Rentec Direct's Tenant screening options include an income verification report provided by Payscore.
Income verification reports allow you to verify if your rental applicant has the ability to meet your income requirements when applying to rent one of your properties. The data comes directly from your rental applicant's bank account, the most reliable source for verifying income.
Income verification is especially valuable in determining an applicant's qualifications if they have non-traditional or irregular income, like those from a home or web based business, delivery services, tip based income, bonuses, taxes etc.
You have the option to include an income verification report when ordering other Tenant screening reports in your Rentec Direct software.
How to order an Income Verification Report
You can add an income verification report to any Tenant screening package for just $5.00. Alternatively, you may choose to order the income verification report as an ala carte screening report. You can cover the cost of your Tenant screening expenses by collecting a rental application fee from your applicants.
In your Rentec Direct account:
- Click Reports
- Choose Screening Reports
- Click the Order a Report button. This will take you to the Subject Details page where you will enter the applicant's details
- Choose between Nationwide Reports, Criminal Manual Search and Criminal Intellisearch
- Click Next
- Under the Income Verification Report section, select the Add Income Verification to your package option
- Add your applicant's email and mobile phone number
- From the options above choose the screening report package you wish to order
- After selecting your products, click Next to send your order
A copy of your applicant's Income Verification report will be available for you to view along with your other Screening Reports.
Depending on the number of products selected, report creation can take from 5 to 60 seconds to process, at which time you will be presented with a link to review your reports. You will also get an automated email letting you know when your reports are ready.
How Income Verification Reporting Works
In order to review an income verification report, your applicant will need to connect their bank account with PayScore and approve the report that will be generated for your review.
When you purchase an income verification report:
- Your applicant will receive a link from PayScore via text message or email asking them to follow the instructions to verify their income. Note: It is a good idea to inform your tenant to look out for the notification and follow the instructions so you get access to the report.
- Your applicant will securely connect their bank account with PayScore
- Once connected, PayScore will generate a report summarizing all deposits and identify their employer, in an easy to read report that shows monthly and annual net income figures
- Your applicant can review the report for accuracy, and add an explanatory statement if they wish, but they cannot change the contents of the report
- A copy of the Income Verification report will be available for you to review in Rentec Direct along with your other Screening Reports
Important Note: You only pay for reports that are completed by the tenant. If your tenant doesn’t complete the process, or in the small chance that their bank isn’t supported, you’ll automatically receive a credit for the cost of the report. Income verification reports will be available to view for 5 days
More helpful information about Income Verification can be found here: Income Verification Best Practices
Tenant Screening | Credit, Criminal, Eviction, SSN Validation