Sperlonga Data & Analytics, a company that specializes in aggregating nonstandard credit data sources, has begun reporting homeowner and condominium association payments and account statuses to Equifax.
Sperlonga will report HOA assessment data for each property owner within associations that sign up for the service, the Irvine, Calif.-based company said Tuesday. The report will be issued to Equifax every month regardless of how frequently property owners pay their dues.
To get the information, Sperlonga will use automated technology to pull assessment payment data from property management companies' accounting software. Sperlonga then creates a record of the account status and payment, reporting it to Equifax.
The information will appear on credit reports in a similar manner as other credit or debt obligations, Sperlonga said.
Matt Martin, Sperlonga's founder and chairman, argued that "the vast majority of property owners who live in an association have been paying their assessment payments on time for many years" and that the new service will "help reward them with positive monthly reporting to their credit profile with Equifax."
