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RentReporters and Boom Pay are two of the most popular rent payment platforms on the market today. They both offer a rent reporting service, but they do it in very different ways. We’ll look at how each service works and how it can benefit you.
RentReporters vs Boom Pay - Who are they?
RentReporters and Boom Pay are both rent reporting services. They help you build your credit by reporting monthly rent payments to the three major credit bureaus on your behalf. They can also help you build your credit score by taking a snapshot of your current financial situation and showing lenders that you’re responsible with your rent payments. RentReporters is a credit reporting service that helps you build your credit score by reporting monthly rent payments on your behalf. They also offer other services, including a free credit report and a tenant screening tool. The company has been around since 2015 and offers this service to clients across the country. Boom Pay is another rent payment platform that helps people build their credit score.
Both services are designed to help people improve their credit scores by showing how responsible they can be when paying rent each month (and for those who would like to take out loans or apply for a mortgage down the road). However, there are some differences between these two companies that I'll explain below:
What does RentReporters & Boom Pay Cost?
RentReporters is free right now, but you can expect to see a monthly subscription fee in the future if you decide to keep using it.
Meanwhile, Boom Pay costs around $2/month which is less than a cup of coffee. There’s also no contracts, so you don’t have to commit yourself to anything if you don’t want to!
RentReporters cost around $8.95/month - more than Boom Pay (and other competitors). However, they offer some extra benefits such as access to professional landlords and property management companies who are willing to pay high rent amounts on behalf of their tenants in exchange for a portion of their payments. This makes RentReporters worth considering for those who simply want a simple solution that doesn’t require any work on their end or any additional fees beyond what they already pay out in rent each month anyway!
What can you expect to see when your rent payment is reported?
What can you expect to see when your rent payment is reported?
While it's impossible to predict exactly how your rent payments will affect your credit score, there are some general trends that we've noticed over time. Rent reporting helps you build your credit history by adding data points about where and when you've made payments, which helps lenders better gauge your risk profile. You'll see a small increase in your score at first, but after six months or so, the impact will likely be noticeable if all goes well.
"How long before I see results?"
Each lender has a different timeframe for updating their records with new information like rent reports—some may update immediately while others take longer. But it's important to remember that even if there isn't an immediate change to how lenders view our clients' creditworthiness (which there often is), they are still making progress toward building up positive payment history on their report!
"How long should I wait before I start looking for a home?"
Most lenders recommend waiting at least six months before applying for a mortgage. This gives you time to build up your credit, save some money for closing costs and other expenses, and get your finances in order so you can show lenders that you're ready to buy!
How does Boom Pay work?
Boom Pay is a rent reporting service that lets you report your rent to all three major credit bureaus in 10 days. Boom reports to Experian, Equifax and TransUnion for $2.00 per month, which is a great deal considering how much impact your rental payment history can have on your credit score.
BoomPay makes it simple and affordable for renters to get their rent paid on time every month. Their team works with landlords and property managers to make sure that everyone gets represented accurately so there are no surprises when it comes time for the landlord or property manager to collect their payment from the tenant.
Here's how it works:
Sign up for BoomPay using this link: a cool link
Report ongoing payments and up to 24 months of prior payments in just 3 steps: enter info about the leasing agent/landlord/property manager; add each person who pays rent; confirm that all parties agree with what was reported
The bottom line is that BoomPay makes it easy for renters to get their rent paid on time every month and by doing so, helps you build a positive credit history.
How does RentReporters work?
After signing up, you can report your rent by entering the amount due and what day it's due. You can also add descriptions of any issues you may have with your landlord or property manager, like broken appliances or other problems that might be affecting your ability to pay rent on time every month. If you have roommates who are also part of the lease agreement (and therefore responsible for paying their share), they'll need to create their own accounts so they can provide input on this information as well!
How rent reporting will enable you to build your credit.
1. Rent reporting is a great way to build your credit. Every month, you’ll pay rent for your apartment, which will be reported on your credit score. When it comes time to buy a house, the lender will check things like your job history and rent payments when deciding whether or not you qualify for the mortgage loan. By having these positive rental histories on file with major credit bureaus like Experian and Equifax, it becomes easier for lenders to approve mortgages for people who have strong rental payment histories in their pasts—which means more options available when it comes time for homeownership!
2. Rent reporting also gives renters peace of mind knowing they can prove they pay their bills consistently each month (and even get paid back if something goes wrong).
3. Rent reporting can help you get a better deal on your next apartment. If you’re looking for an apartment, landlords are more likely to be open-minded about rent prices if they know they have a good tenant already on file who pays their bills on time.
4. Rent reporting can help you get a better deal on your next house. If you’re looking for a mortgage, lenders are more likely to approve people with rental payment histories in their pasts (which means more options available when it comes time for homeownership!).
None of these companies are perfect, but they both do have a lot to offer. The big question is which service will be better for you. If you’re looking for a more comprehensive solution that can help build your credit and save money on rent, then RentReporters may be right for you. On the other hand, if you’re just looking to make sure that your payments are being made on time without all the bells and whistles, BoomPay may be simpler option for you! Either way, we hope this comparison has given some insight into how each company works.