Frequently Asked Questions
Sperlonga’s credit reporting solution is automated. We are integrated with most major management software providers to provide connectivity to our API (application program interface). The management company’s software communicates with our assessment payment reporting application by using our API to provide account and payment information, which is then formatted and transmitted to the credit bureaus. This connection only allows Sperlonga to retrieve data. Sperlonga never alters data in a management company’s software platform.
Please visit our Partners section above to learn more about our current and upcoming integrations.
No, we do not need that information from you, the Data Furnisher, in order to produce credit reports files. Our API will not have access to that kind of information in a management company’s software system. The credit bureaus already have the owner information and accounts are connected via the property address and title information.
Sperlonga is currently approved to report to Equifax, Transunion, and Dun & Bradstreet with efforts to begin reporting data to other credit agencies in development.
The board of directors for the association determines when the assessment is due. Based on the data submitted by the management company, the Sperlonga technology does calculations to determine if the account has a “reportable” past due amount and by how many days the balance is past due for each reporting month. The Credit Reporting Agencies report delinquencies in 30-day “buckets”. So if an assessment is 30 days overdue, it will report in the 30-59 day “bucket”. If it is 60 days past due, it will report in the 60-89 day “bucket” and so on. The following is a list of common Credit Reporting Agency codes:
- 11 – Current Account,
- 13 – Paid or closed account/zero balance,
- 71 – Account 30 – 59 days past the due date,
- 78 – Account 60 – 89 days past the due date,
- 80 – Account 90 – 119 days past the due date,
- 82 – Account 120 – 149 days past the due date,
- 83 – Account 150 – 179 days past the due date,
- 84 – Account 180 days or more past the due date,
- 93 – Account seriously past due and/or assigned to internal or external collections,
- DA – Deletes entire account.
Assessments, special assessments, late fees and late interest are reportable transactions which can make up a “reportable” balance to the Credit Reporting Agencies. Fines, services, etc are not included in the reportable balance.
Our service is being used by many associations who currently don’t have delinquencies and wish to stay in this position. The service rewards homeowners who pay on time by increasing their credit scores. By raising the priority of the assessment to the level of a mortgage payment, our service disincentives late payments. This is a proactive solution to protect property values and maintain the financial health of the association.
No, there is no minimum number of doors required. We report on any association whether they have 5 or 5,000 homes.
Yes, it is legal and is provided by the Fair Credit Reporting Act (FCRA), which allows for this type of information to be reported.
Depending on the management company’s software and our current backlog of association applications, we can begin reporting as soon as the data integration process is completed. On average, it takes two months from the time a partnership agreement is signed and to the time the first report is ready.
The management company is provided with a monthly summary of the accounts that were reported along with the account status that was reported.
This is dependent on the software provider method used for data extraction. In all current cases, extraction uses secure file transport mechanisms such as HTTPS (for web-based extraction such as SOAP or JSON) or SFTP (for file-based extraction). Transmission to the credit bureaus is always performed using SFTP.
The retention policy for consumer data is 4 years.
Both transmission methods for file extraction (HTTPS and SFTP) are inherently encrypted using SSL and SSH. If the software provider supports another level of encryption, SDA will work to support that method. The transmission to the credit bureau uses PGP encryption.
All file extractions, generated Metro2 report files, and supporting account documentation (such as for disputes) are stored encrypted at-rest. The operating data is stored on a Microsoft Azure cloud platform which offers (among others) SOC1-3 compliance levels (more details please visit Microsoft’s website at https://www.microsoft.com/en-us/trustcenter/Compliance. Operator access is strictly limited through IP address based-access rules. Further, all logins require username/password and the use of two-factor authentication. Account login failure lockouts and operator inactivity lockouts are also implemented.
If a Data Furnisher identifies a needed correction, Sperlonga will submit an update to the credit bureaus and correct any error. This will generally be reflected on a credit report within 24 hours.
The average Sperlonga dispute resolution is completed in 3 business days. We only need one person from the management company, or a single point of contact from the HOA, to verify account information. Sperlonga takes care of at least 95% of the customer communication and effort required to resolve a dispute. Under FCRA regulations, disputes/investigations must be completed within 30 calendar days.
Contact us to schedule a call or personal visit with a regional representative to provide more information and answer any questions.