The most common cause of failing to verify a rental application is the time it takes to do it properly. But with today's technology, the verification process is instant.

Dan Jobrack, DATATrue. photo © RTO Online. See RTO Online's video podcast interview with Dan Jobrack here.

Virtually all RTO dealers collect reference data on rental applications. But how many take full advantage of the information by actually verifying the data? The most common cause of failing to verify a rental application is the time it takes to do it properly. But with today's technology, the verification process is instant.

"Use it or lose it", says Dan Jobrack, VP of Sales for DATATrue, a provider of instant rental application verification systems for the Rent to Own industry.

Jobrack says the nature of RTO puts dealers at high risk for both internal and external fraud. Fraud can be as discrete as a customer subliminally providing inaccurate or old information on a rental application, or as bold passing off phone numbers of friends who in reality are waiting next to pay phones to verify references. That risk can be easily minimized by requiring reference verification.

"Verifying data is the safest decision," continues Jobrack. "DATATrue's almost 2,000 customers understand that using the basic DATATrue Real-Time Verification process upfront for less than a buck a pop, can save hundreds of dollars in fraud at least once or twice a month."

According to Jobrack, even dealers set in their old ways quickly understand that even a single felonious transaction caught and eliminated, far exceeds the cost to process all customers through the basic DataTrue system for an entire month.

"150 basic transactions processed through DATATrue over a month cost $145.50. Even if you add the premium service and verify 3 references for each of those same 150 transactions, the total would be only 267.00 to process everyone for that entire month. Dealers are $933 ahead after preventing just the first fraudulent transaction which average approximately $1200.00 in lost merchandise, future rental value, collection labor, etc. Each additional fraudulent transaction avoided that month is money in the bank."

Another resource available through DataTrue on the back-end is the premium DATATrue Skip-Tracing Tool. Jobrack reports that during one rent-to-own company's first two days of using the DataTrue Social Security Number Skip-Tracing Tool, the company located and collected on past-due skips dating back 170-200 days. Manager's were in the field picking up or collecting on equipment that rented out six months earlier and supposedly "vanished".

Still other companies report with regularity how valuable the service has been in identifying potential customers who provide false data before signing an agreement , but then leave for "more information" and never return. "Imagine the impact to your bottom line having the power to detect a loss before it occurs in 1 out of 4 cases", challenges Jobrack.

Two additional back-end services offered are the customer Credit Reports and the Criminal Background Check for new hires. The Credit Report has no score and is used by RTO's for back-end skip and collection purposes. The Criminal Background Check is a powerful tool to ensure you are making sound hiring decisions. Both reports return to the customer with normal DATATrue speed of 30-seconds or less.

"In the end, the bottom line is simple," Jobrack said. "My experience with RTO and Payday Loan users is that they are responsible citizens in their communities, personal and business lives. Responsible people act responsibly by procuring things such as home, fire and auto insurance. These decisions are not made with the knowledge that their home will burn to the ground, or that they will for sure be in a car accident; rather it's a precaution if or when such a crisis occurs. The same mentality applies to DATATrue. Theft and fraud is a reality. It occurs daily whether we choose to acknowledge it or not. DATATrue usage is a proven tool to effectively address a significant portion of that reality. It is a responsible decision to improve your bottom line by reducing your losses on both the front end as well as the back."

Gene Sacco, President of DATATrue adds, "We currently have no minimum charges, no maintenance or subscription fees, plus offer no-cost demo's upfront…how can you go wrong with that?"

For more information and a free demo contact Dan Jobrack at djobrack@datatrue.net or 209.951.9375.