Provided by AAOA
The current rise in application fraud is alarming. As a result of it, alert landlords now routinely request bank statements to determine cash flow and pay stubs to verify employment and income.
Unless a person is extremely well versed in computer technology, it is difficult to get creative with a bank statement, so they are usually dependable. On the other hand, a pay stub is fairly easy to counterfeit. There are even websites that will create custom pay stubs for use as proof of income using an online pay stub generator.
But when confronted with a counterfeit pay stub, how is a landlord or property manager to know that it is not real?
The most obvious red flag when looking at a fake pay stub is when the formatting is off. Look for a variety of fonts and columns that are not properly aligned. Spelling, awkward language and grammatical errors are sure signs of counterfeiting. Inspect the stub for blurry or pixelated elements.
Next, look for missing information that would typically be included on a pay stub:
If you carefully examine the numbers on the pay stub, there are some sure giveaways that the stub is not legitimate:
One of the easiest signs that someone has submitted a falsified pay stub is inconsistent data. Watch out for the following examples:
TenantAlert provides the ONLY instant tenant screening service with LeaseGuarantee. The credit screening company with options and guarantees.
▪️ Select from a number of reports including credit background check, nationwide criminal, and nationwide eviction.
▪️ Add up to 4 applicants in one order to screen multiple roommates.
▪️ Use your application or send off the TenantAlert application when vetting tenants.
▪️ You can pay for the credit screening or send a link to your tenants for them to pay for the service.
▪️ TenantAlert has easy to read reports with summaries to help you determine if the applicant meets your qualifications or not.
▪️ They rate the applicant on a scale of 100 and offer a lease guarantee for up to $10,0000 of protection against damages, lost rent, or legal fees that you OR the tenant can pay (starting at $199/year).
Artificial Intelligence software and machine learning are becoming more popular and will make generating pay stubs easier, making it more difficult to spot a counterfeit pay stub.
Although third-party verification services have access to databases with real-time employment data and can confirm the accuracy of an applicant’s employment with ease, they are also very expensive to use.
Fortunately, you have easy access to AAOA’s Employment Verification service. For a modest fee, AAOA’s experts will contact the employer directly and ask the questions you want to know:
By using this service, You don’t have to guess whether the applicant actually works at the company they claim they do.
Employment Verification can be ordered at the same time you order an AAOA rental credit report and/or tenant background check or on its own as an individual report.
Don’t be a victim of application fraud. It’s critical that you recognize the red flags to safeguard your investment.
Did you enjoy this article?
This is an example of what is included on our FREE weekly newsletter, Landlord Weekly.
Subscribers get access to our free forms, email templates, and guides! As well as…
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
To check out a sample of our newsletter, click one of the links below👇
By Ryan Squires When setting the rental rate for a rental property or looking…
October 29, 2024Provided by Avail Knowing how to be a good landlord requires extensive knowledge of renting…
October 29, 2024
Leave A Comment