HOAs Affect Your Credit Score

HOAs Affect Your Credit Score

  Watch out!  HOA fees can now affect your credit score.   Homeowner’s associations (HOAs) offer community features and maintain community standards, usually for a fee.  According to the Community Associations Institute, homeowner’s associations and property management companies collect about $70 billion in HOA payments yearly. Until now, HOA payments have gone largely unreported to national credit-reporting agencies, which is good news if you’ve been habitually delinquent on your dues.  However, beginning in October, Equifax will roll out a new program which includes HOA data.  Sperlonga, a credit data aggregator, is the first company to provide HOA payment and account...Read more