Credit reports have nothing to do income verification.
W2’s; paystubs can easily be created in Photoshop.
Government regulations DEMAND this type of verification is done.
Don’t blame lenders for doing what they are required to do.
The regulation is a pain the ass for all of on the lending side.
If you get a loan as a customer; you just have to complain about on your loan and be done with it. Every loan I deal with I have to deal with this stuff, not fun at times.
And yes we can’t make a loan without this. It’s actually one thing however that makes some sense; as it will stop some loan fraud.
The lenders aren’t cheering to do however; as it adds costs and time and complexity to the process.
You seem to be a creature of your age.
In the 1970s we sold cars, trucks, houses and land on credit with zero government involvement. Well, there was the County Recorder.
“Identity theft” is a crime only known in the age of mass illegal immigration. Another charming feature of Mexico that has changed the U.S. in ugly ways.
Income fraud used to be easy to check: you just called the guy’s employer and asked them what he made. That’s probably illegal now, right?
Self Employed had to provide accountant reports. Don’t got one? Fine. Put down 30%.
And if you don’t make the payments...meet Vinnie, our Repo guy.
I have no idea why you think you need a federal agency to do these things. Have been in and out of sales in all sorts of businesses over the decades and not once do I recall needing some jerk who got his job with federal points to make it work.
Taxpayers need to "bite the bullet," to use Ogilvie's expression, and build up their taxable income for two years before they can qualify for a loan. Some may have to forgo deductions to which they believe they are entitled and pay more income tax so they can show more income on their tax return to qualify for a loan.
In other words, pay excess taxes to the government so we can get a loan.
We live in a Gulag.
I should have read your posts before I posted. When did they start requiring this?
The mandatory implantation of subcutaneous microchips containing all of our personal data ("Mark of the Beast," anyone?) and the installation of video cameras in our bedrooms would likewise make it "easier" and "more convenient" for law enforcement agencies, credit card companies - heck, even corner barbershops - to do business.
Mark my words: In 100 years, characters like yourself will be complaining that they'd have to close shop if such invasive techniques were to be outlawed (i.e., they'll have become de rigueur by then).
Regards,