PAYMENT REPORTING TO
THE CREDIT BUREAUS
Reporting timeshare maintenance assessments benefits the timeshare owner and the timeshare property:
Decreases delinquent maintenance payments
Builds the maintenance reserves for the timeshare
Increases credit scores for the timeshare owners
Reduces or eliminates increases in annual maintenance assessments
THE SPERLONGA SOLUTION
Sperlonga offers a proactive solution that can help improve the financial health of homeowner associations, rental property owners, timeshares, and self-storage businesses. As a full service data aggregator, our service reduces delinquencies, improves cash flow, positively impacts credit scores, disincentivizes late payments and equalizes the importance of alternative credit and debt payments.
Sperlonga’s mission is to aggregate and build the largest and most dynamic non-traditional assessment payment reporting solution. Our goal is to stay consumer focused and contribute toward rewarding consumers who pay their debt obligations on time with positive impacts to their credit scores and disincentivize consumers from making late payments.
A streamlined approach to improving cash flow and leveraging the reporting of non-traditional payment data
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 CUSTOMERS
Benefits for timeshare developers and management companies:
Increase amount of maintenance payments that are made at the beginning of the year
Reduce or eliminate the need to increase the annual maintenance fee or issue special assessments
Help preserve or increase the value of the timeshares
Benefits for timeshare owners:
Higher credit scores for those who pay timely
Build credit faster
Lower your interest rate for future loans and credit cards with higher FICO scores
Start being rewarded for payments that you have been making for years
Reduce the likelihood of increases to your payments on non-traditional debt becausemore consumers pay on time