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Stephen White discusses the essential information landlords should collect from tenant applicants during the rental application process. He emphasizes the importance of using the correct application specific to each state, mentioning that some states, like New York, have rules against asking for a date of birth. For California, he recommends using the California Realtors Association application and notes that free resources are available on RentPrep.com. Key information to collect includes the applicant's name, date of birth, social security number, and current address. White stresses the significance of adhering to state regulations while gathering this data.