Approximately 1 in 10 rental applications include falsified documents. These documents may be edited by the applicant or purchased online, and with modern technology, it’s increasingly difficult to spot them with the naked eye. Fraud affects most major metro markets and all asset classes.
Fraud is a leading cause of bad debt and can significantly impact net operating income. Client data shows that over 50% of eviction cases involve residents approved with falsified IDs or income documents. Depending on the market, it can take 4–18 months to remove a non-paying resident, leading to tens of thousands of dollars in delinquencies.
The prevalence of fraud also slows down leasing teams, who spend more time reviewing applications to detect anomalies. Traditional manual reviews can introduce subjectivity, which may create Fair Housing risks.
EIS offers industry-leading technology that detects fraudulent applications with pinpoint accuracy:
- Income Verification: Our income verification solution analyzes the underlying data in submitted documents to identify modifications and anomalies.
- ID Verification: Our ID verification solution authenticates prospects using physical ID scans, trusted database checks, and biometric comparisons.
For questions or to get started with Esusu Identity Services, reach out to your Esusu account manager or contact us at eis@esusu.org.