@Anonymous wrote:now they will cut everyone limit saying the credit beuro reported they dont make enough to sustain that credit limit. i wont fill out a 4506-T if they request one. they can just white out the date and put another date in. is bad enough when you call equifax its in another country and all these banks have people in another country that i have to give my ssn to. i had a credit card offer me wallet protection and i was like no thanks so someone can have all my credit card numbers in another country. all this information they are requestion brings up possibality of identy theft. these banks loos tape backups all the time and get there credit card data base hacked and then they send you a new card. just what i want a credit card company loosing all my tax documents my dl my ss card and my credit card number. no thanks. how do we stop the feds from doing this who do we call.
IMO, I don't think you have any chance of a big CCC "whiting out" and putting in other dates. If they want other dates, they will just come back to you and request you fill the form out again with the dates they want.
I do agree that there is no such thing as totally secure when it comes to computers, databases and identity and any system has a chance of being compromised.
Finally, the information suggested that lenders won't be allowed to decline solely because of the "estimated income" data. What may happen is that if the estimated income suggests it is possibly to low, they probably will come back and ask for income verification such as pay stubs or W2's, or possibly tax returns. This isn't new, PenFed and Addison regularly request income docs. Alliant does part of the time. NFCU required pay stubs.
The intent here is to make sure that lenders to don't over extend reasonable limits to individuals who can't possibly pay back the credit or loans. This has taken 2 forks: 1) the part where anyone under 21 will have to prove financial ability to pay; 2) lenders are being told to use reasonable means test to conclude that the borrower has an ability to pay, both by what their income is and by what their existing debt and CL's are.
When you think about it, nobody needs $300,000 in CL's when they have a $70k or less income. But this has happened. If there isn't income and assets to justify, then a means test or income verification isn't unreasonable.
They have done away with the "liar loans" for mortgages (stated income) and they are tightening down on the "liar incomes" or over extensions of credit beyond income./debt ability. This is reasonable when we look at the result of the credit crisis due to wide spread and systemic defaults which had a rippling effect through the markets, employment and overall economy.
IMO 