Payscore
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| 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.