10 Reasons Why The Closing Docs is a Better Solution than AI-driven Fraud Detection Alternatives
- With The Closing Docs, it doesn't matter what the fraudsters are doing. We go straight to the source to instantly deliver the info landlords need to make well-informed decisions regarding applicant income.
- Instead of adding to your workload, we'll eliminate steps and get you better answers, faster.
- Instead of a workaround, and one that still asks your applicants to do too much, why not go straight to the source to solve the critical issue landlords are facing: does the applicant have enough money to pay the rent?
- The Closing Docs delivers 100%-verified applicant income data 98% of the time, instantly.
- With AI tools, your team is still trying to find out whether a document is false when they don’t have to. The Closing Docs delivers the income truth. No guesswork.
- The Closing Docs's applicant workflow takes ~5 minutes to complete and landlords receive reports instantly.
- Instead of adding work to solve only part of the problem, The Closing Docs will trim the process for your team: three clicks to order a screening, one click to review the data that leads directly to an approve/deny decision. And that decision is based on 100%-verified applicant income data. No ifs, ands, or buts, The Closing Docs solves landlords' problems.
- View the applicant’s income history for a year, 100% verified by The Closing Docs, including current, available and average account balances for as many accounts as the applicant connects. Furthermore, the account holder is verified!
- The Closing Docs always reports up to 12-months of up-to-the-minute data, giving landlords 100% verified income info about their applicants. As soon as the applicant takes 5 minutes to complete the workflow and shares their report, the landlord has the info they need to make a sound, supportable decision.
- The Closing Docs groups household income data into one combined report to make life easier for landlords. Our reports show aggregated income for the entire household, and you’ll know it’s 100% verified. Fast, simple, easy.
AI tools are playing a game of whack-a-mole as fraudsters will always have the upper hand, are always looking for the next puzzle to solve, the next code to crack. Ask yourself, why have detection tools gotten more sophisticated? Because hackers have gotten more sophisticated. Will hackers stop getting better at what they do? There are over 620,000 websites offering fake document production. Just Google, “fake pay stub” and see why AI-driven tools face an uphill battle, today and forever.
AI tools try to solve a piece of the puzzle, while The Closing Docs solves the problem itself. Landlords need to know: can I approve or deny this applicant based on income? Fraud detection may support that decision-making process, but does not solve it. The Closing Docs solves it by delivering 100%-verified applicant income, instantly.
AI tools rely on uploaded documents, which is a burden to your applicants, slowing down conversion and negatively impacting conversion rates. Also, AI tools are looking to detect and correct for fraud. We know fraud happens. People open bank accounts with fake information.
What is the failure rate for AI tools? What about false positives denying a completely legit applicant? The landlord will face adverse action liability claims if they rely on AI-based tools.
By default, AI-driven tools are comprised of after-the-fact analysis. And, applicants are still being asked to share sensitive information. Instead, you can enjoy a pre-screen opportunity, meaning, if the applicant is unwilling to undergo scrutiny regarding their income, your team won’t waste time processing an application that is predestined to fail.
AI tools say they deliver data in "around 24-hours" and are still reliant on applicants to upload info. That means applicants have more work to do, impacting conversation rates. The Closing Docs instantly delivers the data landlords need by asking applicants to spend ~5 minutes online.
Once an AI-driven analysis determines data is falsified, landlords will still need to then analyze the info to make approve or deny decisions about the applicant. AI tools add work to your daily activities.
AI-driven fraud detection software can only audit as much info as the applicant provides. That might be two pay stubs or a month of bank statements, if and when the applicant gets around to it.
AI-driven analysis doesn’t prevent applicants uploading incorrect documents. When applicants upload screenshots of their bank statements only covering their last paycheck, or upload a pay stub that is 6 months out of date. These documents might be legit, but they are not useful to the landlord.
There is no capability with fraud detection software to expedite reviewing household or grouped applications. The Closing Docs delivers simple, fast and accurate income verification.