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Renting is fundamentally broken. You submit precious personal info over to a random stranger along with payment to check your credit. Last time I checked, thi
by 01100011 5y ago
Renting is fundamentally broken.
You submit precious personal info over to a random stranger along with payment to check your credit. Last time I checked, this fee is $25-50 USD. You've now given them enough information to steal your identity. You also may need to do this multiple times if you're rejected. The person receiving this information rarely has identity protection measures in place and you receive no guarantees that they've destroyed this information.
A much better solution would be to develop an escrow service which acts as a middleman between renters and landlords. Aspiring renters could sign up with the escrow and submit their information once. Their one-time fee would cover a fixed number of queries by potential landlords. The queries could include such information as income validation, criminal history, job history, rental history, etc. But these queries could be approved by the renter in advance. This sort of query process allows the renter to control the types of information given out. The queries could be structured to allow pass/fail results only, so that landlords do not receive intimate details but only know whether or not a renter is acceptable based on their criteria.
Once you have a system like that, you can open it up to all sorts of validation queries. Think of it as a general personal information escrow service.
This idea has been bouncing around in my head for over a decade now but I'm more of a low-level systems engineer so I never got around to trying to implement it. Seems like a decent startup idea though.
- deleted 5y ago[deleted]
- turtlebits 5y agoA service similar to what you’re proposing called Smartmove already exists. The renter pays them for the application + credit/background/etc checks. You don’t have to handle payment or take SSNs. Unfortunately pass/fail doesn’t work due to nuance in income/credit/rental history.
- rodonn 5y agoZillow does have a product like this: pay one application fee and you can reuse the background check across as many apartments as you apply to in a month. The biggest downside is that it only works for landlords that chose to accept the service.