Overview

Rent reporting refers to the process of systematically reporting tenants' on-time rent payments to the three major credit bureaus, which will result in this information being placed on the tenant’s credit report. This process can significantly influence a tenant’s credit score, especially for those with thin credit files or poor credit history, because it shows a pattern of on-time payments and can quickly establish a lengthy credit history (particularly if a tenant reports past rent payments). 

Rent payments aren’t typically reported to credit bureaus in the same way that payments toward your loans, credit cards, or mortgages are reported. Since rent reporting isn’t automatic, your rent payments will only be reported if you enroll in a rent reporting service and request that the data be reported each month.

Frequently Asked Questions

Who is Boom?

Boom is a company that was started in 2020 for the purpose to enable their members to build their credit score through the use of the rent payments that they already make.

How do Chime and Boom partner?

Boom and Chime have partnered up to provide members with the ability to report their rent payments to the bureaus. Members will have to sign up to pay their rent payments through Chime, and Boom will take care of the reporting.

How do I sign up for Rent Reporting?

1. Go to Profile.
2. Choose Rent Report.
3. Verify your identity, add your rent details, and select how you want to pay your rent. 
4. Boom goes to work to verify your data in less than 24 hours and report your payments to all three credit bureaus thereafter. If there are issues in verifying  your data, you’ll receive a notification to resolve it.
   • What issues could I see?
     1. Lease needs verification
     2. Identity Issues
     3. Landlord Issues
     4. Bank Error Issues
     5. Attached Documents

How do I contact Boom?

You can chat with Boom directly by navigating to the Help button on the Rent Reporting page or by using the chat function in the bottom right corner of the Boom website boompay.app/renters, or by email at hello@boompay.app.

Boom does provide phone support, but only for credit reporting-related inquiries and only if you schedule a call beforehand. You may contact Boom at 415-940-7235. Once you get to voicemail, please leave your name, email, and a brief description of your credit reporting issue, and a Boom team member will text or email you back to schedule a credit reporting troubleshooting call.

How do I file a credit report dispute for a rent reporting line item?

You must contact Boom directly if they need to file a credit report dispute related to your Rent reporting with the three credit bureaus.

How do Members Unenroll in Boom?

Member-Initiated Opt-Out

Members can discontinue the rent reporting service through Boom’s customer service channels or Chime in-app options. If a member opts out via Boom, it will trigger an event for Chime to act on, generating a notification visible in the Chime app. For Chime in-app opt-outs, members can navigate to their profile and select “End Reporting” or go to their lease details and choose to end their lease. Once the service is discontinued, Boom will stop the rent reporting and close the associated tradeline.

Lease Termination

The "lease ending process" allows members to manage their lease status when it expires or reaches its designated end date. Members can terminate their lease at any time, thereby ending the rent reporting process. If the lease expiry date is approaching, they will receive notifications (from Chime) prompting them to update their lease details. During this process, members can also indicate if they have transitioned to a month-to-month lease. Once the rent reporting tradeline is closed, members receive a confirmation from Chime, and Chime ensures timely notifications well in advance of the lease ending to remind them to update their lease information.

What type of lease agreement is accepted?

A formal lease agreement is a legal document enforceable in the United States that is used by a landlord renting property to a tenant. 

A formal lease agreement can be a lease, sublease, written roommate agreement, or other legal document that shows the tenant name, monthly rent amount, lease start / end date, rental address, and landlord information. 

The credit bureaus require each renter to have a formal lease agreement in order to use Boom.  

Do I need to be named on the lease agreement?

Yes, the credit bureaus require each renter to have a formal lease agreement in order to use BoomReport. 

What rent payment methods are accepted?

Boom only accepts rent paid through Chime. Acceptable rent payment methods include the following:

• ACH
• Direct deposit
• Card Purchase (Debit, Credit Builder)
• Check
• Pay Anyone

Boom will automatically identify rent payments in your Chime account transactions each month using advanced matching technology. Rent payments made outside of Chime accounts will not be detected, and rent for that period will not be reported. If you make a rent payment outside of Chime, you'll need to contact Boom directly and provide proof of payment to request an exception.

How much will my Credit Score change?

Adding rent reporting to your credit report may help diversify your credit profile and could improve your credit score over time.

It’s not possible to predict the exact impact on your credit score, credit scores are determined independently by each bureau based on several factors.

On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Impact on your credit may vary, as credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

Can reporting my rent payments negatively impact my credit score?

Boom reports your rent payments to the credit bureaus. On-time payment history may have a positive impact on your credit score. Late payments may negatively impact your score if they’re reported as delinquent. Credit scores are determined independently by each bureau based on several factors, including how many rent payments are reported and your overall credit profile. The impact may vary.

Boom is a third-party service. If you have questions about how your rent payments are reported, you can contact Boom directly.

Do I have to pay Chime or Boom to have my rent reported?

No. You won’t be charged to report your rent if you sign up through Chime since you are a member.