Income Insights is an income verification tool that double checks what renters say they make during the application and screening process against data from TransUnion.

Income Insights Explained

When collecting applications and screenings, Premium landlords now have access to an integrated additional report from TransUnion called Income Insights. This report provides you with:

  • An estimate of whether or not your applicant’s credit behavior aligns with their self-reported income

  • An approximate difference between the applicant’s self-reported income and the estimate from Income Insights

  • A recommendation to request additional proof of income from an applicant, such as a recent paystub, as needed

Why would you need to use Income Insights?

This tool can be used to check the accuracy of applicants' reported income and let you know if you need to do any additional work of verifying their income yourself, like making a call to their employer or checking a pay stub and bank statement, as reassurance.

How does Income Insights even work? What does it check?

The Income Insights report analyzes self-reported income by using data from the applicant's credit report, including:

  • An analysis of how much they pay toward balances

  • The amount of money they spend

  • Types of balances carried

The report compares this credit behavior to the applicant’s self-reported income to determine whether additional income verification is recommended.

Income Insights can be used to analyze the income of anyone with a credit report, and also takes into account non-work related sources of income such as child support and alimony.

Remember: The Income Insights report can help you determine whether or not you should request additional proof of income; however, it cannot solely be used to deny any application. It's best practice to use Income Insights as an additional tool to your income verification process, but should not be used as a sole factor in making a decision on a tenant.

What does Income Insights look like?

Depending on the available information about the application from TransUnion, Income Insights will show one of the following results (Match, Mismatch, or No Results):

How do you activate Income Insights on your applications and screening reports?

Income Insights is only available for TurboTenant Premium subscribers. The report is generated after a prospective tenant completes their rental application or screening report.

To access an Income Insights report:

  1. Invite a lead to apply to your listing. After they fill out their rental application and/or screening report and the screening comes back to you, an option to view the income verification report will be available.

  2. Run a new screening report on an existing applicant (not tenant). When you receive the screening report back, Income Insights will be available.

Please note: Income Insights cannot be generated retroactively. Any screening requests that you've already sent out and viewed will not have Income Insights included.

What are the benefits of Income Insights?

Benefit 1: Save the time and effort that goes into verifying income

Income Insights provides landlords with a clear, easy-to-read report that supports the income verification process.

In just a few minutes, you can get the information you need to confirm your applicant's reported income or ask for supplemental documentation.

If the Income Insights estimate shows the applicant’s income is close to or higher than the amount they self-reported, you can feel more confident in skipping additional income verification.

Benefit 2: Use a trusted alternative way to verify sources of income

Many income verification services rely on a pay stub verification system. Unfortunately, that method doesn't work for everyone, either because their paystub isn’t available online or the applicant doesn’t receive a paystub from their employer.

Because the Income Insights estimate is based on the applicant’s spending behavior from their credit report, it is designed to estimate total income, including non-work-related sources (like retirement distributions, pensions, social security, and alimony) and any other earnings without a paystub attached.

Benefit 3: Approve your applicant faster

Along with credit, criminal, eviction history (if available), and information from the rental application, you can evaluate your applicant’s self-reported income using Income Insights and approve them more quickly.

With a comprehensive view of their background delivered in minutes, you can reduce tenant turnover time and increase your profitability as a landlord.

Benefit 4: Receive trustworthy results from TransUnion

When building the Income Insights model, TransUnion validated output verified salary information that is reported to the IRS.

However, it's important to remember that Income Insights provides only an estimate of an applicant's earnings, not their exact monthly or annual income.

Frequently Asked Questions

  • How much does Income Insights cost?

    • If you're a Premium landlord, Income Insights is included in your subscription for no additional cost to you or your applicants.

      If you have yet to subscribe to TurboTenant's Premium Plan, sign-up to gain access to Income Insights and a variety of other specialized tools, including unlimited lease agreements, boosted marketing, expedited rent payments, and much more!

      Upgrade to Premium and start using Income Insights by logging into your account here.

  • Can Income Insights apply retroactively to screening requests?

    • No, Income Insights is only applied on new application or screening requests.

  • How fast does it take to receive the Income Insights report?

    • Income Insights allows you to analyze tenant income within minutes, so you can request additional proof of income as quickly as possible (if needed).

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