Equifax, one of the three major credit-reporting agencies, will begin receiving HOA payment informationand account status as early as October, which will then be used in credit score analysis. The Community Association Institute estimates that there are 333,000 community associations nationwide which collect some $70 billion per year.
By collecting information on HOA payments, the national credit-reporting agencies will raise these payments to the same level of importance as auto loans, credit card payments, and, of course, home loans.
The agencies believe this will “provide additional insight” into a consumer’s financial behavior.
Leave a Reply