During the tenant application process, you likely ask for a completed application form to gather employment information, reference information and a host of other information. You also likely require tenants to provide a job letter, paystub, credit check and references as part of your tenant screening.

Here is where the challenge comes in – is that all you need and how is that information being verified?

There are three things that rapidly evolve with time:

1.  Technology

2.  Background check capability

3.  Criminal schemes/fraud

This is why if you are taking an in-house approach to the validation of tenant information or relying on the documents your applicants provide you without independent verification – you likely have no idea how many tenants you have rented from you that may have had phony documents like credit reports, job letters or perhaps aren’t even employed at the company listed.

Why do we say this? Because we hear from property management companies all the time about mistakes that lead them to start validating information directly. You do not have to learn the hard way.

So, what should you be obtaining with every single rental application?

1.  Employment check – validates that the employer is legitimate as well as income and tenure

2.  Reference check – ensures all references are contacted

3.  Social Media check – reveals behaviour and/or activities that are inconsistent with what you would want in a tenant

4.  Credit check – directly validates your applicant’s payment habits

5.  Criminal record check – confirms your applicant is not a risk to other tenants and the public

When you work with a background check provider the above is current and validated including the institution where the information is coming from. Credit reports, for example, are obtained directly from Trans Union. A background check provider will bring you expertise that you may not have in-house, leading to the best tenant selection.

In addition, when these background checks are obtained together, most background check providers offer steep discounting. In fact, at Triton, we can even give you the option for your applicant to pay the background check fee.

The cost really is negligible because, beyond an application fee, catching applicants who could be problematic will save you from several costly and uncomfortable situations. These include following up for rent, proceeding with eviction, dealing with other tenant complaints, and/or damage to your rental units etc.

With economic pressures building in Canada identity fraud and mortgage fraud are on the rise.

You do not want to be caught in the crosshairs of expensive blowback from taking on tenants that should not have been approved in the first place. For more information about Triton Background Checks visit tritoncanada.ca. Interested in tenant screening bundles? Reach out to sales at success@tritonverify.com.