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C.A.P. has partnered with Boom to help you live your best life
Tenants who use Boom see their credit score increase by an average of 28 points in the first two weeks*
*Results aren’t guaranteed and are dependent on a variety of different factors, such as how long you have been a resident, your current credit score, etc.
Your on-time rent payments can now help boost your Credit Score!
We know that rent is likely your largest monthly expense and we want to reward your on-time rent payments by helping you build your credit and increase your credit score. That's why, starting January 2, 2025, all C.A.P. residents will be automatically enrolled in a new, "positive-only" rent reporting service that will help you easily build a stronger financial future.
*There is a fee of $5.95 a month for this service. If you would like to opt-out of this rent reporting service, please use the opt-out form at the bottom of this page or you can email hello@boompay.app. If you choose to send an email, please make sure to include the physical address of the residence you are renting.
What Should You Do Next?
Frequently Asked Questions
What is Rent Reporting?
Rent reporting is the process of getting your rent payments reported to the credit bureaus that create your credit reports. The information in your credit reports is used to calculate your credit score. Therefore, rent reporting is a way for C.A.P. to reward your on-time payments by helping you increase your score.
What is the credit score impact renters should expect?
Everyone’s credit score is unique and we cannot guarantee credit score increases, but that said, most renters saw an average score increase of 28 points in the first two weeks. For renters with a credit score under 550 the average score increase is 73 points in the first six months.
How does a credit score increase translate to the real world?
If you decide to buy a $15,000 used car with a $2,000 down payment on a 5 year loan term, a credit score increase of 80 points can result in ~$3,000 in interest savings.
Is there a fee for this service?
Yes. A fee of $5.95 will be charged each month and all tenants will be automatically enrolled for this service. If you wish to opt-out of this service, please click the button at the bottom of this page and submit your opt-out request. You have until January 2, 2025 to opt-out of this service.
If I make a late payment, will it hurt my score?
Generally speaking, No. We will only report on-time payments to the credit bureaus. If you miss a payment, Boom will report "no data" to the bureaus which effectively has no impact on credit. According to Boom, most tenants will see a credit score increase of 28 points in the first two weeks!
What is considered a late payment?
Similar to other obligations the credit bureaus track, rent payments are considered late 30 days after the rent due date. If you miss a payment, Boom will report "no data" to the bureaus which effectively has no impact on credit.
How is my payment verified?
Rent payments are automatically verified each month through your online account in the rent management system, with confirmation by C.A.P. Real Estate.
How do I opt-out of this service?
You have until January 2nd to opt-out of this service. If you wish to opt-out, please click the button below and fill out the form on the next page to submit your opt-out request. You can also email hello@boompay.app