Synchrony asking friend for 4506t

[CreditCuriosity]

I would have an issue if my company partcipated in the work number.  With that said certain lenders such as Amex or Chase I would hand over my 4506-t if asked.  Syncrony I would not as I could easily lose them and really not lose any sleep over it.

[Anonymous]

Yeah I guess the 2 closed cards isn't so bad.  People close cards all the time. It just felt like a waste since they were only a month old.  But as time goes on that could actually help her AAoA down the road when she gets new cards.  So there's a plus.

[UncleB]

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@CreditCuriousity wrote:

I would have an issue if my company partcipated in the work number.  With that said certain lenders such as Amex or Chase I would hand over my 4506-t if asked.  Syncrony I would not as I could easily lose them and really not lose any sleep over it.

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+1

Years ago when I worked for a big company I had to use 'The Work Number' when I got my first mortgage.  Back then it was actually quite involved, and the PIN was the only way it could be accessed (I remember my mortgage processor telling me they had a company credit card specifically to pay the service charge when they did an inquiry on 'The Work Number').

I can't imagine anybody - even a current lender - having access to this information at-will, especially through a freeze as some have reported.  I guess things have changed significantly since my own experience with 'The Work Number'.  Back then my company basically outsourced the employment/salary verification function out to them, and for anybody to have unfettered access would be like a lender being able to call HR every week if they wanted to verify your paycheck... it's just not right.

Edit:  can't spell

[Anonymous]

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@UncleB wrote:

+1

Years ago when I worked for a big company I had to use 'The Work Number' when I got my first mortgage.  Back then it was actually quite involved, and the PIN was the only way it could be accessed (I remember my mortgage processor telling me they had a company credit card specifically to pay the service charge when they did an inquiry on 'The Work Number').

I can't imagine anybody - even a current lender - having access to this information at-will, especially through a freeze as some have reported.  I guess things have changed significantly since my own experience with 'The Work Number'.  Back then my company basically outsourced the employment/salary verification function out to them, and for anybody to have unfettered access would be like a lender being able to call HR every week if they wanted to verify your paycheck... it's just not right.

Edit:  can't spell

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Unfortunately, we give lenders permission to verify our employment and income with 3rd parties (like The Work Number) when we submit an application for credit. Most lenders have wording in their T&C regarding this, which is probably why they are still able to access this info even through a freeze.

I see issues arising though for those who report household income, for those whose info is outdated, and for those who are self-employed (or have other unverifiable income). Although there has to be a better way to verify income than requiring tax transcripts - how about pay stubs, W2's, bank statements, etc...

[steelers1]

Here is an excerpt from Synchrony's Marvel credit card application.

* Alimony, child support or separate maintenance income need not be included unless relied upon for credit. You may include the annual net amount that you have available to spend from your assets.

A 4506-T could vary greatly since your NET ASSETS aren't necessarily part of your tax transcript.

Synchrony asking to review your income could be a SMALL piece of the total figure that they themselves have asked for.

[Anonymous]

Please see the main Synchrony data thread below before making decisions re/ this or about releasing your 4506t. That personal, private data could be going to a lot more people than you know if you release it:

http://ficoforums.myfico.com/t5/Credit-Cards/What-the-heck-is-going-on-with-Synchrony/td-p/4669682

[Anonymous]

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@Anonymous wrote:

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Unfortunately, we give lenders permission to verify our employment and income with 3rd parties (like The Work Number) when we submit an application for credit. Most lenders have wording in their T&C regarding this, which is probably why they are still able to access this info even through a freeze.

I see issues arising though for those who report household income, for those whose info is outdated, and for those who are self-employed (or have other unverifiable income). Although there has to be a better way to verify income than requiring tax transcripts - how about pay stubs, W2's, bank statements, etc...

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Here are some additional concerns that many have with releasing the 4506t:

* It often includes sensitive medical expense information

* It will include information about minors or other dependents, if they are listed on your tax return

* It will include spousal information or information about other joint filers, who may not want their personal information released to a company they do not do business with

* Your sensitive tax information DOES get released to 3rd parties like LexisNexis and DataVerify if you agree to the 4506t, and you have no control over who else it gets shared with once the 3rd party data aggregators get their hands on it.

See post above for more information. Your personal tax information can become an open floodgate of free-flowing information to many outside parties  if you agree to the 4506t.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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Unfortunately, we give lenders permission to verify our employment and income with 3rd parties (like The Work Number) when we submit an application for credit. Most lenders have wording in their T&C regarding this, which is probably why they are still able to access this info even through a freeze.

I see issues arising though for those who report household income, for those whose info is outdated, and for those who are self-employed (or have other unverifiable income). Although there has to be a better way to verify income than requiring tax transcripts - how about pay stubs, W2's, bank statements, etc...

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Here are some additional concerns that many have with releasing the 4506t:

* It often includes sensitive medical expense information

* It may include information about minors or other dependents

* It would include spousal information or information about other joint filers, who may not want their personal information released to a company they do not do business with

* Your sensitive tax information DOES get released to 3rd parties like LexisNexis and Dataverify if you agree to the 4506t, and you have no control over who else it gets shared with once the 3rd party data aggregators get their hands on it.

See post above for more information. Your personal tax infromation can become an open floodgate of free-flowing information to many outside parties  if you agree to the 4506t.

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That is very very good info

[mccallb]

"She makes over 150k a year off tips from bartending in the city but her actual salary is tiny in comparison.  What should she do?"

Pay her gd taxes?

[mccallb]

as well she flipping should. i really get my blood going when I hear about people who "make so much money" (under the table) having problems getting credit - well, yeah you're illegaly hiding funds from the government.  that's what drug dealers do