Learn more about how Nomad's thorough screening process helps protect you from fraud and keep rental costs down for residents
Its no surprise that in the digital age, rental fraud is on the rise. Property owners and leasing professionals across the country are experiencing a surge in rental fraud. From USA Today:
"Since the pandemic, rental fraud has exploded nationwide. Nearly all respondents (93.3%) to a survey of members of the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA) representing 75 leading apartment owners, developers and managers, reported experiencing fraud in the past twelve months, according to the NMHC poll taken between November and January."
Nomad has seen, and prevented rental fraud on several properties in 2024 alone. Rental fraud takes the shape of stolen identities, fraudulent identification, forged pay stubs, and other sophisticated ways of trying to get into a property illegally.
Further, rental fraud drives up the cost of housing because it reduces supply available for legitimate renters. Rental fraud is bad for the whole market!
Due to this, and because of Nomad's unique ability to guarantee your rent, Nomad has a thorough screening process for all residents. Here are the things that Nomad screens for, to protect you from rental fraud:
Identity Verification
Nomad requires that applicants provide a facial scan and a picture of their ID. Their ID barcode, details, and facial scan are run against databases to determine if the ID is legitimate and that the person is who they claim to be.
Credit Check
Nomad runs a credit check (a soft pull) against the applicants credit. This allows us to compare their credit details against their identification and offer another verification check on their identity. We can also review credit for outstanding balances that have been reported, or poor payment history. Nomad uses the TransUnion Resident Score 4.0 for our credit check.
Eviction History
Nomad reviews eviction history for the applicants. Sometimes this can save you from a high credit risk applicant, and sometimes its the first signal that this identity has been stolen. This protects you from bad tenants who have a history of not paying their rent.
Income Verification
Nomad verifies the income of the applicant, compares their employment history to their credit check, and scans the documents supplied by the applicants for fraud. Our system is integrated with payroll providers and can spot forged documents quickly. These things all prevent bad actors from gaining access to your property.
Its true that Nomad's screening process is thorough. When you understand the value it brings to your rental, you'll understand how important it is that residents complete the entire application process to ensure that we are finding you a great tenant!