Tenant verification plays a vital role in establishing a trustworthy relationship between landlord and tenant primarily eliminating instances of fraudulent transactions and criminal backgrounds. The recent trends in letting out property suggest that the property owners invest considerable time in tenant verification services. Multiple factors such as references from the previous employers, credit checks and background verification are considered by employers before signing a rental agreement.
As a responsible and law abiding landlord, in case you’re unable to engage in a tenant verification process on your own, there are several agencies and service providers offering credit checks and background checks.
Here are some quick tips to consider in the tenant verification process:
1. Background Check – This process suggests if the potential tenants have a history of skipping rents or damaging property.
2. Agents – In case you’re unable to finalize a trustworthy tenant owing to location constraints or paucity of time, you can engage a real estate agent. He will assess the property, set a rental price basis market dynamics and explore potential tenants after a due diligence check.
3. Police Verification – It is mandatory in the present scenario while renting it out to a tenant. A police verification form with particulars of the tenant is filled and submitted. The Police use the information provided in order to verify the background of the tenant in order to eliminate any criminal links.
4. Previous landlord – Tenants are usually asked to share contact details of the previous landlords to verify the reason of shift and payment history.
5. Credit check – These references determine an applicant’s credit history. Professional credit check agency services can be utilized for this purpose.
There are various credit bureaus and agencies that perform identity checks in India today. Recently, mobile applications have also been developed to tap this market. TrustID is India’s first mobile app that helps you check anyone’s identity in less than 1 minute. It aims to effectively utilize the power of Aadhaar for identity verification and background check of an individual.
The easy and simple-to-use mobile application requires basic details such as Aadhaar ID, Name, Gender and phone number. Once these details are entered, TrustID sends these details (encrypted) to Aadhaar database and matches them instantly to provide a matched / not matched outcome. Since our lives largely revolve around service providers such as maids, cooks, drivers, gardeners, security guards etc., the identity verification app certainly helps to verify them and ease in effective decision making.
It goes a step further and offers a host of advanced verification solutions that enable clients to undertake Credit Bureau checks and complete background checks providing assurance and peace of mind. This is most relevant for landlords and lenders to verify the creditworthiness of tenants and borrowers.