The Industry’s First Suite of Rent Reporting APIs and UI Tools
Proptech platforms can launch embedded rent reporting to all 3 U.S. credit bureaus with a few lines of code to build renter credit, drive on-time payments, and grow ancillary revenue
AUSTIN, TX – October 30, 2023 - Today Boom announced the launch of Rent Reporting-as-a-Service, an API that enables system of record (SoR) companies, such as property management software platforms and rent payment gateways, to embed rent reporting into their products.
Reporting rental payments to the credit bureaus has seen increased interest from the real estate space over the past year, driven by a combination of rental fintech acquisitions and a landmark initiative by the FHFA to update the credit score model used for loans sold to the GSEs, Fannie Mae and Freddie Mac, the largest purchasers of mortgages in the US. The updated credit score models will soon incorporate rent payments.
“We originally built Boom using one of the data furnishers that many PMSs are currently using. It was fine to start, but it didn’t scale with enterprise-level volumes,” said Rob Whiting, CEO & Co-Founder of Boom. “Critically, using this vendor decoupled data ingestion and verification from data furnishment, which required us to pass spreadsheets back and forth. This led to a host of issues.”
Whiting continued: “This led us to build everything in house, from data ingestion and verification to furnishment. Because each credit bureau handles rental data differently, we worked closely with the teams at each bureau to define the approach, with strong validation from our bureau partners. Since then, we’ve been receiving inquiries from property management software platforms who were struggling with their rent reporting furnishers or haven’t been able to get it off the ground altogether. In launching Rent Reporting-as-a-Service, we saw an opportunity to solve an industry-wide problem while expanding renter access to credit building with rent.”
Boom’s Rent Reporting-as-a-Service API reports to all three credit bureaus: Experian, Equifax and TransUnion. Boom handles all data ingestion, data verification, and Metro 2 file furnishment.
Boom’s API documentation
With Boom’s rent reporting API integration, system of record proptech companies can:
- Report on-time and delinquent payments, including historical (past payment) reporting.
- Embed rent reporting into desired product settings, such as lease signing and payments.
- Control the pricing to the renter and property manager.
- Own the branding and user experience.
- Get user credit impact metrics.
- Offload customer support, dispute management, compliance, and audits.
Boom’s Rent Reporting-as-a-Service enables partner companies to utilize Boom’s pre-made embeddable widgets or create their own user experience. The offering also includes a developer sandbox and API documentation to help partner companies implement quickly.
The product fits to any property management software company’s technical stack, and can typically be launched in a few weeks.
Rent Reporting-as-a-Service comes after the company’s recent launch of the Boom for Property Managers platform, the industry’s first purpose-built software for rent reporting.
“We spent the first two years of the business building for the Consumer use case,” said Kirill Moizik, CTO & Co-Founder of Boom. Because of the myriad of edge cases we had to solve for, it required close collaboration with the bureaus combined with a scalable, software-driven approach. Similar to our Boom for Property Managers offering, Rent Reporting-as-a-Service is simply another extension of that technical foundation we built and continue to expand on.”
To learn more about Boom’s Rent Reporting-as-a-Service and get started, please visit https://www.boompay.app/rent-reporting-as-a-service or contact partnerships@boompay.app.
About Boom
Boom is on a mission to level the playing field for the 110+ million renters in the US by making housing more flexible, affordable, and rewarding. To achieve this, Boom is building a suite of rental financial services, starting with rent payment reporting (Apple App Store, Google Play Store) to help renters build credit with their largest monthly expense, and expanding to tools across the renter journey. Now serving thousands of renters, Boom is led by second-time founders Rob Whiting (ex-BCG, Rubicon) and Kirill Moizik (Eco, Technion, Grubhub). It's backed by investors such as Starting Line, Clocktower Ventures, Gilgamesh Ventures (Petal co-founders), and angels such as William Hockey and Zach Perret (Co-founders of Plaid) who anchored Boom's pre-seed round (joined by Harry Stebbings and others from places like Cash App, Landis, and Redfin). Boom has been profiled by Business Insider, HousingWire,
