Tenant Affordability Check

Features & Benefits

• Save time with lighting fast verification

  Equifax’s Tenant Affordability check makes it easier for property managers to verify their tenant’s capacity to pay their rent. With speedy automated retrieval of bank transaction data, get answers in minutes about income, expenses, and past rental payment. 

  Bank transactions provide the financial data that property managers require for an informed rent affordability assessment. No more time wasted manually checking financial information and making multiple follow-up phone calls.

• Search across multiple bank accounts

  It doesn’t matter if your customer has one bank account or ten. The technology used is the first to market that collects data from multiple financial institutions and aggregates that data into a single data set. We support over 70 banks, building societies and credit unions across Australia. 

  Your customer follows a link and consents to the extraction of bank transaction data from all their disclosed financial institutions. Transfers between accounts are de-duplicated, and our algorithms and machine learning models go to work verifying income sources and classifying expenses. 

  Within minutes, this disparate financial information from numerous financial institutions is condensed into one single comprehensive overview. Now you have all the information at your fingertips to make an informed decision about your tenant’s financial strength. 

• Reduce customer friction

  Get rid of cumbersome paper-based processes for validating tenant affordability and replace with a frictionless customer experience. 

  Your customers will no longer need to have relevant documentation at the ready. Instead, they follow a link to your web-based screen, where they consent to share their data, select their bank/s and login to their account/s. It’s that easy! Deliver a fluid customer experience for ongoing customer loyalty.

• Work from the office or remotely

  We know how important it is for your remote staff to assess tenant affordability, securely and efficiently. The Tenant Affordability Check can achieve this anytime, anywhere – with a smartphone, laptop, or device of your choice. 

  Encryption and bank-grade security protect your customer’s financial data once it’s captured from the financial institution and shared with Equifax. After categorisation and analysis, data is delivered directly to your existing applications via our rapid API connection. 

• Keep it simple

  From 90 days’ worth of customer bank transaction data, we sort expenses and identify income in a way that avoids information overload. Rather than wade through the thousands of transactions your customer might have over this period, you receive actionable insights that help you make quick decisions about tenant affordability. 

  Historical rent payments are also listed if applicable, and there is an option to retrieve up to two years’ worth of bank transaction data.

• Get customised output

  The Tenant Affordability Check is delivered to you via API, ready to be easily integrated into your workflow or any third party platform. You can curate the information into a report or 
  any visualisation of your choice.