HOA Credit Reporting Service Description

HOA PAYMENT CREDIT REPORTING

HOA Credit Reporting Full Service Description

HOA 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

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.

 

Difference of doing and not doing Credit Reporting with Sperlonga

  • Monthly reporting of on-time and late payment histories for assessments, special assessments, late fees & interest
  • Typical results is a 35% reduction to delinquent balances and a 21% reduction to the number of delinquent accounts annually
  • On-time payments are rewarded with positive points to a homeowner’s credit score
  • A higher credit scores mean lowers mortgage, credit card, and auto loan interest rates for homeowners
  • Beginning at 30 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

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, 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. 

 

Benefits for management companies and HOAs:
Benefits for homeowners:
> Reduce delinquencies
> Higher credit scores for those who pay timely
> Increase revenue > Lowers interest rates for future loans and credit cards with higher FICO scores
> Mitigate risk of low reserves > Get credit for payments that you have been paying on time for years
> Less expensive, more effective process than collections > Reduce the likelihood of increases to your payments because more fellow homeowners pay on time

What about disputes? 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.

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