Floral Estates has partnered with a third-party firm, Boom Pay, to report rent payments to credit bureaus. Your expected enrollment date is February 1st, 2024.
Why? We know that rent is likely your largest monthly expense, and we want to reward on-time payers by helping you build your credit during your residency with us.
On average, on-time payers see a 28 point increase in their credit score within 2 weeks of enrolling. Keep in mind, results aren’t guaranteed and are dependent on a number of factors—namely, the frequency of your on-time payments, how long you have lived in our community and your current credit score. Once you’re enrolled, you will see a new tradeline on your credit report that reflects your rental payments.
How it Works:
- We will report both your on-time and late payments.
- If you haven’t made a required payment within the applicable time after the due date for that payment, we will report your late payment to the credit bureaus and it will have a negative impact on your credit score.
- Every month, we will report the prior month’s rent payment (example: in January, we report your December payment).
- We will report your rent payments to the three credit bureaus—Experian, Equifax, and TransUnion.
- We will verify your rental payments on a monthly basis.
- There is no additional cost for this service.
Next Steps:
All residents will be automatically signed up and no action is required on your end. Questions? Email Boom at hello@boompay.app.
We look forward to helping you build credit with your rent.