How to

How to Read Your VeriFast Report

VeriFast's reports verifies the details of an applicant including income/payroll, debt, a history of payment including rent and more key financial details.
Kayla Gilmour
3 min to read

What’s included in the report?

VeriFast's reports verifies the details of an applicant including income/payroll, debt, a history of payment including rent and more key financial details. This guide will summarize what data is provided in the report and where to find specific details and metrics.

Our report makes it easy to find the information you’re looking for. Each category is segmented into collapsible groups, with key highlights in each category accessible even if the group is collapsed.

Below lists out key elements of the report and how to understand the data.

Applicant Information

In this area of the report you can see a combination of applicant submitted contact information, identity details, information verified by their bank and the applicant's verification details including their financial and identity verification status.

Further, we've added an action button in the top right corner, giving you a menu for all of your options to interact with the applicant.

Pre Qualifying Questions

The customized screening questions you’ve set up for your application is listed here. Compare the questions to the answers they've submitted.

Approval Center

The Approval Center effectively communicates the measures VeriFast's report uses to calculate the applicant’s likelihood of meeting the qualifying requirements you’ve specified. Compare the applicant's net income to rent or debt, examine their monthly free cashflow, days in negative balance, stop payments and past rent payments. Further look into their expenses and financial behavior to determine if the candidate is a good fit. The Approval Center takes the metrics you set as your target for approval and gives the applicant a score out of 100 to determine if that applicant meets your set requirements.

Rent Affordability

(For Property Management)

This feature of our report takes the dollar amount the applicant would like to spend on their monthly rent payment and their approved rental amount and compares it to all of your available properties, allowing you to introduce the applicant too or offer a lease to the property which would best fit their budget.

Monthly Income

The income section of VeriFast's report snapshots the last 12 months of income and bank account balance. This includes payroll and other income sources into one easy to read graph where you can compare the threshold you'd like the applicant to be meeting to their finances.

Debt Analysis

The Debt Analysis breaks down how much the applicant spends in debt payment each month, where those payments are made and what debt the applicant has.

Insights and Metrics

The insights and metrics section gives you a quick snapshot of miscellaneous financial highlights including if the applicant pays their credit card off regularly, if their account has experienced insufficient funds or NSFs within the last 12 months, monthly utility payments, telecom payments and if the applicant has made transactions at pet retailers.

Transaction Details

This section details the transactions recorded in the applicant’s bank account that prove their income including payroll, government income and other alternative sources of income (in the event the applicant works gig work or a side-hustle). This area also lists the transactions proving the applicant has made rent payments in the last 12 months and the transactions of their outgoing debt payments.

Ready, set, get verified.

Whatever your verification needs, we’re ready to help you get started. Schedule a demo today or try VeriCheck™ for instant results.