Credit Plus helps combat fraud with Tax Return Verification – NMP Skip to main content

Credit Plus helps combat fraud with Tax Return Verification
Jul 31, 2009

Credit Plus Inc. has announced that mortgage professionals, in today’s climate of increased fraud, find significant value in its Tax Return Verification system to validate income and help detect and prevent fraud. The company reports that it has seen a 628 percent increase in Tax Return Verifications over the past year. According to the Mortgage Asset Research Institute (MARI), fraud committed on tax returns and financial statements increased from 17 percent in 2007 to 28 percent in 2008. The FBI labels mortgage fraud as one of the fastest growing white collar crimes in the U.S. and reports that mortgage fraud Suspicious Activity Reports (SARs) rose 36 percent to a total of 63,175 in 2008, and so far in 2009, there have been 33,291 mortgage SARs filed. “In this state of the economy, with fewer loan originations, more people may be committing fraud out of desperation,” said Steve Grant, president of Credit Plus. “Lenders are closely examining a borrowers’ total income and many are requiring that a Tax Return Verification report is submitted with applications.” Tax Return Verification reports compare income-related lines of a borrower’s tax return with the same lines on file at the Internal Revenue Service (IRS) and highlight any discrepancies. Credit Plus is one of the first companies in the industry to offer fully electronic order and delivery of any Tax Return Verification service. If the customer has already scanned or imaged the 4506-T, the IRS release form that is utilized to pull a taxpayer’s tax transcripts (tax returns), he can upload the document to the order that he is placing online. The customer will then receive the data back electronically within 24 to 48 hours. Credit Plus also offers IDPlus reports that include a summary of fraud and active duty alerts or any other alerts noted on a file, whether a credit freeze has been placed on an account and Social Security Number and address verifications. “Through Tax Return Verification and other anti-fraud solutions, we are dedicated to providing mortgage professionals with fast, simple and reliable ways to detect and fight fraud,” said Grant. For more information, visit
Jul 31, 2009
SEC: Angel Oak Capital Advisors Misled Investors

Company, portfolio manager agree to pay $1.825M combined in civil penalties.

Regulation and Compliance
Aug 10, 2022
MISMO Seeks Public Comment On 3 eMortgage Resources

Updates proposed to MISMO Business Glossary, eMortgage Glossary, and eModification Reference Flyer.

Regulation and Compliance
Aug 05, 2022
As Expected, The Fed Raises Rate By Another 0.75%

Experts say housing industry will shrug off the latest increase.

Regulation and Compliance
Jul 27, 2022
AmTrust Ends 'No-Poach' Agreement, Pays $1.25M Fine In Deal With N.Y. AG

Company also agrees to cooperate with ongoing investigations of the title insurance industry.

Regulation and Compliance
Jul 25, 2022
NAR Chief Economist: Nationwide Home Price Decline Won't Happen Soon

Lack of inventory continues to support growth in prices, which have increased year over year for 124 straight months.

Regulation and Compliance
Jul 22, 2022
FHFA Director: Fannie, Freddie Need $300B Combined In Capital

So far, the enterprises combined have built $83.5 billion in reserves, or about 27% of the target.

Regulation and Compliance
Jul 21, 2022