What does the income verification service consist of?

Using Online Banking Credentials, applicants can connect to their bank accounts to generate an Annual Net Income Summary report in 3 easy steps:

  • Collect
  • Confirm
  • Share

Applicants receive an email to verify their income and are prompted to log into their bank accounts to generate the report. There is no limit to the number of bank accounts an applicant can add. Applicants will be able to view the income summary report prior to releasing that information to the landlord. Applicants will not be able to edit the results, but can provide an explanation for things listed on the report.

RentPrep users will be able to view an applicant’s annual Net Income Summary which includes:

  • Average monthly net income
  • 3 months average monthly net income
  • Up to 12 months of total non-recurring income

Users will also see a summary of the accounts the applicant connected which includes the applicant’s:

  • Current balance
  • Available balance
  • Average balance
  • Account type and the institution
  • Up to 12 months worth of deposit history.

View additional information on RentPrep’s income verification service.