Sperlonga Begins Reporting HOA Assessment Payment Data to Equifax
Friday, September 30, 2016
Consumers to Benefit
Irvine, California, September 27, 2016 – Sperlonga Data & Analytics, a data aggregation business for non-standard credit data sources, begins reporting homeowner and condominium association (HOA) payment and account status data to Equifax Inc., a leading provider of information solutions and global insights.
For associations that sign up, Sperlonga will report HOA assessment payment data for each property owner within an association every month regardless of the payment frequency of the assessment. The HOA trade line will appear on consumer credit reports in relatively the same format as other credit and debt obligations that appear on consumer credit reports. Adding this segment of homeowner data to a consumer credit file could contribute toward enhancing a property owner’s credit profile and access to credit.
“The vast majority of property owners who live in an association have been paying their assessment payments on time for many years and now our service will begin to help reward them with positive monthly reporting to their credit profile with Equifax,” said Matt Martin, chairman and founder of Sperlonga. “Historically, for those residents who had made their assessment payments on time, this positive payment behavior was not reflected on their credit reports.”
According to a 2014 study conducted by Community Association Institute, there are over 338,000 associations in the U.S. with over 27 million residents.* “Our assessment payment reporting service has created the opportunity for Sperlonga to deliver a positive impact to HOAs and its residents” said Dan Berman, CEO of Sperlonga. “We believe our solution will benefit associations and property owners by helping to make the HOA assessment payment equally available to consumer credit report users while rewarding those residents that make timely association payments.”*
Sperlonga’s proprietary technology will use automation to extract assessment payment data every month from the property management company’s accounting software. Sperlonga will then create a record of the payment and account status each month, for all property owners within the HOA, and report the account data to Equifax.
* Source: Community Association Institute, 2014 Statistical Review, https://www.caionline.org/PressReleases/Pages/StatisticalInformation.aspx