Attacking a Property Manager’s Biggest Threat

In the multifamily housing industry, paystub fraud obstructs the application cycle. Fraudulent paystubs risk operators leasing to unqualified tenants, resulting in financial losses and increased NOI pressure. According to a recent article on Multifamily Dive, combating paystub fraud is crucial for maintaining the integrity of tenant screening processes. According to the article, in the last 12 months, 93% of property professionals reported experiencing fraud, 70% say fraud is more frequent and 58.5% report an increase in nonpayment of rent due to fraud.  How to respond to all this fraud? Payscore offers the solution your onsite teams deserve.

The Growing Problem of Paystub Fraud

Paystub fraud involves the manipulation or creation of fake paystubs to misrepresent an applicant’s income. This type of fraud can be difficult to detect and has significant implications for property managers. Even the most robust OCR solutions fail to detect fraudulent paystubs created from any variety of sources. Traditional methods of income verification, which rely on physical or digital copies of paystubs, are increasingly vulnerable to sophisticated forgery techniques.

How Payscore Eliminates Paystub Fraud

Payscore revolutionizes the income verification process by eliminating paystubs altogether. Our solution reports 100% bank-verified data to provide an accurate and reliable picture of an applicant’s income. Supporting customizable analytic criteria means we are accelerating informed decision making. Here’s how Payscore makes a difference:

• No More Paystubs: The automated nature of Payscore’s system means that income verification is not only more accurate but also faster, and faster for both the prospect and the onsite team. Start your customer’s journey on a positive note by making it easy for them to validate their earning power. Property managers can receive verified income reports in real-time, streamlining the application process and reducing the time spent on manual checks.
• Direct Access to 99% of all financial institutions and banks in North America: Payscore connects directly with over 20,000 financial institutions to access, analyze and report verified bank data. This ensures that the income information provided is accurate and up-to-date, and eliminates the risk of forged documents.
• 98% Success Rate: Payscore’s applicant sign up system is optimized for ease of use and backed up with our dedicated support team. We take care of your applicants so that your onsite team is free to focus on resident relations and managing properties.
• Immediate Leasing Decisions: With our standardized report for individual and family or group applications your onsite teams spend less time guessing which prospects are capable of paying rent.

Real-World Impact

So many property management companies across the country today are enjoying the benefits of using Payscore. For instance, Vidalta Property Management reports a significant reduction in fraudulent applications and improved leasing decisions after implementing Payscore. And some customers have seen delinquencies fall to zero following their Payscore deployment. Still others slashed applicant approval times by 50%. These real-world success stories highlight the effectiveness of Payscore in combating paystub fraud by removing pay stubs from the equation and enhancing the overall tenant screening process by simplifying and expediting the process for both prospects and operators.

Conclusion

In our industry, where accurate income verification is critical, Payscore stands out as the best-in-class tool for property managers. By eliminating any expectation that paystubs are useful and instead leveraging bank-verified data, Payscore not only combats paystub fraud but also streamlines the application process and enhances security. For property managers looking to improve their property economics and make better-informed leasing decisions, Payscore delivers the premium solution.

Learn more about eliminating paystub fraud today.

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