Benefits of a Trusted 4506-T Provider
Equifax has always been on the forefront of modernizing consumer data and income verification, from maintaining The Work Number® database of millions of income and employment records, to helping champion the policy for eSignature acceptance by the IRS on the Form 4506-T.
The need to verify total income with the IRS using a Form 4506-T is one of the many hurdles faced by mortgage lenders today. Because of federal government budget and resource constraints, the IRS has gone from a 48-hour turnaround time to 96+ hours. As such, submitting a 4506-T that is not going to get rejected is key to keeping the mortgage lending process on track. Utilizing a trusted 4506-T provider like Equifax can assist with the submission process, helping to reduce your IRS rejection rate, ultimately saving you time and money. As a 4506-T provider, here are a few of the leading benefits Equifax can provide if you use the Equifax IRS Income Verification solution.
Catch avoidable mistakes on the Form 4506-T before submitting to the IRS
What would an 18 percent* decrease in rejected 4506-T forms mean to your organization regarding cost and time? Incomplete or invalid forms are a burden to lenders because, as we all know, IRS fees apply once the form is submitted, even if rejected.
Our quality review of all orders, which helps flag certain issues that otherwise might lead to an IRS rejection, is a hallmark of our IRS Income Verification service. We can help reduce rejected forms due to incomplete or incorrect information (e.g. the zip code is missing or information has been entered in the wrong field). This review is completed, on average, within 15 minutes of receipt by Equifax on every order.
Receive a “total income view”
When you need an earnings picture that includes non-wage information, such as pensions, rental income, spousal support, disability income, etc., an IRS tax transcript can show a total income view. Equifax can provide that view for 100 percent of all tax filers who provide consent via the Form 4506-T.
Enjoy two-way security benefits
We know companies are looking for cost-saving benefits from a third party, but also security protections. Our protection and accuracy in reporting goes two ways. We are not only making sure that applicable consumer data is verified, but also that the requestor retrieving the information is the entity they say they are.
With IRS Income Verification, we have access to tax transcripts on all tax-paying individuals and entities that have filed with the IRS. So you are not limited to just working consumers, but also non-working spouses, self-employed business owners and non-profit organizations.
See how IRS Income Verification and the full suite of services from Equifax can help benefit your mortgage lending operational efficiency, reduce rejected forms and get you the information you need faster. Learn more at www.equifax.com/business/mortgage.
*Based on all orders submitted in 2014, Equifax prevented, on average, 18 percent of orders going through to the IRS that could ultimately have been rejected due to avoidable errors.
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