I applied for and was approved for the SDFCU Premium Cash Back+.
...The person I talked with said that they know I did not put that amount on the application, and that they got it from my credit report.
Congrats on your approval. Since when is income shown on a credit report?
I have no idea. That has never been my income either.
But when I called in to make sure they had my right income, that is what the CSR told me.
In the e-mail response I received, the CSR mentioned "Income Insight". I just searched for it, and apparently it is a feature of Experian.
Looks like TU has a similar "feature".
"Income Insights is based on TransUnion’s proprietary model that was verified against a variety of historical income data collected by independent third parties.
The model analyzes the applicant’s self-reported income by using data from the credit report, including an analysis of how much they pay toward balances, the amount of money they spend, and the types of balances they carry among other factors."
I could see their models being wildly off (high) if the customer was self-employed and had massive costs
associated with their business that they used personal cards for.
The inverse is also true. Maybe the customer has super high income and simply uses checks and debit
cards for their spends. The way I see it, it's a wild guess at best.