Sperlonga Data and Analytics, a data aggregation business for non-standard credit data sources, announced their agreement to report to Equifax, a global insights provider, information on homeowner association payments and account status data.
"Until now, HOA payments have gone largely unreported to the national credit reporting agencies,” Sperlonga chairman and founder Matt Martin said. “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."
"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, while associations and property management companies should begin to see reduced delinquencies and improved cash flow,” Martin said. “Our goal is to empower homeowner associations and management companies with the same credit reporting tool that banks and lenders already use to manage consumer debt and credit-related payments."
Sperlonga will use its technology to automatically extract assessment payment data and account status every month for all HOA property owners, according to a release. It will then report the account data to Equifax.
"We believe this will have a major impact on the HOA industry," Sperlonga CEO Dan Berman said. "According to the Community Association Institute, associations along with property management companies collect approximately $70 billion in assessment payments each year and CAI estimated there were at least 333,000 community associations in the U.S."
