the information, that's neither here nor there. But acting like it's so outrageous for a creditor to want the information is the part that doesn't make sense to me.

 

Especially since many on here have exposure well beyond "average", it makes sense you will stick out and be asked to back up your claims. If you can't,  or don't want to, then of course the accounts may be revoked. I just don't see what the big outrage is. Yes I get it, nobody wants their information given out but like stated it's pretty much out there anyway.


 

humuhumunukunukuapua'a wrote:

 

I haven't seen anyone on the board is acting as if it's outrageous. Smiley Happy I can totally understand how people do not want their minor children's personal info or their own serious medical expense info out there to a company that has been sued repeatedly for violations of the law, and is a company that they don't even do business with.



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~ American Express Blue Cash Preferred ~ Chase Hyatt Visa Signature ~
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Valued Contributor

Re: Synchrony Bank Requested 4056T !!!!!


kdm31091 wrote:

awp317 wrote:

humuhumunukunukuapuaa wrote:

awp317 wrote:

I know im beating a dead horse here. But If it weren't for my willingness to just sign the document and not care I wouldn't have the limits I do have on most of my accounts.  Chase and Amex both asked me to document. I had no problem with this. Now that I have done it with AMEX they don't question approving new limits since I'm over the 35k exposure with them. I also had to prove income to Mercedes-Benz financial to lease my new s class, oddly enough they preferred bank statements to tax returns, even with my scores they just said since I had opened a lot of accounts recently they wanted to be extra sure, 10 min later I walked into the back room, signed documents and drove away, IM not going to deny myself something I want just because I fear what "might" happen. The only reason I can see someone not wanting to submit is because they were not truthful on the app, to each is own. But Seriously, I have life lock, I'm not worried about identity theft. I know that my investment accounts and bank accounts require me to visit in person to do anything catastrophic, and my credit cards all have fraud protection. So why should I care? That being said I haven't received a 1040 from GE/Synchrony. Curious to see if I do, Since its in my company name with me as a PG it may be different who knows. Happy to show business tax returns too. 


 

UncleB mentioned a number of very excellent reasons above that a person would not want to submit a 4506-T, including children's tax data and sensitive medical expense information. They've been mentioned repeatedly in several other threads also, which I would suggest as reading material. Smiley Happy

 

LexisNexis has a large number of class-action lawsuits against them for violating the FCRA many times. I'd trust a homeless stranger with my information more so than I would them.

 

Plus, as we have seen with all of the data sharing services (LexisNexis, Innovis and others) not only do you lose control of your personal information once they get hold of it, but they often share very incorrect information as well.

 

We don't know them and have never agreed to do business with them, so we would not want to share our sensitive tax and financial information with them.

 

You also may not care about your personal finanical information residing in some random database of an information sharing service, but most of us would have a problem with that.

 

I also don't know why anyone would not do their best to minimize the number of sources that have this sensitive data.

 

 

Here is a post that someone made in a different thread that I think clarifies quite a bit: (and these are just a few of the items provided on a 4506-Tthis is not a complete list)

 

 

 

 

Screen Shot 2016-07-28 at 9.44.37 PM.png

 

 

 

You can certainly feel free to trust a company you don't do any business with with your child's sensitive information on your tax return, or your own sensitive medical expense information. Most of us don't plan to do that.

 

 

My response would be no thanks to sharing it all with third-party information collection services if asked.


Honestly, I still don't see a problem with sharing any of that info. Most likely out there anyway. If the company is extending you credit do you really think they should just take your word for it? Unfortunately in 2016 a mans word doesn't mean jack. It comes down to this for me. A creditor is perfectly within their right to ask you for proof of income and financials when extending credit, and you are within your right to refrain from handing over said info. But you can't be mad then when the creditor who is still well within its rights decides to not do business with you and close your accounts. 


100% agreed.

 

If you don't want to give out the information, that's neither here nor there. But acting like it's so outrageous for a creditor to want the information is the part that doesn't make sense to me.

