Does SmartMove verify income?

Does SmartMove verify income?

Tenant income verification is a key step in the tenant screening process. TransUnion SmartMove can help landlords save time and effort verifying income with Income Insights, which analyzes an applicant’s self-reported income to determine whether additional verification is needed. (TransUnion SmartMove) Provides tenant screening reports, estimated income insights, resident risk scores, and leasing recommendations for independent landlords and residential real estate management companies. TransUnion SmartMove is the clear choice for helping you make the right decisions for your rental property. Since the rental applicant initiates the release of their personal information, the result will be a soft-inquiry that won’t affect the applicant’s credit score. It’s easy to see how reliable SmartMove’s data is and how it can be translated into a more real-estate friendly product. In fact, according to TransUnion’s research, the ResidentScore is 15% more accurate at predicting evictions than typical credit scores and, as a result, way more helpful to landlords.

How does SmartMove verify income?

A W2 will show an applicant’s income from the previous tax year. Employer phone call. Landlords can also call the applicant’s employer to confirm the applicant’s employment status and salary. This helps establish whether the tenant has had a stable income. Proof of earnings – You’ll need to provide proof of employment and earnings to prove you can afford the rent. This could include a recent payslip, tax return or employment contract. References – Just like when applying for a job, you’ll need to have some references ready for the landlord or letting agency to contact. Does a bank statement work as proof of income? Many landlords will accept bank statements as proof of income as long as they show at least two paychecks being directly deposited into the account. In addition to a bank statement, landlords may want to receive an employment verification letter. Reference checks You’II be asked to give references to show you can afford the property, and will be a good tenant. You’ll usually have to give a reference from: your current landlord and previous landlords if you’re renting from a letting agent. your employer – to show you have a job and it will continue.

Does SmartMove affect credit score?

Doesn’t impact the tenant’s credit score TransUnion SmartMove is the clear choice for helping you make the right decisions for your rental property. Since the rental applicant initiates the release of their personal information, the result will be a soft-inquiry that won’t affect the applicant’s credit score. With TransUnion SmartMove, a landlord can run a tenant credit check and a criminal background check online, in minutes. By getting better information about potential renters, you’ll make better decisions and find Great Tenants. SmartMove’s patented tenant screening product allows renters to “push” credit reports directly to landlords, which enables credit screening while protecting consumer information. Accounts can be created for free and reports delivered in a matter of minutes. And… it’s completely paperless, as it’s all processed online. SmartMove’s ResidentScores give landlords pertinent information about rental applicants; specifically, the reliability and level of risk they may bring. ResidentScore assigns a score from 350-850, with 850 being the best score possible. So, if your renter has a score of 670 or higher, that’s a very good credit score for most rentals. Most landlords are looking for a score somewhere between 600 – 650 since renters don’t have the credit history of making mortgage payments to boost their credit score. In short, yes! A credit score of 500 is low, but it’s not insurmountable. It would be best if you planned some extra time for your apartment hunt with scores this low, but you can still rent an apartment. It will take some extra planning, though.