NCS Endorses IRS' Standards for 4506-T E-Signature for Use in Confirming the Consumer's Ability to Repay Loans
EGG HARBOR CITY, N.J. - (BUSINESS WIRE) - National Credit-reporting System, Inc. (NCS), a full-service consumer reporting agency specializing in income, identity and credit intelligence, endorsed the IRS' recently released program requirements for e-Signature of the IRS form 4506-T when requesting IRS tax transcripts for income verification. The company's years of advocacy with the IRS provided the IRS significant input to craft an efficient program to accept and certify e-Signature of the 4506-T form.
"NCS has worked diligently for more than two years to make this a reality, said Cecil Bowman, NCS senior vice president. "It's a great win for consumers, our clients and our TRV (R) Alliance Partners." Bowman, a 35-year veteran of the IRS, is chair of the Mortgage Banker Association's Form 4506-T Workgroup and also directs NCS' advocacy efforts with governmental agencies.
The IRS program requirements for e-Signature of the 4506-T provide guidance and requirements for authentication and consent of the taxpayer/consumer. NCS executives were also pleased to see the audit requirement that requires an independent party to review and submit monthly sampling of e-Signed 4506-Ts once per year. The program also provides guidance for archiving and retention of the e-Signed 4506-T.
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