Key Points on Verification and Protection

Introduction

• Focus on three main aspects: property debt, landlord verification, and income verification.
• Assumption: Use of a software tool for these verifications.

1. Property Debt

• Definition: Property debt arises when rent is unpaid or there are unpaid damages.
• Visibility: Such debts may not appear on a credit report.
• Verification Method:
  • Require a landlord verification.
  • Automatic disqualification if recent landlords report unpaid dues or damages.
  • Check credit reports for creditors linked to property management or individual landlords.

2. Landlord Verification

• Professional Contacts:
  • Email or phone must belong to the landlord or property management.
  • Verify via reverse search on Google for management companies.
• Individual Landlords:
  • Confirm ownership through tax records.
  • Verify if property is owned by the person or an LLC.
• Requirement: Positive verification from either a professional email, phone number, or tax records.

3. Income Verification

• Documents Required:
  • Two types of proof: Tax returns, most recent pay stubs, and HR contact.
• Process:
  • Contact HR departments for verification.
  • Ask probing questions to confirm legitimacy.
  • Multiple income verifications are advised.
• Tools:
  • Use Experian for detailed income verification and employment checks.
  • Similar to processes used by mortgage lenders.

Conclusion

• All processes are included at the beginning of applications.
• Transparency in requirement of bank account information, while maintaining privacy.