Prosper Centers
Rent Reporting
Rent reporting is a service that reports your monthly rental payments to all three major consumer credit bureaus – Equifax, Experian, and TransUnion – so that your on-time payments are reflected in your credit report and contribute to building your credit score.
As a resident of a Foundation Communities property, you have free access to rent reporting through our partner, Boom Pay.
If you’d like to enroll, please click the button below to be taken to our enrollment form. To learn more, contact the Financial Wellness Team at financialcoach@foundcom.org.
Benefits of Rent Reporting
Benefits of rent reporting include:
- Build credit without taking on additional debt.
- No risk to your credit score, as we only report on-time payments.
- Build credit for something you’re already doing, paying your rent!
- A stronger credit score can lead to better interest rates on loans and higher credit limits in the future.
FAQ
How does the enrollment process work?
After you sign up for the program, each month Foundation Communities will send your rental payment information through a secure site to Boom, which will submit it to the credit bureaus. This will allow you to build your credit by paying your rent.
Can Boom help me build my credit score?
Yes, the addition of rental payments as trade lines on a traditional credit report can help you build or establish a credit score. In 2025, more than half of participants enrolled in rent reporting at Foundation Communities properties saw an improvement on their credit scores. Additionally, the average credit score went up 23 points.
What is a rental tradeline?
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 report, so a third party is needed to report them. Boom is a credentialed rental payment data furnisher with the three major credit bureaus.
How long will it take before my rental payments appear on my credit report?
Given the various timelines of the credit bureaus, it will typically take 30-45 days from when you first sign up with us to when your credit report has been updated.
Can everyone in my household sign up for Boom?
As long as you are over 18, you are eligible to enroll in Boom to help build and/or improve your credit score. Each member of a household is required to fill out their own enrollment form.
Will this decrease my credit score? What if I missed a rent payment or two?
With Boom, we only report your on-time rent payments. You can still use Boom if you’ve missed a couple rent payments or have been late paying rent. There is no credit check or no hard inquiry—just positive-only payment reporting.
What if I move?
If you move out of a Foundation Communities property and have a new housing provider, your rental tradeline will report as closed and will no longer benefit but will not hurt your credit. You can ask your new housing provider if there is opportunity to report your rent.
I know that there are many different types of credit scores. Will rent reporting impact all of these scores?
Rental tradelines are only factored into newer versions of credit scores. While the rental tradeline will show up on your Equifax credit report no matter what type of score they reflect, the tradeline will only influence your score if the score is a Vantage Score 3.0 and 4.0 and FICO 9.
Where can I learn more about building and improving my credit score?
We offer free financial coaching sessions to all Foundation Communities residents through our Financial Wellness program. During a session, a financial coach will review your credit report with you and come up with a plan to build and/or improve your credit score. Give us a call at 737-717-4000 to learn more.
