Equifax gives landlords robust support for tenant verification

tenantriskverification December 8, 2014 0

Equifax, the identity and fraud insights specialist, is providing landlords and letting agents with identity verification and credit and bank account checks ahead of impending legislation regarding the Immigration Act 2014. This insight, creates a truly comprehensive vetting solution that reduces the risk of fraud without impacting on new tenant approval.

“Government and businesses expect us to live in a recognisable and ‘mail-able’ address” explained John Marsden, fraud expert at Equifax. “It is also the general expectation that people have a home to receive mail, register to vote and present as an element of, and to prove, their identity. The impending legislation regarding the Immigration Act 2014, reinforces the need to prove a ‘right to reside’, demonstrating how a residential address can unlock the benefits of citizenship. However, the address can also be the weakest link when it comes to fraud prevention.

“In order to operate effectively a fraudster requires an address which, once established, provides the basis for all of their activities; the rental market provides the opportunity for this.

“In the residential lettings sector, while the majority of tenants are genuine, the risk of fraud is heightened because fraudsters need addresses. Paying rent on a property – simply to have a legitimate address – is often seen simply as a short-term ‘cost of business’ for these individuals. It’s vital, therefore, that landlords and letting agents can access insight that goes beyond an address to verify potential tenants and ensure they are not at risk of renting to a fraudster.”

Equifax insight helps verify the identity of a potential tenant. It also provides information on whether they have any CCJs, as well as verifying their current address and highlighting if they have been known by any aliases. By validating information about potential tenants, including their bank account details, and in real-time, means letting agents and landlords can secure approved tenancies quicker. This also allows them to compete in the property rental marketplace as effectively as possible without increasing their risk to fraud.

“We work with a number of companies operating in the property rental market and understand the challenges landlords face in balancing the risk of fraud with efficient tenant verification”, concludes John Marsden. “Landlords need to have the confidence to only sign up tenants that have passed robust identity verification checks, helping them to prevent potential fraud without any creating any delay in the rental process.”

Source: creditman

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