 

Especially since many on here have exposure well beyond "average", it makes sense you will stick out and be asked to back up your claims. If you can't,  or don't want to, then of course the accounts may be revoked. I just don't see what the big outrage is. Yes I get it, nobody wants their information given out but like stated it's pretty much out there anyway.


KDM, I think that you are missing the point here. It's not an issue if Synchrony wants the 4506-T sent to them, and them only.  If I was in that position, and that was the case, I would be fine with that. It's the fact that you have to agree for the information to be furnished to a known data aggregator, a third party to the OC. THAT seems to be more the info. LN has NO business seeing ANY of my info, period. I'd share anything with the issuing bank itself though!

Chasex3/PenFedx3/NFCUx2/BofA/BMO/AMEX x5(4 revolvers +Platinum)/CapOnex2/DCU/Blispay/Cabelas/BBVA/Fifth Third/Banco de Brazil/BB&T/HSBC/Atira/Commerce Bank/State Farm Visa........I have them all. Except Barclays. They suck. And Sync. They suck worse! And Citi,, because I Have 9,000 Inq.
In the 520-530 range in 12/2015.... Currently EQ747/TU758/EX744
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In 3/2016 I had a $1800 fully secured CapOne QS. And that was it.. Current CL $247,000 (plus my auto and RV loans)
Valued Contributor

4056T Debate

Has anyone on here even pulled their LN report?  I did recently because I got a notice after getting a quote with AAA for auto.  It's not hard to get and it's comprehensive information provided for risk assessments whether for insurance, financial, or whatever you want to think it applies to.

 

You can get a copy from www.consumerdisclosure.com for free.  Fill out the info on the request page and it should hit your mailbox within about a week.  When they sent me mine the following reports were in the envelope:

Credit i.e. normal prinited CR including addresses, previous work / slsary info if provided, all credit accounts open/closed, inquiries, etc.  (Experian)

CLUE report i.e. previous claims for vehicles 

"Current Carrier" report i.e. current auto insurance and previous insurance policy information including held limits for liability 

MVR  / Driving Record 

 

If we think about this in a different view of a Google for Public Records information all in one place which it is when you look at the data they provide in the report it's not that big brother / 1984 feel that everyone seems to make it out to be.  

 

Now to the 4506 debate:

That one screenshot in other posts/replies shows a bit more than I thought it would for a "transcript" request.  I figured it would be a more abbreviated version of a 1040 request back from the IRS.  When I filled out the AMEX one online though it was listing just the 1040 form on the request and the prior years they wanted to see.  If you select somethign other than those I suppose it's possible to see more of the details reported in the screen shot provided.  I figure though if they think someone's bluffing their income/assets the 4506 will prevent over exposure for one particular client and mitigate the risk of of high exposure with the chance of run up to maxing out the accounts and defaulting on them.  It's kind of like when you're driving down the road and spot a cop on the side of the road or behind you and you respond by checking to make sure you're not speeding or doing something to get a ticket.  It's a reality check put in place to make sure you're serious and transparent with each other in your marriage called credit.  Now on the same hand that I did provide AMEX with a 4506 for a 50K exposure I didn't go ahead with one with Sync for a 30K exposure and accepted their counter offer of 25K on a single account.  

Moderator

Re: Synchrony Bank Requested 4056T !!!!!


austinguy907 wrote:

Now to the 4506 debate:

That one screenshot in other posts/replies shows a bit more than I thought it would for a "transcript" request.  I figured it would be a more abbreviated version of a 1040 request back from the IRS. 


I think this is a common misconception.  By the very virtue of the term 'transcript', it will be the information you provide... line by line.

 

I'll again stress that my own issue with is with dependent children's information (and spouses) being provided.  Like I mentioned before, at least a spouse can consent... but a child can't. 

 

If you want to see a sample for yourself, here's one link (there are many):

 

https://www.accuverify.com/1040-tax-transcript-sample.pdf

 

To me, protecting a child's private information would be worth more than any credit card, but like I mentioned before, that's a decision we each have to make for ourselves.  It really comes down to your priorities.