NCS Introduces New TRV® Service Solutions for IRS Tax Transcripts
New tax return transcript format dramatically improves underwriter and loan processor comprehension of tax data and reduces paper consumption by 50 percent
EGG HARBOR CITY, NJ — October 22, 2012 – National Credit-reporting System, Inc. (NCS), a full-service consumer reporting agency specializing in income, identity and credit intelligence, announced new report templates and data sorting capabilities to its existing TRV® Service product line. New “sort and stack” capabilities provide lenders with options for selecting a report template and removing nonessential data from IRS tax return transcripts that have been requested using the IRS 4506-T form.
The sort and stack features also provide a user interface where NCS clients can highlight certain data fields and sort tax return transcript data in a variety of methods, such as by tax return line number. The user-defined format is then saved and locked in by the account administrator as a unique product offering for that end user. This feature provides lenders with the same tax return income verification data in half the number of pages, reducing their printing costs and paper consumption by 50 percent.
NCS continues to add robust and flexible options to its existing suite of TRV Service solutions. “Initial lender reviews of the report templates and sorting features were extremely positive and made for an easy decision to move development forward,” said Joe Poppler, director of solutions R&D at NCS. “The 4506-T transcripts offered from many third-party providers are delivered exactly as the IRS provides them. NCS goes a step further and supplements the IRS’ tax return transcript, simplifying the underwriter and processor’s analysis and comprehension of tax and income verification data.”
“The new TRV Service effectively meets the demands called upon by enhanced vendor due diligence, regulatory oversight and heightened competitive pressures,” added Curtis Knuth, NCS executive vice president.
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 products and services that enable its clients in lending and finance to write more loans that meet compliance requirements and minimize risk. In 1994, NCS became the nation’s first company to offer IRS, SSA income, and TIN verification. It continues to advance the industry through its lead in the IRS’ e-transcripts initiative to give taxpayers direct online access to their records. Visit www.NCSTRV.com or call 800.582.7066.