Another Discover 4506-C Request - Submitted - Updating for DP collection

[CreditCuriosity]

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@SouthJamaica wrote:

For the first time, I received one of these random 4506-c requests from Discover today, after more than 8 years of membership with perfect payment history.

I promptly complied. 

Will see what happens.

They haven't been doing anything for me lately, so I guess I don't have too much to lose if they take adverse action.

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Interesting as you have a mature profile. Be watching this one

[youngandcreditwrthy]

Did they already perform an inquiry? @Trinzero  If so, and you decide not to move forward with app, I would dispute the inquiry. 

these banks cant keep pulling our credit then saying the app isn't complete and get away with it. No hard pull should be performed until they have all these intrusive docs they are requesting. They need to be reported to the CFPB. If it's not a "complete app" with all your docs, then again they shouldn't be pulling credit reports. 

dispute the inquiry and report to CFPB. app is considered incompelte by themselves (the bank) so they should not have even checked your credit without the docs. I work in real estate finance, and I wouldn't run a bank app until I have all the docs I need. This is not different. I dont care what everyone else says on here that thinks they know it all. It's not right. 

[7774x]

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@youngandcreditwrthy wrote:

Did they already perform an inquiry? @Trinzero  If so, and you decide not to move forward with app, I would dispute the inquiry. 

these banks cant keep pulling our credit then saying the app isn't complete and get away with it. No hard pull should be performed until they have all these intrusive docs they are requesting. They need to be reported to the CFPB. If it's not a "complete app" with all your docs, then again they shouldn't be pulling credit reports. 

dispute the inquiry and report to CFPB. app is considered incompelte by themselves (the bank) so they should not have even checked your credit without the docs. I work in real estate finance, and I wouldn't run a bank app until I have all the docs I need. This is not different. I dont care what everyone else says on here that thinks they know it all. It's not right. 

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Going to dump  discover if I ever get the 4506 request ... discover's Requests are way to tell you they are watching your  money  moves.

[BuckyB]

The only ones who see my tax returns are the IRS and me.  Ain't no way I'd comply with something like that, whether it's Discover or Amex or anyone.  That's why I have multiple cards: gives me the ability to dump any company that gets too nosy.

The way I see it, I'm the customer, they can jump through hoops for me, not the other way around.  And if their algorithms can't determine my identity without data-mining my bank accounts or tax records, they're not the company for me.

[SouthJamaica]

OK so today, about 5 days later, I got the all clear emails:

Thank you for submitting the requested documentation to verify information on your account. We have successfully completed our review. At this time, the hold on your account has been lifted. You may now continue to use your Discover® Card.
We appreciate your cooperation with helping keep your Discover account secure.
If you have any questions, please call us anytime at 1-800-DISCOVER (1-800-347-2683), or you can always visit us at Discover.com.
Sincerely,
Customer Protection Services
 

As to whether their review will lead to adverse action, time will tell.

I hope it was just for identity verification purposes, because that's the one thing I'm sure of.

[youngandcreditwrthy]

"we are here to protect you"

dunno what's worse.. being sold out by public to private or being sold out by private to public.

Glad you got it cleared, I went through something similar myself recently. 

There's too much fraud going on since the pandemic, and it makes the banks hostile to the rest of us doing the right things.

[biglista88]

I literally just went through this same exact situation. Except , after signing the requested forms and waiting two weeks I didn't hear anything back so I called in. They unfroze my card immediately and thanked me for being so "patient". lol I never received the emails that guys did though , stating the "all clear". I'm just happy it was resolved and the account is open and available to use again.

[SouthJamaica]

Well 5 months later I did get serious adverse action from Discover. Drastic CLD's. So maybe the request for the 4506-C was a sign that I was in for trouble.

[CreditCrusader]

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@SouthJamaica wrote:

Well 5 months later I did get serious adverse action from Discover. Drastic CLD's. So maybe the request for the 4506-C was a sign that I was in for trouble.

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Almost all CCCs are on heightened alert in this economic environment...something I can understand completely.

In their defense, I will say that my local CUs have not joined the paranoia parade during the past two years. They have the same 9.99% and 10.99% APRs they did in 2021, with higher limits to boot.

To new credit users, I would urge you to hedge your credit card portfolios with those sorts of cards. Sure, they may not rotate rewards...and most are in the 1.5% cash back range, but they also won't CLD/close you unless something is REALLY wrong with your credit profile...and even then, they typically contact you in advance to see what's going on.

[northway]

I've been down this road multiple times.

First Discover IT card opened after a CO 8 years ago, 4506-C request before approval. Approved for $7K.

Second Discover Miles card opened a eyar after, approved for $10K, card frozen, 4506-C requested (which took about 15 times to get processed correctly due to some Equifax glitch), account unfrozen after 2 weeks.

First Amex (2 years ago) after having my cards closed for a financial review non-compliance a decade ago, got a 4506-C request after applying. Approved a week later. Approved for another 5 Amex cards within 3 months of opening that one, and got hit with a full blown financial review. Complied, after a week all cards were unfrozen with no restrictions or CLD.

Compliance is key here. Discover isn't looking for financials unless they really have you under the microscope. It really is more of an ID verification step. Amex is looking at both ID and financials and can ask for a 4506-C, bank statements, paystubs, etc at any time. Once you've complied with Discover, you basically won't hear from them ever again.

Citibank, US Bank, Synchrony, and Barclays have all had the occasional 4506-C request as well.

4506-C requests aren't limited to banks either. I've had a CU (NEFCU, now Jovia) request one after they said my paystub looked "suspicious".