NCS/Credit Central Makes Financial Industry Recommendation for Fraud Detection and Income / TIN Verification.

EGG HARBOR CITY, N.J.--(BUSINESS WIRE)--NCS/Credit Central (NCS/CCI), a risk analysis leader retailing its TRV(R) branded services directly, and through 30+ national credit reporting agencies, announced today its recommendation of the IRS’ Record of Account transcript data as the superior source of income and TIN (Taxpayer Identification Number) verification in lieu of the IRS’ Tax Return transcript. The company also modified its TRV(R) Report to summarize the Record of Account transcript. The announcement was made ahead of a previously scheduled date in response to growing financial industry concern over specific mortgage frauds voiced at a recent Mortgage Bankers Association fraud conference.

“Several of the conference discussions were quite robust concerning amended return fraud”

“Several of the conference discussions were quite robust concerning amended return fraud,” stated NCS Senior Vice President of Government/Industry and former IRS Senior Manager, Cecil Bowman. “The updated TRV(R) Report with the Record of Account data determines if a tax return was amended, and if so, provides the amended information. The report provides a current snapshot of the taxpayer’s IRS account along with their filed tax return data for the year requested.”

Bowman also confirmed that the IRS’ Tax Return transcript, which is commonly used in the mortgage industry to verify income and TIN, is not updated by the IRS with amended figures. “The Record of Account data available through our TRV(R) Report will display both the originally filed and amended values all on one form. This is not the case with the IRS Tax Return transcript”

NCS/CCI modified their most widely used product, the TRV(R) Report which summarizes the Tax Return transcript, to also summarize the most widely sought information from the Record of Account transcript. The company reports over 60% of its volume is through their customized-reporting line of TRV(R) Reports.

“After research and development, we found the Record of Account transcript was not very familiar to many analysts in the financial sector,” mentioned Bob Knuth, President and CEO of NCS/CCI. “We have a product offering that provides just transcripts with a cover page and no summary, but we’re convinced that listing the most frequently used information on the first page of a 15+ page report will be of significant value to our customers.”

The Record of Account data aids an analyst’s investigation of the taxpayer’s IRS account and whether the taxpayer is suspect of amended return fraud. “NCS/CCI’s solution to this fraud is spot on,” stated Bowman. “The fraudster will originally file their yearly return with significantly inflated earnings, anticipating that the Tax Return transcript will be reviewed by the underwriter. At some point after the benefit is provided, such as a consumer loan, the taxpayer amends the return with lower and many times factual income figures, and applies for a refund.”

About NCS/CCI

NCS, Inc. is a leader in risk reduction services with the distinction of being the first organization in 1994 to offer IRS & SSA income and TIN verification nationwide. Since 1987, NCS has offered advanced quality products and services to professionals in and outside the mortgage industry with the customer service mantra of, "beyond the expected."

NCS and its credit reporting affiliate Credit Central are headquartered in Egg Harbor City, NJ. For further information on NCS/CCI or the TRV(R) Alliance, please call (800)-582-7066, or visit www.ncstrv.com.