Verifying Income

Verifying Income

How can a candidate's current or past income be verified if the employer won't release salary information?

Employment verification is important whether you are running employment background checks or a tenant screening and you will probably like to know the applicant's salary or income history. Employers use past income information to see how well the applicant was valued in their previous position and if they are offering a competitive rate. Property managers or landlords as well as creditors value income information because that helps ensure the likelihood that they will get paid.

When performing a standard employment verification, information such as position, hire date and end date are included, but salary is only included if that company is willing to release that information. Companies are becoming more strict about releasing salary information making and one reason is not wanting competitors to use that information to lure away employees.

Self-employed individuals also present a problem when it comes to verifying income, could you trust what an entrepreneur says about himself/herself and would you extend credit in such a situation?

AAA Credit Screening Services provides a service called Income Check to help obtain that information.

Income verification is different from the standard employment verification process because information is obtained from the Internal Revenue Service (IRS). During this process, AAACSS can obtain income information on the requested individual for the past 2 years and will include traditional salaries or wages as well as non-traditional forms of income such as self-employment, disability benefits, child support, etc. Any income that the applicant has reported on their taxes will be included in this report.

Ordering and Income Check is quick and easy, but it is important to get the process started as soon as possible to provide the IRS with enough time to handle the request. Just call us with any questions.