Homeowners Association Assessment Payments Credit Reporting

You know too well how habitual delinquencies can turn into other major problems for associations. The delinquent payments are either never collected or have to be escalated to a more expensive and time-consuming collection efforts.

By working with Sperlonga, Associations can report homeowners’ assessment payment history to TransUnion or Equifax. This gives the associations the leverage it needs to collect assessment payments on time.

Your homeowners could get a boost in their credit scores with each on-time payment.

In return, you could:

• Reduce Delinquencies by as much as 30% and Encourage On-Time Payments
• Generate Ancillary Income
• Reward Residents with an Increase in Credit Scores
• Reduce Time and Resources Spent Chasing Unpaid Assessments

How Sperlonga can help you influence homeowners' payment habits?

Credit reporting is the collection and distribution of credit information by bureaus such as TransUnion and Equifax that have gained permission to access consumers’ credit reports.

Credit bureaus provide this information to creditors like banks, collection agencies, mortgage lenders, and insurance companies, who use it in making financial decisions involving consumers’ creditworthiness and solvency.

By working with Sperlonga, on-time, skipped, or late payments can be reported to the credit bureaus. If a homeowner pays assessments on time, this will be reported to the credit bureaus. In return, they will get a boost in their credit score. If an owner is late or has defaulted, the HOA can report this to the credit bureaus too.