topic Re: Concerning Income/Job verification on applications in General Credit Topics

Concerning Income/Job verification on applications

improvingmycredit — Fri, 04 Oct 2013 04:42:00 GMT

I found this interesting. My niece just apped a personal loan and got this info in the response to her app.

This is a income and job verification company for credit applications. Thought you all would like to know.

Don't know which companies subscribe to this service but I suspect that all of them subscribe to some type of service like it.

For those of you that like to fudge on the income part of your application... might want to think twice.

The Work Number

11432 Lackland

St. Louis, MO

1-800-367-5690

www.theworknumber.com

Re: Concerning Income/Job verification on applications

red259 — Fri, 04 Oct 2013 04:46:16 GMT

I don't think credit card companies will bother with this. If there is an issue they just ask for pay stubs or access to tax records via IRS.

Re: Concerning Income/Job verification on applications

Walt_K — Fri, 04 Oct 2013 04:57:28 GMT

It's been a while, but I can remember some posts about a few companies selling income verification information. The one that I am thinking of supposedly had about 1/3 of consumers in their database. You could request a report from them to determine whether you were in their database or not. Can't recall the company, but you might be able to find it if you did some searching through the threads.

Re: Concerning Income/Job verification on applications

Anonymous — Fri, 04 Oct 2013 05:01:25 GMT

@red259 wrote:
I don't think credit card companies will bother with this. If there is an issue they just ask for pay stubs or access to tax records via IRS.

Most issuers nowadays have some kind of back system that verifies customers' information, mostly for fraud related purposes. This isn't anything new.

Companies do the same for applicants whom are interviewing for job positions. One of the things they do check is the legitimacy of previous employment and salary.

A lot of these work are outsourced to other firms, including the one improvingmycredit posted. The Work Number is a subsidiary of Equifax.

When the information they have do not match with what the applicant stated, they will then usually request for tax records / bank statements / pay stubs to verify.

An important thing to note is that a lot of these systems are still incomplete; they do not have data for every single individual, and even for individuals whom are in the system, the data may not be up-to-date or accurate.

Re: Concerning Income/Job verification on applications

FinStar — Fri, 04 Oct 2013 05:08:34 GMT

@Anonymous wrote:
@red259 wrote:
I don't think credit card companies will bother with this. If there is an issue they just ask for pay stubs or access to tax records via IRS.
Most issuers nowadays have some kind of back system that verifies customers' information, mostly for fraud related purposes. This isn't anything new.
Companies do the same for applicants whom are interviewing for job positions. One of the things they do check is the legitimacy of previous employment and salary.

A lot of these work are outsourced to other firms, including the one improvingmycredit posted. The Work Number is a subsidiary of Equifax.
When the information they have do not match with what the applicant stated, they will then usually request for tax records / bank statements / pay stubs to verify.
An important thing to note is that a lot of these systems are still incomplete; they do not have data for every single individual, and even for individuals whom are in the system, the data may not be up-to-date or accurate.

This...exactly.

Re: Concerning Income/Job verification on applications

Walt_K — Fri, 04 Oct 2013 05:11:05 GMT

This is what I was thinking of. https://www.privacyrights.org/fs/fs6b-SpecReports.htm#2

As it happens, The Work Number was the specialty report regarding income that I (partially) remembered.

Re: Concerning Income/Job verification on applications

Chaos122 — Fri, 04 Oct 2013 05:25:17 GMT

yeah the work number has been around for a little while now, but they are still growing and many companies dont provide income info through them. Also creditors can verify employment via the work number but they cannot verify income unless you give them a "salary key" that only you can get.

My job uses the work number for employment/income verification and they constantly tell us to us it as oppose to our hr dept. However even when I have tried to use it a lot of creditors have refused and have instead requested tax docs etc, so like i said before its still in the growing stage.

Re: Concerning Income/Job verification on applications

wHiTeSoL — Fri, 04 Oct 2013 05:40:18 GMT

It also helps the theworknumber also handles the payroll of many major companies in the US. I know Best Buy still uses them to this day.

Re: Concerning Income/Job verification on applications

RobertEG — Fri, 04 Oct 2013 10:19:53 GMT

As an aside, you are entitled to a free credit report once every 12 months from such companies, as they are considerd consumer reporting agencies.

"FCRA 603(f) The term "consumer reporting agency" means any person which, for monetary fees, dues, or on a corportate nonprofit basis, regularly engages in wole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third parties, and which uses any means of facility of interstate commerce for the purpose of preparing or furnishing consumer reports."