{"id":12489,"date":"2024-04-28T11:15:16","date_gmt":"2024-04-28T18:15:16","guid":{"rendered":"https:\/\/www.rentecdirect.com\/blog\/?p=12489"},"modified":"2026-04-28T13:03:47","modified_gmt":"2026-04-28T20:03:47","slug":"income-verification-updates","status":"publish","type":"post","link":"https:\/\/www.rentecdirect.com\/blog\/income-verification-updates\/","title":{"rendered":"Income Verification Updates & Best Practices"},"content":{"rendered":"

\"income<\/p>\n

With the introduction of income verification reports for tenant screening, you shared valuable feedback on how the feature could be improved. We\u2019ve taken your insights and, in collaboration with our integrated partner\u00a0PayScore<\/a>, enhanced the income verification reports<\/span>, making the process more efficient and user-friendly.<\/p>\n

New! Resend Requests<\/h2>\n

Sometimes tenants don’t check their email very often, and their income verification request might get lost in the mix of their dozens (hundreds?) of other emails.\u00a0\u00a0<\/span><\/p>\n

If you want to pop the request right back to the top of their inbox, you can now do that.\u00a0<\/span><\/p>\n

To resend an income verification, go to the screening reports ordered for the tenant and click “re-send request”. Within a moment or two, that request will get delivered to your tenants\u2019 mailboxes or to their mobile phones if you choose to notify them via text message.<\/span><\/p>\n

New! Send Requests by Text Message<\/h2>\n

While pretty much everybody has an email account, not everybody uses it. To most of us, it’s no problem to open a mailbox, click a link, and complete the income verification report. But to those who don’t use email very often, a text message might just be more convenient, not to mention more quickly noticed.<\/span><\/p>\n

Starting now, if you include the applicant’s mobile number in your income verification request, they will receive both an email and a text message notification.<\/span><\/p>\n

Your rental applicant simply needs to click the link in the text message and complete the income verification right there on their phone. This is bound to get you more completed income verification reports.<\/span><\/p>\n

Best Practices for Income Verification<\/h2>\n

Here are a few tips for completing your income verification reports quickly and getting accurate reports.<\/span><\/p>\n

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  1. Let the applicant know they will receive an email (or text) shortly with a request to verify their income. If you have a packet you hand out to applicants, put it in there, and also tell them verbally. They are much more likely to look for the request if they know it’s coming.<\/span><\/span><\/span><\/span><\/li>\n
  2. Give the applicant a deadline. If they know the income verification needs to be done in 24 hours, they are much more likely to do it right away. Note: Make sure any deadline you request of your rental applicants is in line with your state’s application laws.<\/span><\/span><\/span><\/span><\/li>\n
  3. These reports are amazing at reporting the vast majority of renters\u2019 regular work deposits, even if your applicant is self-employed or only receives income via irregular deposits.<\/span><\/span><\/span><\/span>The income verification report can be one of the most useful tools for tip-based earners, 100% commission employees, and self-employed individuals to demonstrate their ability to pay rent. When reviewing a report, you will see these types of earners’ deposit history\n

    in the Irregular Income section. This makes it easy for you to see the applicant’s income, which historically has been more difficult for this population to convey.<\/li>\n

  4. Make sure all adults receive a full background check, including credit, criminal, and eviction checks, as well as income verification. When determining whether applicants can afford your rental, include income from all adult applicants.<\/span><\/span><\/span><\/span><\/li>\n
  5. New! Send them a reminder. If you need to decide on your applicant and they haven’t completed their income verification, resend the request. We let you do it up to once per day for seven days.<\/span><\/span><\/span><\/span><\/li>\n
  6. Remember, income verification reports expire after two weeks. If you need to maintain that data for longer than that, you will need to securely save or print the file for safekeeping.<\/span><\/li>\n<\/ol>\n
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    Related Reading For You:<\/h2>\n