Payscore: Difference between revisions
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Payscore is a payment management platform founded initially as ''The Closing Docs'' by Sephen Arifin and Mark Fiebig in October 2017. Its advertised purpose is to verify the authenticity of renters. | Payscore is a payment management platform founded initially as ''The Closing Docs'' by Sephen Arifin and Mark Fiebig in October 2017. Its advertised purpose is to verify the authenticity of renters. | ||
==Consumer-impact summary== | ==Consumer-impact summary== | ||
User freedom: Often the usage of this service is mandatory for anyone renting or getting a loan.<ref>{{Cite web |last=u/Competitive-Mud-4898 |date=May 31, 2024 |title=Property management and income verification |url=https://old.reddit.com/r/alameda/comments/1d4zgp7/property_management_and_income_verification/ |access-date=Mar 22, 2025 |website=Reddit}}</ref> | User freedom: Often the usage of this service is mandatory for anyone renting or getting a loan.<ref>{{Cite web |last=u/Competitive-Mud-4898 |date=May 31, 2024 |title=Property management and income verification |url=https://old.reddit.com/r/alameda/comments/1d4zgp7/property_management_and_income_verification/ |access-date=Mar 22, 2025 |website=Reddit |archive-url=http://web.archive.org/web/20250404132129/https://old.reddit.com/r/alameda/comments/1d4zgp7/property_management_and_income_verification/ |archive-date=4 Apr 2025}}</ref> | ||
User privacy: Shares user info solely between consumers and renters as per section 3 of TOS.<ref>{{Cite web |last=Payscore |title=Terms of Service |url=https://www.payscore.com/terms-of-service |archive-url=http://web.archive.org/web/20251211120300/https://www.payscore.com/terms-of-service |archive-date=11 Dec 2025|access-date=Mar 24, 2025 |website=Payscore}}</ref> However because of the mandatory requirement of sharing your bank credentials, the service may be sharing private transactions with landlords,<ref>{{Cite web |last=u/peachblueberrymuffin |date=Jun 5, 2023 |title=Is pay score legit? |url=https://old.reddit.com/r/renting/comments/141r3bf/is_pay_score_legit/ |access-date=Mar 24, 2025 |website=Reddit}}</ref><ref>{{Cite web |last=u/sividis |date=Jun 10, 2024 |title=Apartments now require access to Bank accounts? |url=https://old.reddit.com/r/sandiego/comments/1dcrgg3/apartments_now_require_access_to_bank_accounts/ |access-date=Mar 22, 2025 |website=Reddit}}</ref> which may be sold. | User privacy: Shares user info solely between consumers and renters as per section 3 of TOS.<ref>{{Cite web |last=Payscore |title=Terms of Service |url=https://www.payscore.com/terms-of-service |archive-url=http://web.archive.org/web/20251211120300/https://www.payscore.com/terms-of-service |archive-date=11 Dec 2025|access-date=Mar 24, 2025 |website=Payscore}}</ref> However because of the mandatory requirement of sharing your bank credentials, the service may be sharing private transactions with landlords,<ref>{{Cite web |last=u/peachblueberrymuffin |date=Jun 5, 2023 |title=Is pay score legit? |url=https://old.reddit.com/r/renting/comments/141r3bf/is_pay_score_legit/ |access-date=Mar 24, 2025 |website=Reddit |archive-url=http://web.archive.org/web/20250403110834/https://old.reddit.com/r/renting/comments/141r3bf/is_pay_score_legit/ |archive-date=3 Apr 2025}}</ref><ref>{{Cite web |last=u/sividis |date=Jun 10, 2024 |title=Apartments now require access to Bank accounts? |url=https://old.reddit.com/r/sandiego/comments/1dcrgg3/apartments_now_require_access_to_bank_accounts/ |access-date=Mar 22, 2025 |website=Reddit |archive-url=http://web.archive.org/web/20250404215331/https://old.reddit.com/r/sandiego/comments/1dcrgg3/apartments_now_require_access_to_bank_accounts/ |archive-date=4 Apr 2025}}</ref> which may be sold. | ||
When the company was formerly known as ''The Closing Docs'', they were also selling "anonymized" user data.<ref name=":0">{{Cite web |last=u/missile_lily |date=Jan 10, 2023 |title=Landlords using service that requests and resells entire financial records |url=https://old.reddit.com/r/privacy/comments/108kn7q/landlords_using_service_that_requests_and_resells/ |access-date=Mar 22, 2025 |website=Reddit}}</ref> | When the company was formerly known as ''The Closing Docs'', they were also selling "anonymized" user data.<ref name=":0">{{Cite web |last=u/missile_lily |date=Jan 10, 2023 |title=Landlords using service that requests and resells entire financial records |url=https://old.reddit.com/r/privacy/comments/108kn7q/landlords_using_service_that_requests_and_resells/ |access-date=Mar 22, 2025 |website=Reddit |archive-url=http://web.archive.org/web/20250403111920/https://old.reddit.com/r/privacy/comments/108kn7q/landlords_using_service_that_requests_and_resells/ |archive-date=3 Apr 2025}}</ref> | ||
Business model: Property managers and lenders pay a fee to use their service to cover verifying rent. | Business model: Property managers and lenders pay a fee to use their service to cover verifying rent. | ||
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Payscore
| Basic information | |
|---|---|
| Founded | 2017 |
| Legal Structure | Private |
| Industry | Fintech |
| Also known as | |
| Official website | https://www.payscore.com/ |
Payscore is a payment management platform founded initially as The Closing Docs by Sephen Arifin and Mark Fiebig in October 2017. Its advertised purpose is to verify the authenticity of renters.
Consumer-impact summary
[edit | edit source]User freedom: Often the usage of this service is mandatory for anyone renting or getting a loan.[1]
User privacy: Shares user info solely between consumers and renters as per section 3 of TOS.[2] However because of the mandatory requirement of sharing your bank credentials, the service may be sharing private transactions with landlords,[3][4] which may be sold.
When the company was formerly known as The Closing Docs, they were also selling "anonymized" user data.[5]
Business model: Property managers and lenders pay a fee to use their service to cover verifying rent.
Market control: Some competition, such as from Plaid and Yodlee.
Incidents
[edit | edit source]This is a list of all consumer-protection incidents this company is involved in. Any incidents not mentioned here can be found in the Payscore category.
Selling user data
[edit | edit source]When the company was formerly known as The Closing Docs, they were selling "anonymized" user data.[5]
Example incident two (date)
[edit | edit source]...
See also
[edit | edit source]References
[edit | edit source]- ↑ u/Competitive-Mud-4898 (May 31, 2024). "Property management and income verification". Reddit. Archived from the original on 4 Apr 2025. Retrieved Mar 22, 2025.
{{cite web}}: CS1 maint: numeric names: authors list (link) - ↑ Payscore. "Terms of Service". Payscore. Archived from the original on 11 Dec 2025. Retrieved Mar 24, 2025.
- ↑ u/peachblueberrymuffin (Jun 5, 2023). "Is pay score legit?". Reddit. Archived from the original on 3 Apr 2025. Retrieved Mar 24, 2025.
- ↑ u/sividis (Jun 10, 2024). "Apartments now require access to Bank accounts?". Reddit. Archived from the original on 4 Apr 2025. Retrieved Mar 22, 2025.
- ↑ 5.0 5.1 u/missile_lily (Jan 10, 2023). "Landlords using service that requests and resells entire financial records". Reddit. Archived from the original on 3 Apr 2025. Retrieved Mar 22, 2025.