"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.
Based in Irvine, California, Sperlonga is a data aggregation business for non-standard credit data sources. Sperlonga is an affiliate of Chronos Solutions, a national real estate solution services firm. The company was founded in 2011 to provide technology solutions to homeowner associations and the residential mortgage industry in order to help stakeholders minimize losses and improve association cash flows. The company has always focused on delivering innovative solutions to reduce risk and provide professional association financial management tools. Additional information is available at www.SperlongaData.com or call 844-652-4972.
* Source: Community Association Institute, 2014 Statistical Review, https://www.caionline.org/PressReleases/Pages/StatisticalInformation.aspx
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SOURCE Sperlonga Data & Analytics