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4506-T request from Discover


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I wa invited to apply; I applied on Saturday; approved immediately.

 

Account opened with balance transfer.

 

This morning received email with 4506-t request via Equifax -- they want my tax returns as follows:

 

"Return Transcript, which includes most of the line items of a tax return as filed with the IRS. A tax return transcript does not reflect changes made to the account after the return is processed. Transcripts are only available for the following returns: Form 1040 series. Form 1065, Form 1120. Form 1120-A, Form 1120-H, Form 1120-L, and Form 1120S. Return transcripts are available for the current year and returns processed during the prior 3 processing years."

 

Er -- I'm not comfortable giving them 3 years of my tax returns so checking to see:

  • Is it safe to do so (I reported accurately in my application)?
  • Do they actually look at three years???
  • If I would rather not, is there a ding to my credit report? (They already opened the account before verifying apparently)
  • Will they close my existing Discover accounts?
  • Is there any impact to my non-Discover accounts?

Thanks in advance.

 

 

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In response to your questions ...

 

-- It's not "unsafe".  Although most creditors to past overall account performance for some indication of consistency with your reported income and typically don't ask for access to tax transcripts, it's within the right of any creditor to do so (and such requests are becoming more prevalent).  Presumably if your transcript reflects income reasonably consistent with your reported income, you should expect to change to your current account standing.

 

-- Most likely any creditor is most interested in the most recent year's reported income.

 

-- If you don't accede to the request, you can bank on the account being closed.  The only related credit "ding" would be reduced credit availability.

 

-- Whatever the outcome of the review, there should be no impact to your accounts with other issuers.

 

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There is really nothing to worry about unless you lied about your income on the application.

 

Whether or not you want to do business with a subprime company like Discovery is another matter.

 

Let us know how this turns out, and good luck!

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Posted (edited)
Quote

-- It's not "unsafe".  Although        most creditors look to past overall account performance for some indication of consistency with your reported income and typically don't ask for access to tax transcripts, it's within the right of any creditor to do so (and such requests are becoming more prevalent).  Presumably if your transcript reflects income reasonably consistent with your reported income, you should expect to no change to your current account standing.

 

< Sometime my fingers have a mind of their own >

Edited by hdporter
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Posted (edited)
On 5/19/2021 at 8:09 PM, hdporter said:

The only related credit "ding" would be reduced credit availability.

Sounds like OP did a BT when opening the account. So unless they have a viable option to either pay off the balance or transfer it elsewhere there will be a major utilization hit against their FICO scores should the card be closed.
 

If everything stated on the application is true and verifiable, it makes sense to comply with the request. 

Edited by DPB
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