@CH-7-Mission-Accomplished wrote:
@Janneman wrote:
@Baywatch wrote:
They did not ask for anything other than the plaid income verification via my bank. They did not ask for any copies of any documents for me. Looking at my bank statements probably made my income pretty clear as I have direct deposit into that account.
I think giving you an option of verifying income thru Plaid is a new way of them in the last few months, otherwise before this wan't option...They used to ask paystubs for 2 months and two years' W-2s in order to verify income.
I don't know why, but the idea of letting Plaid into my bank accounts gives me the willies. How many people are they going to sell my data to? I understand authorizing IRS transcripts for mortgage loans, but just a private company with all your financial data is scary. I looked them up and they state that they can verify all income and assets and they categorize everything, so they know what you spent and who you paid. It's a little too "Big Brother" for my liking.
I personally provide anything and everything to any lender if I do need a credit than worrying about all kinda breach and fear, like we all do when we need morgage...At that time we do provide whole nine yards whether we like it or not because we know that if we will not provide then no morgage. If one wants their money, then we've got to trust them or their associated companies no matter what...otherwise, they don't care about lending to us...They have plenty of borrowers...good ones who would trust them and their associates. The way they are going to trust us with their money, similarly we need to trust them (and their associate)...Besides, its their money and their game....People would not have any choice to allow Plaid if ever all credit card companies would require to confirm income thru Plaid....
As for not trusting Plaid or any third party then no bank would ever recommend a third party (or Plaid in this case) if they are not fully sure that Plaid is secure with all the info. However, sometimes breach does occur even at bank level...Nobody is immune to it. I see all the time some people saying that they will not allow Plaid or provide tax transcript for the credit card but would do it for the morgage...But I wonder if any information could be compromised by these 3rd party services then it could also be subjected to compromise at the time of morgage too...Of course, everyone has their own choice, but I believe that if one wants banks to trust them for banks' money, then people need to trust banks too...If they have authorized Plaid then they know how secure information would be with plaid...Anyway, this is my take-away on this topic.
