MANY LANDLORDS FIND THAT USING AT LEAST TWO VERIFICATION METHODS HELPS THEM ACHIEVE THE RIGHT BALANCE OF SPEED, COST, AND SUPPORT.
Income Tax Return Verification – 1 Year
If you want a more comprehensive and verifiable record of income, AAOA offers a one- year IRS tax return verification service. This process requires the tenant’s signed consent form, which protects both parties legally. Once the form is submitted, AAOA can request the applicant’s tax records directly from the Internal Revenue Service. This service costs $24.95 and must be special ordered by contacting AAOA. It is one of the most reliable ways to confirm income because tax returns reflect actual reported earnings rather than self-provided numbers.
3.
Bank Verification – 1 Year
Another powerful option is bank verification, which allows landlords to review an applicant’s banking activity. By checking deposits over time, you can verify whether the applicant’s stated income matches what is regularly deposited into their account. For example, if an applicant claims to earn $4,000 a month, but their bank records show only sporadic deposits of $2,000, that’s a red flag. Bank verification provides real-world proof of financial activity, not just what’s on paper. This service is available through AAOA for $16.95 and must also be special ordered by contacting AAOA. Results are available within 3 business days.
4.
CHOOSING THE RIGHT OPTIONS Not every property or applicant requires the same level of examination. For example, if you’re renting out a lower-cost unit and the applicant’s income clearly exceeds the rent by a wide margin, you might only need the TransUnion Income Estimator or employment verification. On the other hand, if you’re screening for a higher priced property where the rent represents a significant portion of the applicant’s reported income, it may be wise to combine tax return and bank verifications for maximum reliability. Many landlords find that using at least two verification methods, such as employment verification plus tax return or bank verification, helps them achieve the right balance of speed, cost, and support.
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