Rent Application offers Income+, Current and Previous Landlord Verification Reports which cost $10 each (paid by the applicant). 

Income+ Verification

Rent Application's Income+ verification reports give you even more insight into your applicant's work and salary. With these reports, you can put together the full picture to assess their ability to afford the rent for your listing. 

Income 

Income verification is provided through Finicity. The applicant connects their bank account(s) and by analyzing the deposit data, estimates the applicant's yearly income based off the previous 12 months. 

If they are confident in their income estimation the report will say "Estimate Confidence: HIGH." If they aren't confident, the report will say "Estimate Confidence: LOW"

On the completed report, you'll see the estimated yearly income compared to the applicant's income as stated on the application, so you can compare the two. 

A list of supported institutions for this integration can be found here:

https://developer.mastercard.com/open-banking-us/documentation/financial-institution/supported-institutions/

Employment 

For this part of the verification, we call the contact provided up to 3 times over 3 days, as well as send an email to the contact provided with the option to complete the verification electronically. We will fax if requested. 

If after 3 days nobody calls back or otherwise responds, we will close the inquiry with a note that the contact person was not able to be reached.

Because this is a manual process, the turnaround for these can be up to 3 business days. 

Questions Asked

  1. Is this person currently employed with your company?
  2. What is their position?
  3. Are they full time, part time, contracted, or other?
  4. What was their hire date?
  5. If no longer employed, what was their reason for leaving?

Work Email Verification

We also send an email to the applicant's stated work email address for them to verify. 

 

Landlord Verification

For Landlord verification reports, we call the contact provided up to 3 times over 3 days, as well as send an email to the contact provided with the option to complete the verification electronically. We will fax if requested. 

If after 3 days nobody calls back or otherwise responds, we will close the inquiry with a note that the contact person was not able to be reached.

Because this is a manual process, the turnaround for these can be up to 3 business days. 

Questions Asked

  1. What is/was the tenant's lease start and end date?
  2. What was their monthly rent?
  3. Have they always paid as agreed?
  4. Are there any problems or complaints on file?
  5. Would you rent to the tenant again?

 

Sample Income+ Report

 

Sample Landlord Verification