Choose Pay Stubs Now Amongst a Sea of Fraudulent Online Pay Stub Generators
Lenders have seen larger waves of fake income documents, especially in the auto industry.
GRAPEVINE, Texas, Aug. 11, 2021 /PRNewswire-PRWeb/ -- Fraudulent income reporting via doctored pay stubs has become a rising issue as of late 2020, when auto lenders saw a massive rise in income misrepresentation through loan applications. These cases have been found to majorly contribute to the $7 billion lost by the auto industry at the hands of COVID-19. During this period in 2020, it was reported that over 10% of pay stubs received by lenders were falsified for the sake of being awarded a loan. The issue has arisen with people easily finding third-party applications online to assist in creating such fake documents - an issue that Pay Stubs Now can assist with. Instead of turning to untrustworthy pay stub generators, hopeful borrowers can now produce accurate, dependable income documents in a moment's notice.
Mostly a result of the spike in unemployment put forth by COVID-19 implications and the professional fraud efforts which followed, misrepresented applicant income for U.S. lenders has seen a worrying increase since the start of 2019. Much of this fraudulent activity is specifically attributed to falsified paystubs, which are typically shown to lenders as proof of income. As a result, many lenders are beginning to deem pay stubs as an increasingly risky way to validate a borrower's true earnings. Over the past year, these fraudulent cases have been especially apparent among auto loan applications.
At the end of 2020, there was a significant spike in fake proof of income used to trick auto lenders. Industry experts agree that the modern difficulties in verifying income documents are a result of the digital tools used to craft fake pay stubs and accompanying forms. Put simply, lenders are in a losing position when it comes to income verification. The incredibly large amounts of doctored pay stubs often bottleneck the entire process, leaving specialized lenders overwhelmed with a seemingly endless quantity of verification cases.
In this chaotic time of fake pay stub services and increasing amount of fraudulent funding efforts, turning to a trustworthy pay stub generator is more crucial than ever before. Pay Stubs Now uses only the most recent document variants so that users have full trust in their resources, all within a user-friendly online interface that sends documents via email nearly immediately. Most importantly, independent contractors and employees can use Pay Stubs Now with the confidence that credit card, home, or auto lenders will receive legitimate income documents with no illegal doctoring.
About Pay Stubs Now
Paystubsnow.com is an online document generator which produces pay stubs for contractors, business owners, and employees in just minutes. Users are able to generate and deliver templated pay stubs, W2 forms, and 1099 documents to their email address with rapid speed and at a low cost. Pay Stub Now's most affordable option is their invoice generator, totally free to use though lacking a hardcopy variant. Digital copies of these proof-of-income documents range from $7.99 to $14.99 each, while hardcopy options are a bit pricier with limited availability. Pay Stubs Now uses genuine payroll paper and can ship products in just two to four business days with convenient tracking capabilities. Interested customers can visit Pay Stubs Now website for more information, send an email to [email protected], or test out the paystub generator.
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SOURCE Pay Stubs Now
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