SAN FRANCISCO—In what states do lenders really need to be on their toes when it comes to borrowers misrepresenting their income?
According to a new study that reviewed data from all 50 states and the District of Columbia, the worst offenders can be found in Michigan.
Informed.IQ broke down the states it said have seen applicants with overstated income, aswell as applicants submitting fake paystubs.
The states where applicants most often overstate their income by 10% or more, sorted by the percentage of applicants within the state who are overstating their income, are, according to Informed.IQ:
- Michigan: 17.40%
- Maine: 16.94%
- Louisiana: 16.75%
- Wisconsin: 16.72%
- Alaska: 16.15%
- Delaware: 16.11%
- Pennsylvania: 16.00%
- Rhode Island: 15.98%
- Missouri: 15.88%
- Maryland: 15.65%
Leaders in Fake Paystubs
In addition, the study found the states where applicants are most likely to submit a fake paystub, sorted by the percentage of applicants with fake paystubs compared to the total number of applicants in the state, are:
- District of Columbia: 1.99%
- Georgia: 1.50%
- North Carolina: 1.37%
- Michigan: 1.34%
- Alaska: 1.23%
- Delaware: 1.15%
- Wisconsin: 1.11%
- Utah: 1.09%
- South Dakota: 1.08%
- Nevada: 0.98%
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