Frequently Asked Questions about Income Verification.
We encourage adding verbiage within your Rentvine Application Template (Income Verification Section Message) that states:
We highly recommend ALL applicants go through our Income Verification process. This Income Verification is through Plaid. This process will allow you to securely sign into your online banking account to verify your income. The only information that is shared with the Property Management Company will be your income transaction history. For more information about Plaid’s Income Verification please visit Plaid.
- How long does the income verification take?
- Once the application is submitted the Income Verification report will be available for you to review.
- Where will this option appear for the applicants when applying online?
- It will appear within the Income Verification section of your Rentvine application.
- Will we be able to view the documents provided?
- You can still require the applicants to manually upload the paystubs within the Document section of the application. That way you have the income verification report and their actual pay stubs to verify.
- How will this process work alongside TransUnion?
- This does not work along with TransUnion. They are two separate companies, we currently use Plaid for our Income Verification process.
- This is going to be an opt-in feature meaning that not every applicant has to choose this feature, correct?
- We implemented the opt out option because, if an applicant does not have an online banking account they will not be able to verify their income through the Plaid integration. Furthermore, if an applicant does not see their banking institution within Plaid’s banking network they again will not be able to go through the process. That is why we give them the option to opt out. We do recommend adding verbiage within the Income Verification Section message (within your Rentvine Application Template) letting the applicants know that you highly recommend going through the income verification process.
*To add, we give you over two (2) years of income transactions (Payroll, Deposit, Account Transfer, etc), and give you a 6 month average of their estimated monthly income. The Estimated Monthly Income you will receive is going to be Net instead of Gross.
What Does an Applicant See When Completing the Income Verification?
How to View the Applicants Income Verification Report?