ReverseVision Adds Credit Report Integration to Reverse Mortgage Platform

ReverseVision Adds Credit File Integration to Reverse Home Loan Platform
ReverseVision_Logo ReverseVision features announced so it has actually added automatic credit scoring abilities to RV Exchange (RVX), ReverseVision's flagship reverse loan origination system (RLOS) platform. Through this integration, reverse mortgage …
Read more on National Mortgage Pro Magazine

The key method to eliminate a vintage Debt
We used a debt consolidating company this year to settle some charge cards. A (credit) card had been settled for around half extent owed together with sleep charged down, which will show on our credit history. We are now getting calls from a group business for the …
Find out more on Credit.com News (blog)

Settlement with credit reporting companies advantages Ohio customers
Columbus consumer Donna Jones noticed a financial obligation on her credit report that she understood she didn't owe. She stated the inaccuracy in a letter to at least one of credit rating agencies and requested them to correct her record. The company refused, claiming they …
Find out more on Morrow County Sentinel

National Taxpayer Advocate Reviews 2015 Tax Season, Identifies Priority Areas and Challenges in Mid-Year Report to Congress




National Taxpayer Advocate (NTA) Nina E. Olson released her mid-year report to Congress, identifying the priority issues the Taxpayer Advocate Service (TAS) will address during the upcoming fiscal year. The priorities include the IRS’s long-term strategic planning, tax-related identity theft and administration of the Patient Protection and Affordable Care Act (ACA). The report also presents highlights of the recently concluded 2015 tax filing season.

The report says the IRS ran a generally successful filing season under difficult circumstances. “With funding down about 17 percent on an inflation-adjusted basis since FY 2010, and with the IRS having had to implement large portions of the ACA and the Foreign Account Tax Compliance Act (FATCA) this year without any supplemental funding, sharp declines in taxpayer service were inevitable,” Olson wrote. However, the report says: “For the majority of taxpayers who filed their returns and did not require IRS assistance, the filing season was generally successful. For the segment of taxpayers who required help from the IRS, the filing season was by far the worst in memory.”

The report notes the IRS answered only 37 percent of taxpayer calls routed to customer service representatives overall, and the hold time for taxpayers who got through averaged 23 minutes. This level of service represents a sharp drop-off from the 2014 filing season, when the IRS answered 71 percent of its calls and hold times averaged 14 minutes. Moreover, the number of “courtesy disconnects” received by taxpayers calling the IRS skyrocketed from about 544,000 in 2014 to about 8.8 million this filing season, an increase of more than 1,500 percent. The term “courtesy disconnect” is used when the IRS essentially hangs up on a taxpayer because its switchboard is overloaded and cannot handle additional calls.

Olson noted that the decline in taxpayer service imposes increased compliance burdens on taxpayers and may lead to erosion in taxpayer trust. “For a tax system that relies on voluntary self-assessment by its taxpayers, none of this bodes well,” she wrote. “In fact, there is a real risk that the inability of taxpayers to obtain assistance from the government, and their consequent frustration, will lead to less voluntary compliance and more enforced compliance.”

The report attributes the decline in taxpayer service levels to the reduction in IRS funding and reiterates the Advocate’s longstanding view that the IRS requires additional funding to meet taxpayer service needs. OIson commends the IRS for undertaking development of a new concept of operations that aims to establish a vision for where the IRS should be in five years. However, Olson expresses concern that the IRS continues to view itself primarily as an enforcement agency, with taxpayer service receiving less emphasis. “It should be emphasized that more than 98 percent of all tax revenue collected by the IRS is paid voluntarily and timely. Less than two percent is collected through enforcement action,” the report says. “Thus, increasing enforced collection would be a hollow victory if voluntary compliance declines because of decreasing taxpayer service and the attendant loss of good will.”

The report also discusses the growing impact of identity theft. In recent years, taxpayers and the IRS have been victimized by identity thieves who use stolen identity information to file fraudulent returns to try to obtain someone else’s tax refund. In each of calendar years 2013 and 2014, the IRS received about 730,000 identity theft cases with taxpayer impact, and over the last three fiscal years, TAS has received an average of about 52,000 identity theft cases a year. The report says a primary focus for TAS during the upcoming year will be to recommend improvements and alternative approaches to reduce the time it takes to achieve complete and accurate resolution of identity theft cases from the victim’s perspective.

The report also notes the most significant new challenge the IRS faced during the 2015 filing season was tax return processing reflecting two central provisions of the ACA – the Premium Tax Credit and the Individual Shared Responsibility Payment (ISRP). The report credits the IRS with doing a commendable job implementing those provisions, including by developing or updating information technology systems, issuing guidance and working with other federal agencies.

The report also identifies nine other areas of focus for the upcoming year, describes TAS’s efforts to improve its advocacy for and service to taxpayers, summarizes pending TAS research initiatives, and provides an update on TAS’s efforts to implement an integrated technology system.

Volume 2 of the report contains the IRS’s responses to the administrative recommendations the NTA made in her 2014 Annual Report to Congress, along with additional TAS comments. Overall, the report made 93 administrative recommendations. The IRS says it has implemented, is implementing, or will implement 45 of the recommendations, although its agreement to do so is contingent on resources in some cases.

To learn more, visit http://www.taxpayeradvocate.irs.gov/2016objectivesreport.







Related Credit Report Press Releases

Free credit history readily available Tuesday in Martinsburg

Free credit file offered Tuesday in Martinsburg
MARTINSBURG, W.Va. — region residents may have the chance Tuesday to have a free credit history within West Virginia Attorney General Consumer coverage Division's Eastern Panhandle company in Martinsburg, lawyer General Patrick Morrisey said …
Find out more on Herald-Mail Media

Majority in Survey Disregard Credit File, Scores
In the study, including significantly more than 2,000 U.S. adults, two-thirds of participants said they hadn't purchased copies of their credit history in past times one year. Which includes 69per cent of women and 62% of males. And 52per cent of participants (56per cent of females, 49% of …
Read more on NerdWallet (blog site)

Latest Credit File News

Nyc Just Outlawed Working Credit Checks on Job Applicants
The legislation, which passed final Thursday after an extensive grassroots promotion by local and national labor and neighborhood teams, restricts a manager, potential manager or company from “us[ing] an individual's consumer credit record in making …
Find out more on The Nation. (blog)

How Many Times Can I Examine My Credit File?
You might be eligible to one free credit history from each one of the three significant reporting agencies (Experian, TransUnion & Equifax) each year. Do the following to monitor your credit all year round, totally free, is pull one report every four months.
Find out more on Automobile Credit Express (web log)

Annual credit report
YOUR CREDIT RATING IS PROBABLY THE MOST CRITICAL NUMBER IN YOUR FINANCIAL PROFILE. MANY WEB SITES PROVIDE COMPLIMENTARY CREDIT RATINGS. BUT THE FEATURES MAY COME WITH STRINGS ATTACHED AND MIGHT never BE …
Read more on WJXT Jacksonville