You asked, we answered: ResidentIDSM, the trusted and highly effective solution for identifying fraudulent rental applicants, is now easier than ever to use. Starting this month, knowledge authentication is integrated into the ResidentScreening applicant screening process, enabling property managers to verify applicants’ identities and screen them in one seamlessly integrated workflow.
Applicant knowledge authentication comes in the form of a unique one-time passcode or knowledge-based questions only the applicant should be able to answer. It’s a convenient technological solution to preventing fraud that smoothly integrates with existing systems –– and places no undue burden on potential residents.
The frustration and financial burden of fraudulent residents
Fraudulent renters affect property management in detrimental ways, including lost revenue, lengthy and expensive evictions, and increased vacancy costs. Transunion designed ResidentID specifically for multifamily operators, allowing you to verify identities and detect potentially fraudulent applicants — without impacting speedy approvals of honest, high-quality renters no one wants to see walk away.
What fraud looks like in real life
Property managers are susceptible to many different types of fraud, including:
- First-party fraud: Using another person’s identity with their permission
- Third-party fraud: Stealing another person’s personal details without their knowledge
- Synthetic identity fraud: Fabricating an identity using data from multiple individuals
Stop rental fraud prior to incurring impacts
In many cases, fraud can be spotted before applicants move in, saving you thousands in decreased NOI, property costs, legal fees, and loss of reputation and renter satisfaction, for example.
With all the capabilities of ResidentID now available in one workflow integrated in ResidentScreening, stopping rental fraud before it happens just got more realistic.
Now you can:
- Spot identity fraud before it happens, not after a resident moves in
- Access data-driven predictions of future evictions
- Instantly search for criminal records
- Receive a single rental recommendation based on your screening policies
Transunion’s comprehensive, multilayered approach helps you protect your property, residents and reputation.
Take action today
For more information on how you can better prevent fraudulent renters from moving into your properties, contact your Transunion rep or send us an email at PDLTURSSCRAccountManagers@transunion.com.