SCAM #1
FAKE PAY STUBS, CREDIT REPORTS, AND OTHER FINANCIAL DOCUMENTS
THE SCAM
Some tenants apply for units they can’t afford by submitting fake pay stubs, doctored bank statements, or altered credit reports. With AI tools and online services, these forgeries can be highly convincing. A tenant may appear qualified on paper but ultimately stop paying rent once moved in, leaving landlords vulnerable to the risk of unpaid rent.
HOW THEGUARANTORS CAN HELP
Rent Coverage from TheGuarantors helps landlords minimize losses due to unpaid rent. When the landlord is unsure about a potentially risky tenant and can’t or won’t approve them on their own, Rent Coverage gives the tenant another chance to get approved for the home of their choice. The tenant pays for this policy, which also protects landlords against potential rent losses. While its product is not designed to replace landlords’ fraud detection tools, it adds an additional layer of protection when renter fraud slips through your screening. For example, consider a tenant applicant who worked with one of many fraud vendors to get approved for an apartment. TheGuarantors provides an additional safety net, ensuring recovery from losses due to unpaid rent, damages, utilities, vacancies, and more. If the resident doesn’t pay, the operator is able to recover the balance of what’s owed.
Benefit to Landlords Fake documents are increasingly difficult to detect, even for experienced landlords. By adding financial protection, Rent Coverage allows landlords to approve more types of renters with greater confidence and reduced exposure to rent loss.
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