How RentPrep Automated Income Verification to Achieve 100% Accuracy of Applicant Income Data
Verifying applicant income over the phone burned hours of employee time for every vacancy
For years, RentPrep manually called employers to confirm the income of potential renters. Sometimes, we paid vendors for extraneous information we neither sought nor wanted. Still others failed to verify the income of even 50% of our applicants. In the era of robo-calls, it became impossible to connect with anyone not expecting your call. Ultimately, our attempts at verification fell below 20% - completely unacceptable. This frustrated our clients, who deserve faster and more accurate analyses. Before we stopped offering income verification altogether, we estimated our employees spent upwards of 80% of their time making calls and with almost no success. It was an operational nightmare. This failure rate forced us to resort to the inefficiencies of manual verification, and the best we could hope for was verified employment – not adequate.
Automating income verification
Now, The Closing Docs automates the verification of applicant income through their online service. We see major efficiency gains (nearly 30% for some customers) and greater confidence in the data reported. The key metric for us is that 100% of the time, applicant income gets completely verified, even when that income is cash-based, like tips, or fluctuates, like commissions. While delivering independently bank verified applicant income data, The Closing Docs eliminated the wasted hours formerly allocated to manual income verification. Our team stays focused because The Closing Docs supports applicants to ensure they have a seamless, user-friendly experience while verifying their income. The Closing Docs has substantially improved our efficiency and accuracy, meaning our customers receive better applicant data, faster and more easily.
RentPrep provides a team of FCRA Certified Screeners. Their unique offering focuses on humans researching the information property managers require. To that end, they have helped over 150,000 landlords perform over 2 million tenant screenings since its inception in 2007. Located near Buffalo, NY, RentPrep provides the most comprehensive tenant screening available by using real-live intelligence to help landlords identify the best possible tenant.
The Closing Docs
An online service that verifies the financial health of any applicant by leveraging cloud-based, automated reporting using data directly from the applicant’s bank. Engineered for accuracy, speed, and security, The Closing Docs will bring you better tenants, faster.