Do you want to stop asking owners who pay on time to subsidize those who don’t? Do you want to strengthen or maintain the financial health of your association? Now board members can access a proactive service that helps build reserves, improve access to association loans, reduce delinquencies and limit legal fees.
Homeowner associations and property management companies collect about $70 billion in HOA payments yearly among at least 333,000 community associations, according to the Community Association Institute.
“Until now, HOA payments have gone largely unreported to the national credit reporting agencies. Our service will help elevate association payments to the same level of importance as the consumer’s other financial obligations like residential mortgages, auto loans and credit card payments,” said Matt Martin, chairman and founder of Sperlonga, in a prepared statement. “Property owners that pay HOA fees on time should begin to see the similar impact to their credit reports as they would with other payment obligations traditionally found in a credit report.”
Of course, now property owners who are late or delinquent with HOA payments could likewise see a negative impact on their credit scores, just as they would with a late mortgage payment.
“Introducing new sources of data beyond what has traditionally been found on credit files can provide additional insight into a consumer’s financial behavior and help deliver expanded credit access,” says Mike Gardner, senior vice president at Equifax.
For years, experts in the credit scoring industry have talked about the value of adding things like rent payments and utility bills to credit scores as a way of giving more people access to credit. It’s something they refer to as alternative data.
Community Association Management has partnered with Sperlonga Data and Analytics systems to provide this exclusive new service to our clients in North and South Carolina. This new service is an economical solution for Condominiums and Townhome HOA Communities. This new service is often less expensive than filing two liens through an attorney per year.
Sperlonga’s Assessment Payment Reporting Services can help protect the association and the property owners in several ways, including improving homeowner credit scores for those who pay on time, protecting property values, limiting assessment increases, and minimizing special assessments.
Sperlonga’s technology and assessment payment reporting guidelines are flexible and we are able to customize the account status reporting guidelines to each HOA’s unique delinquency policy. This gives associations and homeowners peace of mind by knowing how late payments will be handled for reporting. Make the decision to empower your fellow property owners and empower your association.
Download our 2 page Brochure today and discuss the benefits with your HOA Board Members!