Is your rental applicant telling the truth about employment and income? It’s a question every landlord needs to ask. And with tenant fraud on the rise, it’s information that must be independently verified.
Private landlords aren’t the only ones who struggle with income verification. Mortgage lenders, banks and major property managers need to have accurate employer and income information to avoid income loss from unqualified or fraudulent applicants. These businesses have come to rely on Work Number© employer and income verification reports provided by Equifax credit bureau.
The Work Number© database currently contains verification information for millions of employees from over 22,000 employers, both public and private, across a variety of industries.
Now, that database is available to TVS members.
Fully automated income and employment verification reports are accessible 24/7 through your TVS online account. These reports not only save the time and expense of chasing down this crucial tenant screening information, but also help expose tenant fraud.
The Work Number© reports provide, where available, the following info:
Employment status (Active/Inactive);
Most recent start date;
Rate of pay;
Frequency of pay; and,
Work Number© reports are a welcome addition to standard tenant screening reports: tenant credit checks, prior eviction history, and criminal background checks.
Tenant screening reports work best when used in conjunction with one another. By cross-referencing information in each of these reports, landlords gain a clearer picture of an applicant’s qualifications and are in a better position to catch fraudulent applicants — before those tenants have a chance to cause income loss.
To learn more or to order tenant screening reports, visit TenantVerification.com.
This post is provided by Tenant Verification Service, Inc., helping landlords reduce the risks of renting with fraud prevention tools that include Tenant Screening, Tenant Background Checks, (U.S. and Canada), as well as Criminal Background Checks, and Eviction Reports (U.S. only).
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Disclaimer: The information provided in this post is not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.