Hey, Mr. Wonderful here and I want to talk about credit scores. Why? Because if you have a bad credit score it’s really expensive. People with bad credit scores have a hard time borrowing money, cause lenders don’t want to take the risk and they charge really high interest rates. So one of the best things you can do is drive up your credit score so you drive down your interest expense. It’s kind of crazy that anyone pays a bill and doesn't get credit for it. So, what I say is pay your bill, report it and lower your interest expense. Well how do you do this? You have your property management company get with Sperlonga. It's a great idea, that’s why I’m doing this shout out for Matt Martin. He’s driving this whole process. Sperlonga helps you reduce your interest expense by making you have a higher credit score. A very good idea. In today's world you want to be the best you can be, particularly when it comes to credit score. Sperlonga can help. Assessment Payment Reporting | Sperlonga Data

ASSESSMENT

PAYMENT

REPORTING

The Gold Standard in Financial Management for the Community Association Industry

A no-cost, no-hassle, no-risk solution for HOAs & COAs

  • Monthly reporting of on-time and late payment histories for assessments & special assessments

  • 35% reduction to delinquent balances annually and a 21% reduction to the number of delinquent accounts

  • On-time payments are reported for free and are rewarded with positive points on a homeowner’s credit score

  • A higher credit score means lowers mortgage, credit card, and auto loan interest rates for homeowners

  • Only delinquent owners are charged for reporting

  • Beginning at 60 days late, the association charges the $25 cost of reporting back to the delinquent offending homeowner

  • If the cost of the reporting cannot be recovered due to bankruptcy or foreclosure, the charges will be credited back to the association

Our goal at Sperlonga Data & Analytics is to empower your community association with the same automated payment reporting tool that the mortgage, credit card, and auto loan industries - VISA, Chase, Bank of America, Mercedes Benz - have had exclusive use of for the last 40 years. Now, the United States Congress and the Credit Agencies have finally made it available to HOAs & COAs nationwide.

Sperlonga handles it all:

  • Dispute resolution handled by our industry experts through our customer service department.

  • Indemnification for both the  management company and the association from any FCRA concerns.

  • No privacy risks - no Social Security numbers or any other private  information is needed for reporting.

HOW DO PAYMENTS GET REPORTED and WHAT DOES A NON-TRADITIONAL CREDIT OR DEBT ACCOUNT LOOK LIKE ON A CREDIT REPORT?

A sample of a how a non-traditional account will appear on a credit report:

Each reported account will list both the "Balance Amount" and the "Amount Past Due". The "Balance Amount" is the total amount of reportable transactions, such as assessments, rent, late fees and interest on unpaid balances. The "Amount Past Due" is the portion of the "Balance Amount" that is past due as of the time of the report. The following image illustrates this scenario for payments due within 30 days. 

A WIN-WIN FOR NON-TRADITIONAL CREDITORS AND THEIR HOMEOWNERS

Benefits for management companies and HOAs:

  • Reduce delinquencies

  • Increase revenue

  • Less expensive and more effective process than collections

Benefits for homeowners:

  • Higher credit scores for those who pay timely

  • Helps build credit 

  • Lowers interest rates for future loans and credit cards with higher FICO scores

  • Get credit for payments that you have been paying on time for years

  • Reduce the likelihood of increases to your payments because more fellow homeowners pay on time

The information contained in this document may not apply to your association. Results after purchasing our service may vary. Assessment payment reporting to a consumer reporting agency is provided by Sperlonga Data and Analytics Systems Inc. as is without any guarantees. In association with the product, Sperlonga Data & Analytics Systems, Inc. makes no guaranties of any kind, either express or implied.

6800 Owensmouth Ave., Suite 135

Canoga Park CA 91303

info@sperlongadata.com  |  818-200-0530 

© 2019 by SPERLONGA DATA & ANALYTICS SYSTEMS LLC

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