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There is no way they can get actual paystub data from employer or tax return data from irs. Most likely they use field Annual Income that you voluntarily prov
by slt2021 5y ago
There is no way they can get actual paystub data from employer or tax return data from irs.
Most likely they use field Annual Income that you voluntarily provide to banks/cc companies when applying for a loan and that number is reported to Equifax. That number is verified by a lender by inspecting your W-2/paystubs when underwriting car/mortgage/other loan.
So you should never voluntarily provide income info to lenders, because every bit of that info will be sold to other companies and can be used against yiu in the future
- SiNiquity 5y ago> There is no way they can get actual paystub data from employer Depends on your employer. Per https://www.fastcompany.com/40485634/equifax-salary-data-and-the-work-number-database https://www.fastcompany.com/40485634/equifax-salary-data-and... > Surprisingly, Facebook is among friends. Every payroll period, Amazon, Microsoft, and Oracle also provide an electronic feed of their employees’ hourly work and wage information to Equifax. So do Wal-Mart, Twitter, AT&T, Harvard Law School, and the Commonwealth of Pennsylvania. Even Edward Snowden’s former employer, the sometimes secretive N.S.A. contractor Booz Allen Hamilton, sends salary and other personal data about its employees to Equifax Workplace Solutions.
- slt2021 5y agoJFC. No words to describe this
- spydum 5y agoit gets better. if you ever leave somewhere and HR dont update employment status and dates accurately with theworknumber, future employers background checks may fail, and cause hiring problems for you (it may look like you are working two jobs or lied about your history)
- jjk166 5y agoNote that for the purposes of the Free Credit Reporting Act (FRCA), this is just another consumer report and you still have all the same rights you normally would, including the rights to recieve a copy of information in your file, dispute innaccuracies, and sue for damages.
- bombcar 5y agoThis is the best part about those systems - having to guess how it’s reporting wrong so you can “answer” the questions right.
- heavyset_go 5y agoSounds like collusion to keep wages below market value to me.
- pc86 5y agoIt's gross but I honestly don't see how you can come to this conclusion? How can you keep wages below market value by sharing actual wages in the actual market?