BoomSplit is currently available for renters who pay rent by rental portal (e.g. RentCafe, Appfolio). BoomSplit is not available if you pay rent by other methods (e.g. check, ACH, Venmo, etc.).
If you're unable to repay in the following month, we'll be in touch to help set up a payment plan. You will remain enrolled in BoomSplit while we get you caught up.
On the dashboard (home button), you will see the most recent upcoming, and two prior transactions by scrolling.
You can view all of your payment transaction history within the app. On your dashboard (home button), hit the "View all" button next to where it says Payment Activity.
Within Payment Activity, you will find any upcoming, as well as all prior transactions.
Nothing. BoomSplit works without involvement from your landlord.
Boom can report your rent payments to different credit bureaus to build or boost your credit.
Check out www.boompay.app/boomreport for more information.
Yes. We can report any lease or valid agreement within the last 24 months, whether you are still living at that address, or whether that lease is active. If your lease has expired, but you are now living month to month at the same address with no formal renewal agreement, this information would also count.
BoomReport offers two offerings currently: 1) Historical reporting - up to 24 months of historical rental data 2) Ongoing reporting - add your ongoing payments to your credit report
Today, you DO NOT need to use the app for historical reporting. You DO need to use the app for ongoing reporting.
You only need three items to use BoomReport:
(1) a formal rental agreement within the past 24 months, (2) pay rent via a rental portal or bank-linked method (cash or money order rent payements don't work with BoomReport).
Just signing up has no impact, positively or negatively on our score. Once we've confirmed all information provided, we would then report your payments. We rarely if ever expect to see a negative impact on your score. In almost all cases, we'd expect to see a positive impact from 10 - 100 points which can range depending on how many payments we submit, yoru current score, and how much credit you have outstanding.
Credit bureaus only consider payments late if they are 30 days or more late. So, if you had late fees but still paid within 30 days of your due date, we will still report this as on time.
We are required by our credit bureau partners to report continuous lease months back to the beginning of the lease. If you have multiple leases within the past 24 months, we suggest that you only report leases with 100% on-time payment rate.
If you have a copy of your rental agreement and pay your rent via rental portal or bank-linked method (e.g. check, ACH, PayPal, etc.), we do not need to involve your landlord.
You can report payments as far back as 24 months whether you are currently still in that address, still renting, have a renewed lease at the same address or other.
If you pay rent with the Boompay app, we can report your payments ongoing each month as well.
Approximately 10-15 days. Once you complete your BoomReport enrollment, your information will be verified soon after if everything is in place. It can take the credit bureaus 10-15 calendar days to process the file.
BoomReport is helpful for anyone who has rented within the past 24 months or is renting now and is looking to build or improve credit. BoomReport members typically see a credit score increase anywhere from 5 - 100 points, depending on the individual. It’s impossible to predict the exact impact, but generally the lower your credit score, the bigger the impact you’ll see.
Boom reports to all three major credit bureaus: Experian, Equifax and TransUnion.
If you pay by rental portal and you are able to authenticate your portal, you can proceed without linking your account.
If you do not pay by rental portal and you are unable connect your bank account, you can link your account after checking out. However, if you do not pay by rental portal and your bank simply isn't available on Plaid, we unfortunately are unable to serve you.
A copy of your lease is the fastest way to get verified. We recommend you contact your landlord for a copy. If you pay rent by rental portal and you authenticate your account, we can typically verify that way.
If you still cannot find a copy, we may be able to use a utility bill and a phone verification with your landlord.
We are upfront that it is hard to be definitive on the exact impact reporting your rent will have as there are MANY factors that go into this calculation that are specific to your credit profile.
As a general rule of thumb, we expect that for those with credit lower than 700, we'd expect the impact to be greater than those with credit above 700. If you have no credit, this is a way to build a credit tradeline easily, without accumulating debt to do so.
We have seen that the average score increase is ˜30-40 points, and in many cases, it can be as high as 100 points. For those with a higher credit score or a more complicated credit profile overall, the increase may be closer to 10-20 points if at all.
The way you should think about Boom's reporting service is that the likelihood of an increase or impact is high, however, you are paying for the chance to earn the credit you deserve to maximize your score, regardless of whether the potential impact is a 10 or 100 point increase.
A formal rental agreement is a lease, sublease, roommate agreement, or other legal document that shows the amount, the start and end date of your term, your address and who you are renting from.
Email us at firstname.lastname@example.org with the following information:
- Subject: Delete My User Account
- Body: Please delete the account for [Enter Your Name], with the phone number [Enter Your Phone Number].
We will delete your account within 72 hours and you will receive a confirmation email once we do.
Boom only collects and stores data necessary to conduct it's business and deliver it's payment and credit reporting service to our users. Most sensitive information like payment account information is stored with our partners like Plaid and Stripe which are bank-grade, highly-encrypted services and work to perform the same function with Boom that they do for companies like Paypal, Robinhood, Coinbase, Venmo, Acorns, Chime and more.
Email us at email@example.com or contact us on chat and we will reset your account or provide you the relevant information after verifying some details.