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Discontinue Equifax Verification Services

Currently BECU uses Equifax Verification Services to verify Tax Return Transcripts when you apply for certain loans. For reasons that are now clearly obvious, Equifax can't be trusted with ANY financial information. Request BECU protect it's members now by immediately firing/dropping any and all services provided by Equifax and or any entities connected to Equifax. I'm currently in the process of obtaining a loan with BECU and there is no way I will allow Equifax access to any tax related documents.

 

The form 4506-T is required by law, rules or regulations when applying for some loans. The use of Equifax Verification Services or any company associated with Equifax is NOT required or acceptable for this purpose.

 

Equifax4506.JPG

 

 

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1 Comment
Community Manager
Status changed to: Not Right For Us

Hello @TJ

 

Considering the recent news about Equifax, I can understand how important this idea is to you and likely others. I’m glad you submitted this idea as it gives us a chance to talk openly about how we all brace for the unknown impact of their data breach.

 

There are 2 things I’d like to make sure are covered in this response:

  1. Our commitment to protecting your information.
  2. Our relationship with credit reporting agencies including Equifax.

Protecting your personal information is a top priority at BECU. 

Sure, I know everyone says that and it can come across as “the corporate line.” I assure you, this is not just lip service from us.

 

Not only do we have systems in place to monitor activity on your accounts, we are also vigilant in proactively preventing and addressing events where your information could be vulnerable in the hands of the wrong people.  We also hold our vendor partners to high standards when it comes to protecting your information and while we can’t prevent every instance, we’re here to help in any way we can.  There is some great information on our website that informs our membership about what to do as a result of this incident and how to protect yourself in the future. As more news becomes available, we’ll continue to keep the page updated.

 

OK, now about the idea you submitted and our multi-faceted and, dare I say, complicated relationship with Equifax.

 

In a nutshell, the services we utilize them for, as well as TransUnion and Experian (aka “The Big 3”), are important to the decisions we make when it comes to lending to members who are in need of credit when buying a car, purchasing a home and establishing credit through a credit card. In turn, we provide information back to them for credit reporting purposes so that our members receive the benefit of their positive payment experience reflected in the larger credit “ecosystem." I can confidently say that terminating any relationship with “The Big 3” has the potential for a negative impact to credit scores for our members.  We tested it and that was the result.

 

Equifax’s data breach is incredibly unfortunate. We expect that they’re taking the proper steps to address the breach and make sure our members have the proper support now that it’s occurred.

 

Thanks for bringing up this timely topic. It’s informed and savvy members like you that make this community a valuable forum.

 

Stay vigilant everyone!

StaceyC