A rental tradeline is a line-item on your credit report that reflects your rent payment history.
Rent payments are not automatically included on your credit score, so a third party is needed to verify and report them on a consumer’s behalf.
Boom is a credentialed rental payment data furnisher with the three major credit bureaus.
Highlights of a rental tradeline include:
No credit check needed nor hard inquiry on your credit report
Adds up to 24 months of payments (a rent payment must be made within the last 12 months in order to qualify)
Improves credit age with lease start date increasing your average age of accounts (typically)
Falls into the “Other” category, helping to diversify your credit profile
Does not impact the debt-to-income ratio
Does not impact utilization ratio
Serves as a positive tradeline to offset negative items on your credit report
Allows creditors/landlords the opportunity to view your financial responsibility and loan eligibility despite a given credit score
Here is an example of a rental tradeline:
