To provide clearer insights into applicant income—especially for applicants with multiple income sources—we’re introducing Income Verification 2.0.
Starting in January, applicants will verify each income source individually and choose a verification method for each source: bank account, document upload, or payroll login. This approach supports more complex income scenarios and improves verification accuracy.
For each income source, Boom clearly indicates whether it is verified, verified with warnings, or requires manual review.
Income Verification 2.0 will be automatically enabled for all templates.
Note: Initial testing shows a ~40% increase in income verification completion rates with Income Verification 2.0.
Applicant experience update: Income Verification 2.0
When an applicant gets to the Income Verification section of their application, they will:
Select an income source (employment, self-employment, other income, offer letter) (Figure 1)
Enter income details and attest to the income amount
Choose a verification method (bank account, document upload, or payroll provider) and complete verification (Figure 2)
After completing one income source, applicants are prompted to Add more income sources as needed (Figure 3). Each additional income source follows the same process: select the source, enter details, attest the income amount, and verify using the selected method.
Income verification methods
Method | Applicant next steps | Verification vendor | How many sources of income can be verified | Boom verification or manual review |
Bank account | Log into bank account | Plaid | Multiple* | Boom verification |
Payroll provider | Log into payroll provider | Plaid | Multiple* | Boom verification |
Document: Bank statement | Upload document | Inscribe | Multiple* | Boom verification |
Document: W2 | Upload document | Ocrulus | 1 | Boom verification |
Document: Pay stub | Upload document | Ocrulus | 1 | Boom verification |
Document: Offer letter | Upload document | - | 1 | Manual review |
*Bank accounts, payroll providers, and bank statements
Unlike other verification methods, bank account connections, payroll provider integrations, and bank statement uploads can verify multiple income sources.
Once an applicant links a bank account, payroll account, or uploads bank statements (Figure 4), they are prompted to select the specific transactions associated with that income source (Figure 5).
When an applicant adds another income source, the previously connected bank account or bank statement appears as Connected (Figure 6). The applicant then selects a different transaction for the additional income source (Figure 7).
Partner experience update: Income Verification 2.0
Configuring screening templates
Income Verification 2.0 is automatically enabled for all screening templates. You can customize how applicants verify income by navigating to Screening settings → Income Verification 2.0 → Configure (Figure 8).
For each income type—Employment, Self-employed, and Other income—you can configure the following options (Figure 9):
Accepted verification methods (bank connection, payroll provider, or document upload)
Allowed document types (paystubs, bank statements, W-2s)
Required timeframe for each allowed document type
These settings apply to all applicants who complete income verification using the selected template.
Reviewing income history reports
After an applicant submits their rental application, you can review income verification details in the Income history section.
With Income Verification 2.0, each income source includes (Figure 10):
Verification status: Verified, Verified with warnings, or Unverified
Verified gross income, verified net income, and self-reported gross income
Verification method and method-specific details (e.g., account holder name)
Self-reported income details (e.g., job title)
Additional verification details (e.g., paystub preview, authenticity score)
Re-verify income using documents
If an income verification fails, you can request new documents from the applicant and upload them using the Re-verify with documents button (Figure 11). There is an additional fee to re-verify income sources.
Follow the on-screen prompts to upload the required documents and complete re-verification (Figure 12).
Edit an income source and recalculate income metrics
If you need to update an income amount, select Edit income source (Figure 13) and modify the verified income amount (Figure 14).
Boom automatically recalculates income metrics after any edit. The decision recommendation may also update based on the revised information.
Frequently asked questions
What if an applicant has more than one type of income? Applicants can verify each income source individually. After completing one source, they can select Add more and repeat the process as needed.
What if multiple income sources use the same bank account? Applicants can reuse a connected bank account or bank statement for multiple income sources by selecting different transactions for each source.
Can applicants change or remove an income source after submitting their application? No. After submission, applicants cannot edit income sources. Property managers can edit income amounts or request re-verification as needed.
If I re-verify an income source, will I be charged again? Yes. Re-verifying income using new documents triggers a new verification and an additional charge.
Does Boom verify housing vouchers and offer letters for authenticity? Today, Boom verifies paystubs, W2s, and bank statements. Other documents will need to be manually reviewed by your team and verified income amounts will have to be added manually.