VERO offers three ways for you to provide a snapshot of your income and assets as part of your leasing application. However, sometimes when using these methods, you may see that your income is unverified or is verified for a less amount than you expected. There are some common things that may lead to this that we'll explore below based on the income verification method you used.
Direct Link to Payroll, Employer, or Benefits Account(s):
If you are unable to connect to your accounts or connected one or several accounts through employer or payroll accounts in the Add Income step of your application, but are not seeing your income appear on your application summary, it may be due to the following:
An issue connecting to your payroll account
The connected account is only sharing partial data
How to Resolve: An issue connecting to your payroll or employer account:
Confirm that you are using the correct credentials. You will receive an "invalid credentials" message if you are not using the expected log in username, email, or password.
Confirm that your account is fully activated within your employer or payroll provider.
You may receive an "Account inactive", "No matching record found", "Your log in credentials have expired", or a "Log in failed" error message.
You will need to log directly into your employer or payroll provider to finish setting up your account.
Confirm that your company or log in method are supported.
You may receive an "Error" message that states that your Company ID cannot be used with the selected log in method, or a message that the MFA method not supported. This means your company may not support a log in method that allows using this service.
You can log in directly to your payroll or employer account and confirm if you are able to select an alternative the login or MFA method method. You may need to reach out to your Payroll or HR specialist for assistance.
Log in directly to your payroll provider using your credentials and confirm that the credentials are correct, and any MFA requirements are working as expected.
If you cannot get logged in directly, you may want to reset your password so that you can get logged in directly, and then within VERO.
How to Resolve: A connected account is sharing only partial data:
Confirm that sufficient data is available to VERO to generate an income stream
VERO must have enough data to see amount and frequency of your payroll to share a verified income stream with a property.
If you have not been with the company for more than 30 days with at least three pay periods, an income stream may not be able to be produced.
If your most recent paystub in your employer or payroll account was logged longer than your normal pay frequency, VERO may not be able to produce a verified income stream.
Log in directly to your payroll or employer provider and confirm that the expected data is available to the account through that log in.
If you have additional or separate payroll or employer accounts, you may need to log into them separately.
If the accounts connected all seem correct, confirm with your HR or Payroll specialist whether they restrict the sharing of employment data.
Direct Connection to Bank Account(s):
If you connected one or several bank accounts through the Add Accounts step of your application, but are not seeing your income appear on your application summary or is less than what was expected, it may be due to the following:
You receive your income deposits from your employment across different accounts
You receive your income in cash with no identifiable source on the deposits or you receive your income deposits from a cash transfer app like CashApp or Venmo.
You haven't received any income deposits in a recent amount of time
How to Resolve: You receive your income deposits from your employment across different accounts
Make sure that you've connected all of the accounts that you receive deposits in VERO. VERO can calculate the income stream across multiple accounts as long as the employer name on the deposit transaction name match.
For example, if you distribute 90% of your paycheck to your checking and 10% to savings, but only connect your checking account, VERO will only be able to verify 90% of your deposited income.
How to Resolve: You receive your income in cash with no identifiable source on the deposits or you receive your income deposits from a cash transfer app like CashApp or Venmo
VERO currently cannot identify with confidence income streams based on cash or cash-like income through cash exchange apps like CashApp or Venmo, as they often lack the necessary employer identifies needed to group transactions together as a single source of income.
An alternative means of income verification, like direct connection to a payroll account or uploaded tax documents would be needed in this instance
How to Resolve: You haven't received any income deposits in a recent amount of time
In order to verify income from bank transactions, VERO needs to have enough data to identify both the source, the frequency, and amounts to generate a verified income stream.
If your last payment from your employer wasn't recent enough within the pay frequency detected, then the income source will be seen as inactive. This may happen if you switched deposit accounts and the most recent deposit was made into a different account or if you recently separated from that employer.
Uploaded Financial Documents:
If you uploaded Financial Documents to your application, but are not seeing your income appear on your application summary or is less than what was expected, it may be due to the following:
Insufficient data to generate income stream
The documents are still parsing or issue parsing data
You haven't received any income in a recent amount of time based on the document type being used.
How to Resolve: Insufficient data to generate income stream
Depending on the documents used, VERO requires a minimum amount of data in order to generate verifiable income.
The only documents VERO can used to verify income are W-2s with Paystubs and 1099s. If you have uploaded documents that are not these types, VERO will not be able to automatically generate verified income, but will still display the documents to the leasing team for income verification purposes.
W2 + Paystubs
In order to generate verified income using a W-2, it must also be paired 3 of your most recent paystubs. The paystubs when combined with a W-2 must all be from the last 90 days with the most recent one in the last 30 days and the employer names must match between the paystubs and W-2. The W-2 must be from the last calendar year.
1099
If using a 1099 as your income verification document, the document must be from the previous tax year unless the month you are completing your application is January or February. If it is January or February, the 1099 from the previous 2 years will be accepted as the most recent 1099 may not yet have been generated.
If you have been directed to verify your income with paystubs alone or bank statements, please reach out to VERO Support if you need assistance. This is a custom configuration for certain properties and we will happily assist you in resolving any issues with those documents.
How to Resolve: The documents are still parsing or issue parsing data
If the documents are still parsing you will be able to proceed with your application and submit it, but the verified income may not be populated. Please give the parser a couple of hours to parse and process the data in your files. If any issues with the documents are discovered, like unsupported file types or the document was unable to be parsed, you will receive an email to prompt you to return to address any issues.
How to Resolve: You haven't received any income deposits in a recent amount of time based on the document type being used
Depending on the document, it must be from a recent enough time period in order to be verified income.
W-2: From the previous tax year.
1099: From the previous tax year, unless it is currently Jan or Feb, then the two previous tax years are accepted.
Paystubs: When used with a W-2, paystubs must span at least last 90 days. The most recent of the paystubs must be within the last 30 days.
VERO can only verify income through one of the above methods at a time, as we do not yet have a way to automate the de-duplication process that meets our reliability standards when combining income verification methods.
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This means that if you connect a payroll account and add documents, we will only use the connected payroll account for denoting verified income, but will still demonstrate all income sources you provide to the property for their review.
We're here to help! VERO Support is happy to help troubleshoot any of the above methods of income verification or offer guidance to ensure that your income is able to be verified when possible.