Boom offers a platform that enables property managers to report renters' monthly payments to major credit bureaus, enhancing tenants' credit scores while driving on-time payments. The solution reduces fraud and increases revenue through real-time credit impact measurement and dynamic tenant screening.
Funding
$10.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Property managers face challenges in incentivizing timely rent payments, mitigating fraud during tenant screening, and maximizing net operating income (NOI) throughout the renter lifecycle. Traditional tenant screening processes can be slow and ineffective at detecting fraudulent applications, while a lack of credit-building opportunities for renters can lead to late payments and increased operational costs.
Solution
Boom offers a suite of financial tools for property managers, including rent reporting and tenant screening solutions. BoomReport enables property managers to report renters' monthly payments to Experian, Equifax, and TransUnion, incentivizing on-time payments and helping renters build credit. BoomScreen provides a dynamic tenant screening solution that mitigates fraud through income verification, criminal and eviction reports, and configurable data services. The platform integrates with property management software and offers APIs and webhooks for secure data management.
Target Audience
Boom primarily targets property managers across multifamily, single-family rental (SFR), and manufactured housing sectors seeking to improve on-time rent payments, reduce fraud, and increase NOI.
Features
- Rent reporting to all three major credit bureaus (Experian, Equifax, and TransUnion)
- Real-time credit impact measurement for renters
- Renter mobile app (iOS and Android) with free credit monitoring
- Dynamic tenant screening with income verification via bank, payroll, and documents
- County-level criminal and eviction reports
- Multi-faceted fraud detection
- Configurable data services and questions for tenant screening
- Integrations with AppFolio, Buildium, Quext, Rent Manager, ResMan, and Yardi
- Standard flat file (.csv) upload process for rent reporting
- APIs and Webhooks for secure data management