Good news for condo owners or homeowners that are members of an HOA with dues!
Sperlonga Data and Analytics announced their agreement to report to homeowner association payments and account status data Equifax this week.
“Until now, HOA payments have gone largely unreported to the national credit reporting agencies,” Sperlonga chairman and founder Matt Martin said. “Our service will help elevate association payments to the same level of importance as the consumer’s other financial obligations like residential mortgages, auto loans and credit card payments. Property owners that pay HOA fees on time should begin to see the similar impact to their credit reports as they would with other payment obligations traditionally found in a credit report”.
Assuming you pay these monthly fees on time and with regularity, condo owners could see a bump in their credit scores.
Looking to make a move up from a condo to single family home? This could help your chances in getting a better rate on a loan. Call us at 310-432-5755 or email us at TBGHomes@kw.com with questions!