Tenantify (https://tenanitfy.com) has exited public beta to disrupt the $1B tenant screening business.
Tenantify’s employment/income verification overcomes the shortcomings of a traditional credit check. It directly assesses the tenant’s true ability to pay, and makes it scalable for both one-time landlords and multi-unit property managers.
Traditionally, landlords and property managers rely on credit report. Unfortunately, credit report only covers a tenant's credit history. It says little about the tenant's current ability to pay.
Of course, none of the credit bureaus will disclose the nuances to landlords / property managers. Why should they? After all, it has been a good money-making business.
On the other hand, everyone knows that the true indicator of a tenant's ability to pay is a stable job and a stable income. However, many landlords do not perform employment / income verification because it is hard and time-consuming.
Tenantify solves the problem smartly. Its co-founder Songhua Hu says, “We try to make tenant employment and income verification as easy as pulling a credit report.” Specifically, Tenantify directly connects with the banks to pull bank statement with tenant’s permission.
It then scans through the statement, picks out the employer name from payroll direct deposits, and summarizes monthly net income for landlord.