Sperlonga, a credit data aggregator, recently agreed to become the first company furnish homeowners association (HOA) payments and account status to Equifax. This development will be test in August with a full rollout in October and will allow HOA payments to reported just mortgage, insurance, and tax information.
Adding HOA payments to credit scores is will help to give more people access to credit and will elevate the importance of alternative data such as rent and utility bills. While this could have a negative effect for those that are late with paying their homeowners association, it will benefit those who pay on time:
“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.”