ITRV is a governmental service matching the applicant’s personal identifiers direct to Internal Revenue Service (IRS) records and is used to verify income, mitigate fraud, and strengthen due diligence processes. It’s used by Lenders, HR Departments, Background Screening companies, Property Management, and other businesses whenever income verification is needed or required.
CID’s IDValidation process is simple, fast, and efficient. The IDV portal generates IRS Form 4506T which is then ready for applicant signature. The signed form is returned electronically to IDV and submitted to the IRS. Results are returned in two business days or less.
Personal and business income tax returns/transcripts can be requested from the IRS, including:
Form 1040 and others (Forms: 1065, 1120 series) for current year and prior 3 years (4 year total)
Form W-2, 1099 and others (Forms: 1098 series and 5498 series) may be available for up to 10 years.
“Consent based matching of Personally Identifiable Information (PII) to source governmental records, like IRS Income Tax Return Verification and SSA’s CBSV service, are far superior to any alternative methodologies. All other options are fundamentally flawed, have polluted profiles, are easily manipulated by identity thieves, and contain stale data,” says Paul Campione, CID CEO.
ITRV is the second service offering on the IDV portal. It joins Consent Based SSN Verification which protects vital business interests by accessing the SSA Master File and Death Index to match Name, SSN, DOB, Gender, and Death Indicator following the signed consent of the applicant/SSN holder. Like ITRV, CBSV is used for many business purposes including, Loan Originations, Fraud Investigations, Collections, Employment (both pre- and post-hire), Applicants of all types (customers, members, patients, students, policyholders, etc.) and to meet Compliance requirements.
Now businesses can obtain accurate income information with a much quicker turn-around time and mitigate fraud direct from the IRS with Income Tax Return Verification from IDValidation.