Income verification plays an essential role in assessing an applicant's financial stability and ensuring they can pay the rent each month. Each background screening completed through Hemlane now includes income verification through TransUnion.
How does it work?
When an applicant agrees to the Terms of Service of a TransUnion screening and enters their data, TransUnion gathers income-related data from various sources, such as employers, government agencies, and financial institutions. Once the data is collected, TransUnion employs advanced algorithms and analytics to verify the applicant's income. This report is then sent to the landlord and the tenant.
The data collected by TransUnion is used to create a comprehensive report on the applicant, and allow landlords to make informed decisions.
It is also important to note that the income on the screening is generally over or under $5,000 from the actual income of the applicant.
What happens if the screening doesn’t include income verification?
While TransUnion does their best to ensure quality, if the results of the income verification process through TransUnion do not return as expected, there is an alternative method in place via Payscore.
Payscore is an alternative approach that relies on a secure bank sync, ensuring the accuracy and completeness of financial data. By linking to Payscore, this can help you obtain the necessary income-related information to make the right choice for your rental.