ASSOCIATION ASSESSMENTS AND CREDIT SCORES

CAI GOVERNMENT AFFAIRS

ASSOCIATION ASSESSMENTS AND CREDIT SCORES

As someone who hit the age of 18 prior to 2009 and the enactment of the Credit CARD Act, I can remember when I signed up for a half-dozen credit cards to supplement my student loans and to receive that ‘free’ logo t-shirt, knit cap, or whatever else that was being marketed as an incentive. I had no idea at the time of the implications of my actions and the importance of my credit score. Fortunately for me time and money healed those wounds, and now that I learned the hard way the lesson is now all too clear: your credit history and score are important.

But what should be reported to the credit bureaus? While I wish my college spending habits were not, I do admit it my score then reflected my borrowing ability for larger purchases. What about the history of our ability to pay our association’s common area fees and assessments?

Sperlonga Data & Analytics, a data aggregation business for non-standard credit data sources, has begun offering a service to report payment of assessments to Equifax Inc. According to its press release, Matt Martin, Sperlonga’s chairman and founder, said “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.” Continue reading on CAI’s Government Affairs Blog>>