Identity verification can be a critical component of any tenant screening and rental management program. If you’re a small landlord or apartment building manager, it’s easy to think that you don’t need to worry about identity verification software because your tenants are all people that you know.
However, identity verification is so much more than checking someone’s social security number against public records or even using an online background check service. There is no substitute for identity verification software in today’s world, where identity theft is rampant and technology makes it easier than ever for bad actors to commit fraud by faking their identities. Here are five reasons you should use this software to screen your tenants.
It’s a new frontier for tenant verification
If you’re unfamiliar with the concept, it’s simple: identity verification software allows you to verify tenant information by tapping into your tenant database and comparing it against public records. If the information matches up, then you know that person is who they say they are.
You might be wondering why this is such a big deal—after all, tenants already have to submit proof of income when applying for an apartment or house rental. But there are several problems with this process. First of all, many people lie about their income so they can qualify for rentals that are out of their price range. Second, even if someone accurately reported their income during the application process, there’s no guarantee that the situation still exists once they move in—which means paying off rent becomes more difficult than expected.
Identity verification software bypasses these issues by verifying whether or not someone owns what they say they do (like cars or stocks), as well as confirming other personal details like employment and education history.
It provides additional layers of protection
Identity verification software can also help landlords avoid a common problem: tenants who lie about their identity. While some people may not consider this to be a big deal, it can have serious consequences—not only for the landlord but also for the tenant and their neighbors. For example, imagine that someone is living in your building under an assumed name and getting arrested on account of something they did at another property. If you don’t know who they are, then how do you know whether or not they’ve been involved in illegal activity?
Identity verification can reduce tenant liability claims
The use of identity verification software is more accurate and comprehensive than manual processes. It’s also faster, which helps to reduce the number of tenant liable claims that are submitted to landlords. Manual identity verification processes are time-consuming, which is why they don’t always offer the same level of accuracy as automated solutions. Manual processes rely on human error and can result in incomplete information being recorded or missed entirely. Automated identity verification software is more comprehensive than manual systems because it compares all available data sources to create a complete picture of an individual’s identity.
Most identity verification software is extremely cost-effective
The cost of this software is quite reasonable when you consider the tremendous amount of value it provides. It can be easily integrated into your existing infrastructure and provide a quick return on investment. The cost of this software is quite reasonable when you consider the tremendous amount of value they provide. They can be easily integrated into your existing infrastructure and provide a quick return on investment
Identity verification is automated and easy to use, yet highly secure.
Landlords are often bogged down with the task of checking out tenants’ financial histories and past rental history, which can take hours away from other more important things like running their business. Identity verification software automates this process while still maintaining a high level of security.
Conclusion
Identity verification is a valuable resource for landlords and property managers. The process of verifying tenant information helps make sure that you’re working with legitimate tenants who can pay rent on time, as well as reducing your risk of liability claims from fraudulent tenants or potential criminals. There are many types of identity verification software available today that make it easier than ever to get started with this process. You’ll want to choose wisely when choosing which program works best for your business so that it does not compromise safety or efficiency in any way possible.
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