What the heck is going on with Synchrony?

[Anonymous]

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@Credit-hoarder wrote:

I have almost $30K in exposure with them across 5 accts. at the moment but less than $600 in UTIL---and it's going to stay that way until this blows over. As of right now I'm not locked out. NO calls to CS for increases either--what I have is what I have to work with! And I just get AEO Visa 2 days ago and was going to go for Ebates sometime next year and try to get each of my other cards to $5K--$15K--and $25K mark--going to have to rethink that plan in leiu of all this. Good luck everbody!

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Good plan.

[Gmood1]

This is the main reason I decided beforehand that I only want one account per creditor in general (Chase being the only exception with two). They can CLD me or close account. Doesn't matter as they are only one of many different lenders. No 15 accounts with one lender. I retain the upper hand to do transactions/business with one of their competitors and never break stride. As many new accounts as I have, there are still companies trying to get me to apply for more of their CC's. Bank of America has offered me two more cards over the last two weeks along with a bank account and brokerage account. One CC offered just yesterday and I noticed they AR'd on the 5th. They see all of my new accounts and could care less it seems. What they want is the swipes/business my household gives to their competitors. Thats why EVERYTHING reports, no paying off before statements cut. My goal is to pit them against each other and not me.
Will it work? We shall see.
My eggs will never share the same basket. I'm not paring down for any of them.
I hope it all works out for the folks having issues with this particular bank.

[baller4life]

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@Anonymous wrote:

Looks as if people's personal (and private) tax information is going directly to LexisNexis, who can then share it with anyone they choose, since they are a 3rd party collector of information and definitely do share the information they collect with others:

I can't post a link here to due myfico posting rules, but do a google seach for Synchrony and 4506 TEZ request and you will see what I mean. It's the first listing that comes in the google search when you use all of those search terms.

You really need to take a careful look at the above before deciding to release your 4506t to anyone!

Personal information being out there without any control over it is not a good idea.

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Well I definitely won't be sharing my tax info with Lexis Nexis. So if my accounts with Synchrony get locked, I guess it's goodbye Synchrony. That's the beauty of diversification. You are not dependent on just one lender.

[Anonymous]

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@Anonymous wrote:

Looks as if people's personal (and private) tax information is going directly to LexisNexis, who can then share it with anyone they choose, since they are a 3rd party collector of information and definitely do share the information they collect with others:

I can't post a link here to due myfico posting rules, but do a google seach for Synchrony and 4506 TEZ request and you will see what I mean. It's the first listing that comes in the google search when you use all of those search terms. Be sure to use all of the search terms in bold above.

You really need to take a careful look at the above before deciding to release your 4506t to anyone!

Personal information being out there without any control over it is not a good idea.

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Points to consider before deciding whether or not to submit the 4506t:

Looks as if a LOT of banks outsource the 4506t and share your personal, private tax information with data aggregators and questionable 3rd parties, who then share it with anyone they like and you have no control over it.  See example. Who the heck is " DataVerify?"

https://www.mtb.com/customerservice/Documents/transcript-of-tax-return4506t-ez.pdf

 
And, I'd also love to know who "Kroll Factual Data" is, as they are obtaining and sharing your personal, private tax information with others if you submit the 4506t to Chase Bank:

https://www.chase.com/content/dam/chasecom/en/mortgage/documents/irs_form_4506t-ez.pdf

If you agree to a 4506t, Citi shares your personal tax information with "CoreLogic Credco", who in turn shares it with others:

http://www.citigroup.com/citi/citizen/community/homeownershippreservation/files/Blank%204506T.pdf

Moral of the story: think extremely carefully before agreeing to release 4506t data to anyone.

[Anonymous]

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@baller4life wrote:

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@Anonymous wrote:

Looks as if people's personal (and private) tax information is going directly to LexisNexis, who can then share it with anyone they choose, since they are a 3rd party collector of information and definitely do share the information they collect with others:

I can't post a link here to due myfico posting rules, but do a google seach for Synchrony and 4506 TEZ request and you will see what I mean. It's the first listing that comes in the google search when you use all of those search terms.

You really need to take a careful look at the above before deciding to release your 4506t to anyone!

Personal information being out there without any control over it is not a good idea.

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Well I definitely won't be sharing my tax info with Lexis Nexis. So if my accounts with Synchrony get locked, I guess it's goodbye Synchrony. That's the beauty of diversification. You are not dependent on just one lender.

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I agree 1000%!

[Anonymous]

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@baller4life wrote:

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Well I definitely won't be sharing my tax info with Lexis Nexis. So if my accounts with Synchrony get locked, I guess it's goodbye Synchrony. That's the beauty of diversification. You are not dependent on just one lender.

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Agreed, baller4. You make several very good points.

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.

[kdm31091]

Any lender can and does ask for verification or tax forms. You're applying for credit. An unsecured loan basically.

If you don't want to provide the info, that's fine. But diversification isn't the issue. Lenders have the right to ask for these documents. These are financial transactions at the end of the day.

[Gmood1]

^^^^
Only folks getting my tax forms is a mortgage loan originator. I'm not giving tax forms for credit cards or auto loans. That's just me though.

[kdm31091]

And it's fine to not want to give them, but my point is it's not like it's absurd or unique for Synch to want to verify that you'll pay back your debt by collecting your tax forms. It's all business.

[Anonymous]

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@Gmood1 wrote:
^^^^
Only folks getting my tax forms is a mortgage loan originator. I'm not giving tax forms for credit cards or auto loans. That's just me though.

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+1000 GMood!