Payscore

Payscore, formerly The Closing Docs, sells a cloud-based verification platform that confirms an applicant's income, employment and identity for rental leasing and consumer lending decisions. Rather than relying on pay stubs or uploaded bank statements, the platform collects data directly from an applicant's bank or payroll system through consumer-permissioned connections, and falls back on AI-based document verification or direct employer confirmation of offer letters when a direct connection is not possible. Each report consolidates bank, payroll and document data into a single verified income result, including a 12-month deposit trend and an automatically calculated rent-to-income ratio measured against customer-configurable pass/fail policies, typically returned in under 60 seconds.

Beyond income, the platform offers biometric identity verification that compares a live selfie against a scanned government ID — checked against a library covering more than 10,000 government ID types from over 200 countries and territories — and AI agents that autonomously contact prior landlords to confirm tenancy dates, ledger-matched rent payments and lease conduct with a documented audit trail. Payscore reports connectivity to more than 20,000 banks and financial institutions, covering 99% of North American banks plus services such as Venmo, Square and PayPal, and states 99% payroll coverage of the U.S. workforce. The company also markets a vehicle-lending product used in motorsports dealerships.

Founding story

The company was founded in October 2017 as The Closing Docs by Stephen Arifin and Mark Fiebig. Arifin's early research confirmed that the frustrations Fiebig had experienced over decades as a property manager — wasted time, inaccuracy, fraud and liability exposure, and inconsistent decision-making — were shared industry-wide. Interviews with operators of all sizes pointed to income verification as the central problem, leading the pair to build a cloud-based solution they termed automated income verification. Discovery work also surfaced that pay stub–based verification disadvantaged renters with tip-based, cash or gig earnings.

Business model

B2B software sold to property management operators, leasing teams and lending professionals, who purchase verification reports and platform access; applicants supply their own data at no stated cost to them.

Revenue is generated from business customers that deploy Payscore's verification platform, either through its software portal, via integrations with property management systems, or through an embedded API.

Traction

Payscore states it automates verification for more than 700,000 properties nationwide, is connected to over 20,000 banks and financial institutions covering 99% of North American banks and 99% of the U.S. workforce for payroll, and has been rated 4.5 out of 5 by applicants over more than eight years. Published case studies describe a property manager doubling occupancy at a property taken over at 42% occupancy and NOAH Property Management reducing evictions and shortening its leasing cycle. The company reports its platform removes at least an hour from processing each applicant.

Latest developments

The company's current platform positioning centers on direct-source verification across bank, payroll, document, identity, offer letter and rental history channels, including AI agents that confirm offer letters with employers and contact prior landlords, and biometric ID checks intended to replace hardware-dependent methods.