Solutions

Tenant Income Screening

What does Informed do for Tenant Income Screening?

Informed speeds up income verifications for property managers and landlords using Artificial Intelligence (AI) and Machine Learning. With Informed, they can verify income from applicant documents in real time, eliminating the manual work needed to confirm an applicant can actually afford their unit.

Applicant Income Verification is grueling and costly

Applying for an apartment and getting approved is a time consuming and arduous process. Applicants are forced to upload income documents via unsecure email or portals that can’t confirm the documents are even associated with the applicant’s income. Once the documents are received, landlords and property managers must go document by document to manually calculate income from pay stubs, W-2s, bank statements, etc. often using inefficient calculation methods prone to human-error.

Solution

With Informed partners can leverage CollectIQ enabling applicants to upload income documents anytime, anywhere via a white-labeled text message experience. Partners get instant feedback as to whether the applicant uploaded the correct document so that they can be confident they are receiving the correct information. Once Informed receives the documents (which can also be programmatic), AI and Machine Learning instantly extract the pertinent information and calculate accurate income based on the partner’s policy. Informed supports multi-document upload and verification (i.e. applicant uploads 2 pay stubs and a bank statement) and also identifies potentially fraudulent documents.

Tenant Income Screening

The Benefits

Informed drastically reduces applicant turnaround time – partners see verified income in seconds compared to 15+ hours and:

Elimination of manual work for property managers and landlords

50%+ cost savings per verification by eliminating the need for legacy income verification vendors

Elimination of human error, leading to lower risk of eviction

Developing the real-time risk review of customer data in Informed’s core platform utilizes available on-demand interactive customer contact strategies. This makes operations simpler, faster, and more efficient with better outcomes for lenders and consumers.

New: American Banker - Sharing information = best defense against AI fraud

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