Challenges

Northfield was struggling with delinquency rates running at roughly 13%, more than double the industry average of 5–6%. Their existing screening process relied on credit and background checks combined with manual pay stub averaging, which failed to surface how applicants actually managed their money. Unqualified tenants were slipping through, resulting in high balances, legal proceedings, and evictions.

Solution

After a referral from a colleague in the industry, Northfield implemented Verifast in May 2023. The platform gave their team access to verified income data and real bank statement analysis, revealing spending patterns that pay stubs alone could never show. Applicants earning strong incomes but consistently running negative balances were identified and filtered out before approval. Since implementing Verifast, Northfield has recorded zero net new delinquencies among applicants screened through the platform.

Benefits

• Delinquency eliminated. Since onboarding with Verifast, not a single new applicant screened through the platform has gone to legal proceedings for non-payment. Every active delinquency traces back to pre-Verifast approvals.

• Deeper applicant insight. Bank statement analysis reveals spending behavior beyond income, flagging applicants with negative average balances, undisclosed pets, and other risk signals that pay stubs cannot surface.

• Fraud prevention built in. Verified income and bank connectivity remove the risk of doctored documents, with a pay stub upload option for applicants who cannot connect a bank account directly.

• Responsive onboarding and support. Verifast's customer service team walked hesitant or less tech-savvy applicants through the process, reducing friction and keeping completion rates high.