NCS Endorses IRS’ Standards for 4506-T E-Signature for Use in Confirming the Consumer’s Ability to Repay Loans

Independent auditing requirements for Income Verification Express Service (IVES) participants and the necessity for a tamper proof seal increase the security of IRS income verification transactions. 

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.

“The IRS team has pulled together a good program. We’re excited to get moving when the program goes live on January 7 of next year”

“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.

“The IRS team has pulled together a good program. We’re excited to get moving when the program goes live on January 7 of next year,” said Curtis Knuth, NCS executive vice president. “I look forward to offering the NCS e-Signature solution already in development, to our clients who have desired this option for many years.”

About NCS

National Credit-reporting System, Inc. (NCS), founded in 1978, is a full-service, consumer-reporting agency specializing in income, identity, and credit intelligence. NCS provides cutting-edge, superior quality, data-driven solutions that enable its clients to meet compliance requirements and minimize risk. In 1994, NCS became the nation’s first company to provide 4506-T solutions nationwide. Visit www.ncstrv.com or call 800.582.7066