If you have limited credit history or are seeking ways to improve your credit score, Boom may be a solution. Boom lets you use recurring and past rent payments to build your credit. The cherry on top? Its prices are affordable compared to other rent reporting companies.
Business Insider's personal finance team compared Boom to the best rent reporting services and found it to be a standout for its low cost and simplicity. However, it is a bare-bones rent reporting service, so if you are looking for other features like credit monitoring or utility payment reporting, you might want to think about one of its competitors. Read on to see if Boom is right for you.
$3 per month
- Three-bureau reporting
- Doesn’t require the landlord’s approval
- Report up to 24 months of past payments
- Mobile app-only
- Reports to all three credit bureaus
- $3 per month
- For a one time $25 payment report up to 24 months of past rent history
- No landlord required instead Boom Pay syncs to your bank transactions
Overview of Boom
Company Background and History
Boom launched its rent reporting service in 2020, helping users leverage their rent payments to build credit. The company is headquartered in Austin, Texas, and its services are entirely online. In addition to rent reporting, Boom lets you track your credit score and aids in your apartment search through its housing group network.
Features and Services
Boom is refreshingly simple. You can report your monthly rent and report up to 24 months of past rent payments on your current lease. That's it. There are no additional features tacked on.
If additional features, like credit monitoring, identity theft insurance, or utility payment reporting are appealing to you, look elsewhere. However, if you're just in the market for rent reporting, Boom is a strong option.
How Boom Rent Reporting Works
Boom's function is to report your positive rent payments to the credit bureaus. When signing up, the company will ask you to verify your identity, add your rent details, and connect the bank account your rent payments are on. Users can utilize online payment types like Zelle, Venmo, Cash App, ACH, and their property management portal to prove rent payments.
Once the verification process is complete, Boom will start reporting your rent payments to the three credit bureaus — Experian, Equifax, and TransUnion. Your credit report should reflect the update in about 10 days. Its monthly plan reports your rent to the bureaus on a monthly basis, and its retroactive rent reporting plan reports up to 24 months of past rental payments.
User Ratings and Reviews
Boom's customer ratings on both Trustpilot and the Better Business Bureau are limited, totaling seven reviews. However, these reviews are generally negative. Customers expressed frustration with its customer service and unresponsiveness. Users also mention Boom's failure to report payments after providing the required verification documentation. The low volume of user-generated reviews may only give a partial picture of the product's quality.
Meanwhile, Boom received stellar ratings for its mobile app, earning an average of 4.5 stars out of 5 on Google Play across 454 reviews and 4.6 out of 5 stars across 943 reviews on the Apple app store. But you can only manage your account via mobile app, which may not appeal to users who prefer web browsers.
Boom Rent Reporting Pricing
Boom's low fees may be a selling point for potential users: It costs $3 per month.
And if you aren't satisfied with your experience, Boom offers a seven-day, money-back guarantee. It's worth pointing out that Boom claims your credit report will be updated after 10 days at most, but recommends waiting 30 days before looking for updates to your credit report.
You can purchase either a monthly plan, a past rent reporting plan, or both.
Boom Rent Reporting vs. its Competitors
Boom vs. Self Rent Reporting
Self Rent Reporting's rent reporting service is more expensive than Boom's, costing $0-$6.95 monthly + optional $49.95 fee for retroactive reporting.
While Self Rent Reporting's monthly fee is higher, you don't have to pay an enrollment fee. Also, Self Rent Reporting's premium rate comes with more perks. In addition to rent reporting, your monthly fee includes utility and cell phone bill reporting to TransUnion. Boom doesn't offer this feature.
Read our Self Rent Reporting review.
Boom vs. Rental Kharma
While Boom reports your rent payments to all three credit bureaus, Rental Kharma only reports your rent payments to two: Equifax and TransUnion. As a result, you're missing out on the full credit-building benefits of rent reporting. On top of that, Rental Kharma's fees are higher than Boom's, at $75 signup + $8.95 monthly.
Rental Kharma may be appealing if you want to report your previous rental payments at your current residence, no matter how old it is. Boom only includes up to 24 months of past rent payments. Also, Rental Kharma offers a longer money-back guarantee period of 90 days. The guarantee consists of the enrollment cost and any ongoing fees accrued.
Read our Rental Kharma review.
Boom vs. RentReporters
Boom is far cheaper than RentReporters, which costs $94.95 one-time fee + $9.95 monthly or $94.50 annually.
Boom offers up to 24 months of retroactive rent reporting for a one-time $25 fee, a service that RentReporters includes at no additional cost. However, its additional landlord service costs $50.
Boom's simplicity and its low cost beat RentReporters easily. However, Boom's rent reporting takes at least 10 days to show up on your credit report. For expedited credit reporting, RentReporters expedited reporting can have 24 months of past rent payments reported in 3 to 5 days.
Read our RentReporters review.
Frequently Asked Questions About Boom
Pros of Boom include a user-friendly interface and advanced security measures to protect customers from fraud; cons include higher pricing for premium features.
Whether Boom rent reporting is with it depends on what you need. If you're looking for an affordable, bare-bones rent reporting company, Boom may be right for you. On the other hand, if you want a rent reporting company that offers additional credit-related features, consider other options.
Yes, Boom is secure and employs advanced security measures to protect user data and transactions from fraud.
Yes, Boom integrates with other platforms and offers integration capabilities for seamless operation; for example, Boom integrates with Rent Manager to provide a software platform for property managers to report rent payments.
