For Those Who BS Their Income Level

Discussion in 'Credit Talk' started by SofaKing, Nov 13, 2001.

  1. SofaKing

    SofaKing Well-Known Member

  2. sam

    sam Well-Known Member

    huh its really easy to verify this info, they call your # and talk to your payroll person. Free even. Why pay for such information?
  3. SofaKing

    SofaKing Well-Known Member

    It's not "free" to hire someone to pick up the phone and talk to payroll.

    Creditors who process 1000s of apps don't need to call anybody. It will all be done in seconds without human intervention.

  4. leo728

    leo728 Well-Known Member

    not really, the company has to subscribe to their service. Unless my company uses them, there is no way they will find anything on me.
  5. SofaKing

    SofaKing Well-Known Member

    "...there is no way they will find anything on me."

    Nor me... yet.

  6. leo728

    leo728 Well-Known Member


    somehow I have a instant distrust of this company, it gives me the creeps.

    My income is between me, my employer and the company I apply with. I really don't want another entity having records of it. It's not just about overstating income or verification.

    It's just info I don't want out there. So what if the IRS suddenly wants to "verify"
  7. SofaKing

    SofaKing Well-Known Member

    "somehow I have a instant distrust of this company, it gives me the creeps."

    Me too, dude!

    Is there not a shred of personal info left which can't be bought and sold??

  8. bbauer

    bbauer Banned

    I see that they have something about W-2 forms on their website.
    I sent them an e-mail asking them what provisions they have to deal with the W-9 form.
    Their reply should be interesting.

    I wonder if they have verified that all of the employers using their service have the IRS form 8655 as required by law in accordance with 26 CFR &#167 1.1441-1 (April 20001 Edition) and Publication 515 and within the purview of Chapter 24 of the Internal Revenue Code?

    I think that their reply to that question should also be quite interesting.

    I'm willing to bet that their replies will be something closely akin to HUH???
  9. leo728

    leo728 Well-Known Member

    exactly my thought.
  10. SofaKing

    SofaKing Well-Known Member


    Yep! That was my point of posting that. It's getting too easy for anyone to get any info!

    You are right, it's not just about fudging a little on the apps. It's about privacy!

    I see some big names on that list! AMEX, Wal-Mart, Cap One...

    I wonder if those employees know their employment/income/tax records are dbased and are for sale!

  11. SofaKing

    SofaKing Well-Known Member


    What's that about? Is that a "disclosure" form?

  12. author_22

    author_22 Well-Known Member

    Well, what I've done is

    under salary stated my true salary, which includes monthly bonuses I get.

    under other source of income stated money that comes from student loans, parents, and freelance work

    But since I'm still a student it probably will be OK.
  13. SofaKing

    SofaKing Well-Known Member

    : )

  14. bbauer

    bbauer Banned

    A w-9 is a reequest for Taxpayer Identification Number and Certification. It's purpose is that a person who is required to file an information return with the IRS must get his employer's correct taxpayer identification number (TIN) to report, for example, income paid to you, real estate transactions, mortgate interest paid, acquisition or abandonment of secured property., cancellation of debt or contributions you made to an IRA.

    Notice that cancellation of debt is mentioned. So if one suspects that a form 1099-C has been filed forgiving one's debt then it would seem to me that one might have a right to use W-9 to determine if the creditor who may have filed 1099-c had a TIN to authorize him to do so.

    I think it unlikely that a creditor would be willing to supply one with his TIN. Since failure to furnish TINs to a requester of the information makes the refusing party subject to a penalty of $50 for each such failure, you can file a complaint with IRS for each refusal on the part of the creditor to furnish his TIN.

    A few requests and a few refusals on his part ought to break him of sucking eggs pretty quickly.

    Anyway, that site is talking about W-2 forms and the proper form today is the W-4 form which I believe supercedes the old W-2.

    That outfit called me a few minutes ago and guess what? HUH????? just as I predicted.z

    Anyway, their services only cover large corporations such as Wal-Mart, K-Mart, and other large companies who are registered with them. If you work for anything much less than a Fortune 500
    company, they won't know you from Adam's off ox.

    I wonder how long they would last if they got a large number of consumers demanding the information about them in the company files and when they were not forthcoming FCRA complaints were filed against them?

    If they report any item to a "verifier" of information they are a credit reporting agency. They fall under FCRA. Can anyone say "VIOLATION OF FAIR CREDIT REPORTING ACT?"

    just my opinion.

  15. Kittw1

    Kittw1 Well-Known Member

    Crazy that you all would bring them up. I just got off the phone with them hoping to get my W2 from 1998.

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