Banks use information relayed on paystubs. Banking facilities use the information on paystub to tell if a loan applicant is in a position to acquire a loan. A paystub is a document that notifies a person when payment transactions are carried out which may include salary payment. Net earnings of the employee and related deductions are revealed by a paystub.
The evaluation of employee’ eligibility for a loan is done through the paystubs. It the objective of financial institutions to make the paystubs given are valid and real. Even if the employee is not actually eligible for a loan, some agencies often assist them in fixing false information into the document. False information is put on the paystubs these parties. The payment details of the employee is the information that is commonly altered. To increase the eligibility of the employee to acquire loans, paystubs are edited with false information. Renting of a house and leasing of equipment are some activities where paystubs are used. In this cases, the paystubs tell about the credibility of the borrower or tenant.
The banks institutions or renting and leasing entities must examine the paystub document before carrying out any loaning transactions to their clients. To ensure the information on the paystubs is valid it should be compared with the information on other documents like the security cards. The relevant financial institution must make sure the information on other documents matches with what is relayed on the paystub.
Paystubs’ quality should be examined. The quality of the paystubs depends on how they printed and produced. To know where the paystub is tampered with, the characterization of letters and numbers should be examined closely. This may include non-matching fonts, improper spacing of the numbers and some evidences like presence of dark lines that shows signs of editing. To know whether the paystub is fake or real, the layout of the paystub can tell. The difference between a real and a fake paystub can be told through the arrangement of rows and columns of the document according to the distribution of numbers and letters.
There should be close examination of the document’s numbers to avoid any cases of false information. The employee’s date of payment by their employer is one of the key numbers that should be noted. On the document, the mode of payment of salaries to the employees must match the employer’s way of paying its employees. The earnings of the employee must add up to the duration of days they work and they are paid. This shall depend on the period through which they are paid with the total yearly earnings in which the amount must equal the amount they paid after that specific duration. To know if the document is fake or real, it is worth inquiring about the tax payments.