Boom's Rent Reporting as a Service is best fit for system of record (SoR) companies that serve
as the source of truth for lease data and rent payment data
Platforms that hold the lease, receive and process rent payments, and execute other core functions such as maintenance
Due to Boom’s robust credit bureau integrations and tradeline verification, you'll attain 99%+ reporting accuracy, meaning better customer experience and higher credit impact for your tenants
Encourage users to enroll in rent reporting by inserting a toggle in your lease signing process, allowing users to opt in (or opt out) by default.
Enable users to enroll in rent reporting after the lease signing process by adding an option on the rent payment page or module.
Create a management dashboard to allow your users to track their rent payment statuses and manage their account.
Before Boom, any company that wanted to report rental data had 2 bad options. You either had to spend many months or years figuring it out, or work through expensive and inaccurate 3rd party vendors. You might even be talking to these vendors now. These vendors typically require you to manually pass CSVs back and forth (no APIs), have no feedback loops on either data verification or furnishment, and are even slower than initially meets the eye. They'll often ask you to share user data in clunky and unsecured ways such as via email to troubleshoot errors in a one-by-one fashion.
One of the biggest things these companies get wrong is that they do not store what data was previously furnished for a given consumer. It is not simple enough to take data and transpose it to Metro 2; rather, data must be validated and checked against prior furnishments to ensure the data logically tracks. Without doing this, and combined with theses companies’ manual processes, you'll inevitably find yourself with data issues and headaches for you, the credit bureaus, and the consumer.
We know this, because we used them until we got fed up with the issues.
Boom's Rent Reporting as a Service (RRaaS) changes all that. We spent the last two years building rent reporting from the ground up. We've stripped out all 3rd party data processors and have built rent reporting as code. That means data validation, Metro 2 generation and furnishment, and error detection and handling are built in software end to end with direct integrations with all 3 credit bureaus. On top of all this we've added dispute handling so you remain compliant and responsive to your customers.
Perhaps most importantly: We eat our own dogfood. Unlike other platforms, we are fully aligned with you to deliver the best rent reporting service because if we get it wrong, our own users suffer, as do the our App Store and Play Store ratings.
Boom compresses multiple layers of complexity into a simple API
and user-facing dashboard, combined with responsive customer support.
Validate data for formatting and rental logic (i.e. prior data submitted)
Adapt to rent reporting-specific data verification and requirements
Recognize returning users and potentially duplicate users and tradelines
Programmatically generate Metro 2 files
Adapt to all Metro 2 formatting changes required by each bureau
Furnish to all 3 credit bureaus: Experian, Equifax, TransUnion
99.99%+ furnishment uptime
Closed loop tradeline 'read' verification after furnishment for accuracy
Furnishment outcome statistics provided (open, closed, not found)
Detect data changes from your system, trigger updates automatically
Proactively re-open or close tradelines when bureau and core system data is not synced
Manage credit disputes across all 3 credit bureaus
Responsive and helpful support for you and your users
Handle all credit bureau audits, so you don't have to
Manage and stay up to date with all FCRA requirements
Boom is the only rent reporting company with true technical
differentiation that gives you the flexibility and simplicity you want.
We're users of our own product. As a result, we’re accountable to our App Store rating, and are immediately aware of any issues and product opportunities.
Report on-time payments only, or also allow for delinquency reporting. Report both ongoing and past payments, up to 24 months of history.
Boom enables you to add the name of your company (PMS software) to the rental tradeline on a consumer's credit report, increasing your brand awareness.
Get reports and visibility on which users are being furnished for which property managers, as well as track credit score improvements.
We're a leading rental data furnisher with all 3 bureaus. Buyer beware on other companies: Many companies say they report to all 3 bureaus but do not.
Boom gives you full control of how to implement rent reporting in your product, including the user-facing UI, product offering, and pricing.
Boom is the only company that 'checks its work' with our Tradeline Verification syncing feature, ensuring the highest data furnishment accuracy.
First to market with API-driven rent reporting. If you're looking for something your developers will love, Boom is the right fit.