Find tenants you can trust with RentSpree income verification

Few things are as headache inducing for landlords as a late, partial, or even missing rent payment. For landlords, knowing their tenants can consistently pay their rent on time, every month, goes a long way in minimizing stress and ensuring a harmonious relationship between both parties for the long run. 

We also recognize the important role agents play in helping landlords find and vet potential tenants which is why we’re excited to announce RentSpree’s newest report: Income verification! 

Income verification is a quick and secure way for applicants to show their proof of income. Applicants simply connect their bank account in one step to consolidate their bank statements and other documentation. 

With income verification, agents and landlords can now confidently identify reliable tenants and prevent payment fraud before it can happen. Powered by Finicity, a Mastercard company, RentSpree income verification makes it easy for agents and landlords to:

• Prevent rental fraud—Get accurate and up-to-date financial information about tenants that can’t be manipulated.
• Save time and resources—Verify income and employment in minutes automatically with none of the hassle that comes with manually chasing down different documents. 
• Identify qualified candidates—Confirm an applicant is who they say they are and verify they can afford to pay rent.

Verify application details in no time

With 93.3% of landlords reporting being victims of fraud in the past year, it pays to be extra confident about who you’re renting to and their ability to pay rent on time. 

Powered by Finicity, a Mastercard company, income verification takes the guesswork out of finding your next tenant by confirming an applicant’s reported income against their bank account transactions from the last 12-24 months. Once an application is submitted, agents and landlords will receive a streamlined report containing an applicant’s income streams, a summary of their account balances, and a snapshot of their financial transactions. Best of all, the income verification report is FREE for agents and landlords to request; applicants pay an additional $10 for this report when they complete their application.

View a sample income verification report here.

How does income verification work?

When screening a new applicant, agents and landlords can simply select Income Verification Report as part of their total screening package. In addition to pulling an applicant’s income and employment history, this option will also come with automated reference checks and applicants will be prompted to upload their ID. 

Applicants will be asked to either connect their bank account to Finicity or manually upload documents including their proof of income, W-2s, bank statements, and a government-issued ID to verify their income and employment. Connecting to Finicity is secure and fast; Finicity provides a one-time, encrypted connection and applicants don’t have to upload their pay stubs, W-2s, or bank statements. 

Once the application and income verification report is completed, agents and landlords will receive an email letting them know they can view the completed report in their RentSpree dashboard. 

Stop rental fraud with income verification

Managing rentals doesn’t have to be stressful, especially when you know who you’re renting to and trust they can pay rent on time, every time. With RentSpree income verification, you can stop rental fraud in its tracks and quickly identify tenants who can consistently afford rent every month. 

Reduce fraud, save time, and vet applicants with confidence when you add the income verification report to your RentSpree application bundle. Get the full picture of who your applicant is and, best of all, it’s free for agents and landlords to request! 

Ready to see the income verification report in action? Sign in and screen today. 

Income verification FAQs

What is income verification?

This is a step in the rental application process where agents and landlords verify an applicant’s income by checking documents like W-2s, paycheck stubs, and bank statements. 

How much does the income verification report cost? 

Income verification is free for agents and landlords to request. Applicants pay the $10 fee.

What is the difference between income verification and income estimate? 

While similar, an income estimate report is a rough approximation of an applicant’s income while an income verification report actually confirms this information. With an income estimate report, third-party providers compare an applicant’s credit report against their self-reported income to determine if additional verification is needed. An income verification report uses a one-step bank account connection to gather an applicant’s bank statements and other proofs of income, making it more accurate than an estimate report.