Credit Bureau Reporting
for HOAs

DELINQUENCIES

are costly for HOAs & HOA management companies

Delinquencies drain time and resources away from other important tasks
High rates of delinquencies can force assessment increases
Delinquencies make it difficult for the HOAs and property owners to obtain financing

The SPERLONGA Solution: Fast and Accurate Reporting

Decrease Delinquencies, Improve Cash Flows, Reward Timely Payments

Reports all positive and negative payment history to the credit bureaus

Data automation means no physical reporting is required of HOA or management company after set-up

Rewards timely payment with positive impact to credit reports

Reports delinquent balances and late payments to credit bureaus, and remains on credit report for 7 years unless it is negotiated otherwise

How it works: An automated system

Sperlonga manages inquiries and disputes from property owners related to HOA credit reporting
Fair Credit Reporting Act addresses requirements related to credit bureau reporting process

HOA data is sent to credit bureaus
Sperlonga manages HOA credit reporting inquiries and disputes by property owners
Sperlonga manages inquiries and disputes from property owners related to HOA credit reporting
HOA data is sent to credit bureaus
Sperlonga manages HOA credit reporting inquiries and disputes by property owners
Fair Credit Reporting Act addresses requirements related to credit bureau reporting process

Benefits

For HOAs and HOA management companies:

  • Empowered with a credit industry-standard payment reporting tool that impacts property owners’ credit reports and credit scores
  • Spend less time on collections
  • Reduce or eliminate increase in assessments due to high delinquencies
  • Improve HOA cash flow
  • Lower delinquencies make it easier for HOA to acquire financing

For property owners:

  • Lower delinquency rates can mean more resources are available for maintenance of common areas
  • Timely HOA payments can help raise credit scores
  • Lower delinquency rates make properties easier to refinance and sell
  • Lower delinquency rates can  reduce or eliminate assessment increases
  • HOA can spend less time on collections and more time on other critical association matters