topic Re: Discover 4506-T in Credit Cards

Discover 4506-T

Alphadude — Fri, 07 Aug 2020 22:17:50 GMT

Hello All,

Yesterday I received a call out the blue from Discover regardng my account. The guy on the phone told me Discover needed me to sign this form from Equifax or send in 3 bank statements to verify my identity. I am thinking after 7 years you all want to verify my identity and how will bank statements help?!? Then I go look at form and it's the 4506-T form. I'm like, whatever. So, I uploaded 3 bank statements from my account that I only use to pay bills. Only around 3k runs through that account each month. I guess that was enough since they lifted the hold this afternoon.

My limit is 14k with a zero balance and I haven't used the card since Christmas.

Re: Discover 4506-T

Remedios — Fri, 07 Aug 2020 23:29:18 GMT

They arent verifying identity, they are attempting to verify income.

If you care about this card, you would want to send statements from your main checking account, or main plus whichever other checking you use.

What they will look at is not necessarily just the amount of deposits, but also at frequency of those (indicating steady payroll etc).

Out of curiosity, have there been and changes to your income and does your employer's payroll reports to Work Number?

I'm not trying to be intrusive, merely trying to make some sense out of these requests

Re: Discover 4506-T

Meanmchine — Fri, 07 Aug 2020 23:43:17 GMT

Glad it worked out for you

Cheers !

Re: Discover 4506-T

Alphadude — Sat, 08 Aug 2020 01:21:24 GMT

Well, I figured out they wanted to verify income once I saw the 4506-T. Like I said, I only sent in bank statement from the account that is only for my bills. The account doesn't show my direct deposits, only the deposit I use to pay all my bills for the month. That was good enough for them to release the hold.

I work for the same company when I first got the card. My job title has changed and my income has increased. I have only 3% utilization of my overall credit and no new accounts or inquiries. I have two accounts with Discover and they have been at a zero balance since January. I couldn't tell you what brought on the review. It might be inactivity, pandemic scare.....I don't know.

Re: Discover 4506-T

M_Smart007 — Sat, 08 Aug 2020 02:25:13 GMT

@Remedios wrote:
They arent verifying identity, they are attempting to verify income.
If you care about this card, you would want to send statements from your main checking account, or main plus whichever other checking you use.
What they will look at is not necessarily just the amount of deposits, but also at frequency of those (indicating steady payroll etc).

Out of curiosity, have there been and changes to your income and does your employer's payroll reports to Work Number?

I'm not trying to be intrusive, merely trying to make some sense out of these requests

Per Discover Card Customer Protection Services, "Everyone will eventually get a 4506-T."

It is not random, and nothing trigger's it. (Don't shoot the messenger)

Just repeating what I was told.

I sent in 4 Bank statements, as I refused to sign Equifax 4506-T Docs.

I told them bank statements or close my accounts. I sent them US Bank statements

With proof of over $50K in monthly deposits. Uploaded directly to Discover.

I only use US Bank to pay My bills. What is left over gets transferred back to Charles Schwab.

No Change in pay .. My Corporation pay's me the same I set in 2008.

My net stated income to Discover is over one million per year.

Have not moved in over 5 years.

I have No idea what is reported to a "work" #

Both Accts. were restored in a timely manner.

Hope this helps.

Re: Discover 4506-T

Meanmchine — Sat, 08 Aug 2020 03:04:43 GMT

My cousin had the same thing happen to her. A year after opening they asked her for docs. She gave them what they wanted. Sounds like @M_Smart007 has pretty much nailed it.

Re: Discover 4506-T

M_Smart007 — Sat, 08 Aug 2020 03:05:46 GMT

@Alphadude, Very glad your accounts were restored.

Re: Discover 4506-T

Remedios — Sat, 08 Aug 2020 03:23:46 GMT

I'd probably give them bank statements, especially because my income is under reported, but 4506-T is not happening.