The board’s role is to enhance and protect your community, and you can’t fulfill that role without on-time membership fees. But too often, fees arrive late—and when they do, members are either faced with a lack of consequences or severe measures that jeopardize neighborhood cohesion. Traditional collection methods require time and energy that you can better spend elsewhere.
We offer a much better way.
To protect the board’s efficiency and ensure a thriving neighborhood, we offer credit reporting services. This equips you with a proactive way to prevent HOA fee delinquencies, optimize cash flow, and maintain a high-quality community with healthy market values.
Credit reporting gives you an additional option beyond traditional collection methods, one that can reduce legal collections fees and preserve community relationships. Plus, the modest amount you’ll pay for this service will be offset by the fees you collect on late accounts.
The Benefits of Credit Reporting for HOAs and Condo Associations
Credit reporting is nothing new for credit card companies, banks, and other lenders. Homeowners’ and condominium associations now recognize the importance of credit reporting to their operations as well. This system rewards residents for on-time fees and educates everyone on the consequences of delinquent accounts. When you use our credit reporting services, you can alert the three major credit reporting companies (Equifax, Experian, and TransUnion) when an individual has paid or failed to pay a bill. This information is then reflected in the individual’s credit score. This offers benefits on the individual and community level:- Rewarding Property Owners: All owners have a greater incentive to make on-time payments, and those who do can increase their credit scores, offering a ripple effect of positive benefits.
- Greater Community Cohesion: We’ve found that increased accountability within communities instills a fair system that creates greater trust and cohesion between residents.
- Simplified Board Operations: Boards can avoid the hassle of late fees, delinquent accounts, and property owner disputes.