Adding a rental tradeline to your credit report can help diversify your credit profile and can improve your credit score.
The average Boom customer sees a credit score increase of over 28 points, with some users seeing increases of over 105 points.
Additionally, reporting your rent payments can help give you a credit score if you are a "thin-file" customer with no credit score.
While it is not possible to predict the exact impact on your credit score, generally speaking, the lower your credit score, the larger the impact you’ll see.
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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: