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Income Insights Basics
Income Insights is an income verification tool that verifies the information renters include on their application and screening process, comparing it with 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:
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.
Run a new screening report on an existing applicant (not a 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
With Income Insights, you can quickly and easily assess your applicant's reported income with an easily understandable report.
In just a few minutes, you’ll have a better understanding of the income that your applicant has disclosed which can either confirm or require further documentation for verification.
In some cases, more in-depth income verification may not even be needed if the report from Income Insights reflects the amount they have reported.
Benefit 2: Use a trusted alternative way to verify sources of income
Not all customers have access to online pay stubs or receive them from their employers, so Income Insights offers an alternative way to estimate total income.
This includes sources like retirement distributions, pensions, social security, alimony, or any other earnings without a pay stub.
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.
Get Income Insights by Signing Up for Premium
Get your annual Premium Membership today and enjoy managing your rental from one place.
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. Without the Premium Plan, you would not have access to this feature.
Can Income Insights apply retroactively to screening requests?
If you subscribe to the Premium Plan, any applications submitted prior to the subscription will not feature income insights, as this is a feature exclusive to the Premium Plan. All applications submitted after the subscription are eligible to include income insights. This feature is not retroactive.
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).
Still have questions? Reach out to our Support Team via chat or by email at [email protected].