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If you don't find an answer to your question, chat us at the widget at bottom right of this screen, or email us at hello@boompay.app

BoomSplit

What types of rent payments does BoomSplit work with?

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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.).

What happens if I'm unable to repay my BoomSplit payment in the following month?

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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.

How do I see all my past payment transactions?

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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.

What does my landlord need to do?

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Nothing. BoomSplit works without involvement from your landlord.

What is Boom's rent reporting feature?

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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.

BoomReport

Can I report my old or prior lease if the lease is no longer active, valid and/or I’ve already moved out?

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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.

Do I need to use the BoomPay app to qualify for BoomReport?

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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.

Do I qualify to use BoomReport?

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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).

Does signing up affect my credit negatively?

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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.

How does this work if I have late payments?

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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.

How does this work with my landlord? When do you need to contact them?

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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.

How far back can you report my rent payments? What about my upcoming / future payments?

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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.

How fast will I see an impact on my credit score?

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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.

Is BoomReport for me?

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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.

What credit bureaus does BoomReport report to?

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Boom reports to all three major credit bureaus: Experian, Equifax and TransUnion.

What if I can’t connect or link my bank account?

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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.

What if I don’t have a copy of my lease?

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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.

What impact will reporting rent have on my score?

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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.

What is considered a formal rental agreement?

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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.

Privacy, data & General

How do I delete my account?

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Email us at hello@boompay.app 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.

How does Boom protect my personal information and data?

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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.

For a complete explanation on how Boom stores and uses data, reference our privacy policy at boompay.app/legal.

What do I do if I forgot my account username, phone number or password?

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Email us at hello@boompay.app or contact us on chat and we will reset your account or provide you the relevant information after verifying some details.

If you don't find an answer to your question, chat us at the widget at bottom right of this screen, or email us at hello@boompay.app