Sperlonga Data & Analytics, Irvine, California, announced it has reached an agreement to provide homeowner association (HOA) payment data and account status information to Equifax Inc., Atlanta.
The agreement marks the first time such data will be provided to a company that plays a major role in assembling national credit report information.
Commenting on the news, Matt Martin, founder and chairman of Sperlonga, said, "Until now, HOA payments have gone largely unreported to the national credit-reporting agencies. 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."
Martin noted that one outcome of the additional reporting might be that HOAs and property management companies could begin to see reduced delinquencies and improved cash flow.
He said, "Our goal is to empower homeowner associations and management companies with the same credit-reporting tool that banks and lenders already use to manage consumer debt and credit-related payments."