How CheckpointID is different from credit screening

But hey! We’re completely different. In fact, we add another layer of protection on top of the credit and background check that you already perform. Keep reading to see how!

To understand how CheckpointID interrupts rental fraud differently compared to credit screening services, it’s important to understand how rental fraud is conducted.

In a nutshell, a fraudster goes to your community with a fake identity and a fake ID. This person tours the community with the fake ID, then applies to rent at your community with the fake identity. The person then moves in, commits fraud with the fake identity, gets evicted, then moves out. You can’t collect lost rent because you don’t know who the fraudster actually is.

Let’s add credit screening into the above scenario.

1. A fraudster goes to your community with a fake identity and a fake ID.
2. This person tours the community with the fake ID, then applies to rent at your community with the fake identity.
3. You perform a background check on the applicant’s fake identity. You see that the fake identity has good credits and a clean background.
4. You approve the application.
5. The person then moves in, commits fraud with the fake identity, gets evicted, then moves out.
6. You can’t collect lost rent because you don’t know who the fraudster actually is.

Now, let’s add CheckpointID into the picture.

1. A fraudster goes to your community with a fake identity and a fake ID.
2. You verify the person’s identity by scanning their ID with CheckpointID. The ID fails to verify.
3. You inform the fraudster of the result, and request for an alternative ID.
4. Because the fraudster does not have a real ID that can pass CheckpointID’s verification, They would leave the community and never look back.

 

So, let’s recap the differences:

1. CheckpointID is used before a tour even begins, while credit screening is performed after a prospect applies.
2. CheckpointID looks at the ID, while credit screening uses an ID number to look at a subject’s background.

Rental fraud is designed to get around the loopholes of credit screening. A fraudster uses fake identities because they know these identities will pass credit screening and get them approved for an apartment.

While fake identities can be easily purchased through CPN ads. One thing a fraudster does not commonly have is the actual government-issued ID document of the stolen identity. This means verifying IDs before tours will stop fraudulent activities before a tour even begins.

And the benefits of stopping fraud early on in the process? It saves leasing agents’ time from touring a fraudster. It saves you money from running a background check. It saves your team time from scrutinizing and comparing application details; and most importantly, it safeguards your financial investments from lost rent and legal processes involved with eviction. This is why it’s always better to be sure before you tour