1. With Payscore, it doesn't matter what the fraudsters are doing. We go straight to the source to instantly deliver the info landlords need to make well-informed decisions regarding applicant income.
AI tools are playing a game of whack-a-mole as fraudsters will always have the upper hand, are always looking for the next puzzle to solve, the next code to crack. Ask yourself, why have detection tools gotten more sophisticated? Because hackers have gotten more sophisticated. Will hackers stop getting better at what they do? There are over 620,000 websites offering fake document production. Just Google, “fake pay stub” and see why AI-driven tools face an uphill battle, today and forever.
2. Paper paystubs that are “smudged, folded, crumpled, or torn” stop AI systems dead in their tracks!
Sure, AI scanners might work when your applicant offers a pristine PDF file of their wages, but what about living in the real world? Payscore doesn’t tackle this problem, we eliminate it by going directly to the source of truth. Using only 100% bank-verified information means Payscore doesn’t guess, estimate, or forecast. We send the truth about an applicant’s income directly to your inbox or property management software solution.
3. Instead of a workaround, and one that still asks your applicants to do too much, why not go straight to the source to solve the critical issue landlords are facing: does the applicant have enough money to pay the rent?
AI tools rely on uploaded documents, which is a burden to your applicants, slowing down conversion and negatively impacting conversion rates. Also, AI tools are looking to detect and correct for fraud. We know fraud happens. People open bank accounts with fake information.
4. Payscore delivers 100%-verified applicant income data 98% of the time, instantly.
What is the failure rate for AI tools? What about false positives denying a completely legit applicant? The landlord will face adverse action liability claims if they rely on AI-based tools.
5. With AI tools, your team is still trying to find out whether a document is false when they don’t have to. Payscore delivers the income truth. No guesswork.
By default, AI-driven tools are comprised of after-the-fact analysis. And, applicants are still being asked to share sensitive information. Instead, you can enjoy a pre-screen opportunity, meaning, if the applicant is unwilling to undergo scrutiny regarding their income, your team won’t waste time processing an application that is predestined to fail.
6. Payscore's applicant workflow takes ~5 minutes to complete and landlords receive reports instantly.
AI tools say they deliver data in "around 24-hours" and are still reliant on applicants to upload info. That means applicants have more work to do, impacting conversation rates. Payscore instantly delivers the data landlords need by asking applicants to spend ~5 minutes online.
7. Instead of adding work to solve only part of the problem, Payscore will trim the process for your team: three clicks to order a screening, one click to review the data that leads directly to an approve/deny decision. And that decision is based on 100%-verified applicant income data. No ifs, ands, or buts, The Closing Docs solves landlords' problems.
Once an AI-driven analysis determines data is falsified, landlords will still need to then analyze the info to make approve or deny decisions about the applicant. AI tools add work to your daily activities.
8. View the applicant’s income history for a year, 100% verified by Payscore, including current, available and average account balances for as many accounts as the applicant connects. Furthermore, the account holder is verified!
AI-driven fraud detection software can only audit as much info as the applicant provides. That might be two pay stubs or a month of bank statements, if and when the applicant gets around to it.
9. Payscore always reports up to 12-months of up-to-the-minute data, giving landlords 100% verified income info about their applicants. As soon as the applicant takes 5 minutes to complete the workflow and shares their report, the landlord has the info they need to make a sound, supportable decision.
AI-driven analysis doesn’t prevent applicants uploading incorrect documents. When applicants upload screenshots of their bank statements only covering their last paycheck, or upload a pay stub that is 6 months out of date. These documents might be legit, but they are not useful to the landlord.
10. Payscore groups household income data into one combined report to make life easier for landlords. Our reports show aggregated income for the entire household, and you’ll know it’s 100% verified. Fast, simple, easy.
There is no capability with fraud detection software to expedite reviewing household or grouped applications. Payscore delivers simple, fast and accurate income verification.