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Synchrony Bank Requested 4056T !!!!!

Moderator

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


lowkeyorca wrote:

longtimelurker wrote:

OK, I have to ask again!    What is the *actual* harm in having your information sold by LN, assuming that they don't have most of it already.   I can see iincreased marketing perhaps but what other dire consequences do people expect.

 

 ETA: mister-endowed beat me to it


I ordered my LN reports, there was a lot of invasive information in it. Information about things I've ordered for my 9 year old child, for example.

 

I don't mind the tax form personally, I do mind how easy it is to find out every single thing I've purchased on the internet, my child's name, and etc.


For me the primary objection would be giving LN/Synchrony my dependent's social security numbers, as well as an insight to all deductions (medical, etc.). 

 

I appreciate that some are fine with this, but if they ever request it from me I'll have to say no. 

Message 71 of 84
Established Contributor

Re: ********* Bank Requested 4056T !!!!!


lowkeyorca wrote:

It bothers me that everyone is so up in arms about banks requesting this.

 

Fraud is at an all-time high.

 

Blame the people who steal peoples' identities or lie about their income and verify with fake documents.


I think there's 3 key elements why people were so furious with this.

 

1. Sharing info with Lexus Nexus

2. Locking all accounts without warning or communication over the phone while making people wait weeks for the blue envelope

3. Many consider Syncb subprime.  So for them to do something like this in the way that they did is kind of like someone trying to do a citizens arrest.  Said person then reacts, "who the hell do you think you are".

 

Really, the way they went about the whole thing just proves they are indeed subprime.

Message 72 of 84
Valued Contributor

Re: ********* Bank Requested 4056T !!!!!


WaveRider wrote:

lowkeyorca wrote:

It bothers me that everyone is so up in arms about banks requesting this.

 

Fraud is at an all-time high.

 

Blame the people who steal peoples' identities or lie about their income and verify with fake documents.


I think there's 3 key elements why people were so furious with this.

 

1. Sharing info with Lexus Nexus

2. Locking all accounts without warning or communication over the phone while making people wait weeks for the blue envelope

3. Many consider Syncb subprime.  So for them to do something like this in the way that they did is kind of like a regular person trying to do a citizens arrest.  Said person then reacts, who the hell do you think you are.  lol..


Oh, no, I get why people have an issue with the action, rather that we should be focusing our displeasure elsewhere. 

 

The amount of information that LN houses and sells is actually horrifying. If you have a common name like me, it's a disaster in it of itself, as their data-linking and algorithms are far too loose for the amount of power they have. If I ever get a security question about "known associates", forget it. I fail the test. 

 

When my daughter's name popped up as a known associate, I was never so furious in my life.

 

I don't feel uncomfortable about the SSN being shared via the tax form. They have it already from various insurance providers. There's also very little that can be done with her SSN at her age. Granted, we don't live in the state she was born, and since my identity was stolen by mother, I have had her SSN being monitored religiously since she was born. I can see why others would be concerned, though.

 

Her name listed with my address, information of my purchases for gear from a third party website who makes gear for her elementary school? Information on payments TO her school district for various things via paypal? Yeah, I've got a gigantic problem with that.

 

I've been far more disturbed by the names of neighbors, roommates, and family members, and all the various purchases I've made for myself and as gifts to others appearing on LN than tax transcripts.

 

These types of things should be against the law. If it is illegal for someone to access my tax information without my consent, it should be illegal to store it and sell it.


EX08 659 EQ08 660 TU08 695 Starting: mid 300'sGoal: 700
Message 73 of 84
Valued Contributor

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

One word response to any credit card issuer who might ask for my 4056-T....Goodbye!!!!!

 




TU fico08=820 11/10/17
EX fico08=812 10/25/17
EQ fico08=818 10/25/17
Garden since 4/5/2017
Message 74 of 84
Valued Contributor

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


sarge12 wrote:

One word response to any credit card issuer who might ask for my 4056-T....Goodbye!!!!!

 


+ infinity

 

I will always remain 100% on a big FU to any bank that requests the 4506 over credit card matters.



Message 75 of 84
Valued Contributor

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


MissingCalifornia wrote:

sarge12 wrote:

One word response to any credit card issuer who might ask for my 4056-T....Goodbye!!!!!

 


+ infinity

 

I will always remain 100% on a big FU to any bank that requests the 4506 over credit card matters.


I do not even like the IRS seeing my tax returns, I sure am not going to allow this into the database of some bunch of yahoos...many probably in India...to be sold to their "partners"...Someone wants to rob me, be a man and stick a gun in my face. Don't have me send 4056-T, to then be the victim of identity theft because of a lexis-nexus data breach...no...not happening.




TU fico08=820 11/10/17
EX fico08=812 10/25/17
EQ fico08=818 10/25/17
Garden since 4/5/2017
Message 76 of 84
Senior Contributor

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

Agree with the holdup analogy, Sarge. Smiley Happy

FYI, someone else on myfico posted in a different thread just today that they have seen an uptick in blue envelopes being sent out lately. I don't know where that person got the information, but it's certainly something to keep an eye on.

 

http://ficoforums.myfico.com/t5/Credit-Cards/Synchrony-Exposure/td-p/4889404/page/3



I don't like Synchrony's underhanded ways of doing business. Will be glad when I eventually get rid of my last 2 Synchrony cards, a Visa and Mastercard.

Not worth the hassle for an average lender with high interest rates in addition.



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Message 77 of 84
Established Contributor

Re: ********* Bank Requested 4056T !!!!!

They were useful in the beginning of my build I'll give them that.  Their easy large credit line increases were great leverage getting me going with other lenders.  For that reason I am no longer mad at them for their nonsense, they served their purpose for me and I've moved on.

 

Though I definitely enjoyed giving them a good kicking to the curb with my steel toe boot.  Smiley Very Happy

 

@lowkeyorca, agreed what they are doing should definitely be illegal, blows my mind that it's not.

Message 78 of 84
Valued Contributor

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

These people sending these 4056-T forms best not mess with me, I come from a tough generation who fight back....It was about 8 years ago when I pulled up in my own yard, little did I know these cowards were waiting, hiding there in the dark. As soon as I got out of my car they were on me 10 against 1, the cowards. I covered my face with my left arm and fought best I could with my right till finally and near exhaustion I made it through my front door...then anger set in, they had to pay, I set a mop on fire, and grabbed a can of spray, those cowards attacked me at my home, so now theres hell to pay.I shoved the fire mop in their face and sprayed a couple too, Most of them got away, but two were on the ground. I killed those two still on the ground, stomped them with my shoe...I hate them mosqitos.




TU fico08=820 11/10/17
EX fico08=812 10/25/17
EQ fico08=818 10/25/17
Garden since 4/5/2017
Message 79 of 84
Frequent Contributor

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


sarge12 wrote:

These people sending these 4056-T forms best not mess with me, I come from a tough generation who fight back....It was about 8 years ago when I pulled up in my own yard, little did I know these cowards were waiting, hiding there in the dark. As soon as I got out of my car they were on me 10 against 1, the cowards. I covered my face with my left arm and fought best I could with my right till finally and near exhaustion I made it through my front door...then anger set in, they had to pay, I set a mop on fire, and grabbed a can of spray, those cowards attacked me at my home, so now theres hell to pay.I shoved the fire mop in their face and sprayed a couple too, Most of them got away, but two were on the ground. I killed those two still on the ground, stomped them with my shoe...I hate them mosqitos.


Someone's got talent in writing. Good one.  I started to get worried after the 2nd sentence. All the way to the last word.

Message 80 of 84