One of the biggest problems that a community faces is members who do not make their payments. Nobody wants to live in a neighborhood that is not properly maintained or has to raise dues just because some of the members are not doing their part. HMS has partnered with Sperlonga Data & Analytics to offer credit reporting for Association balances to one of the country's three major credit reporting agencies. With credit reporting, your Association's dues will be viewed with the same importance as credit card payments, mortgages, and car payments.
Lowering the delinquency rates does more for the Association than just increasing the money available to spend on landscaping and pressure washing. Members that voluntarily pay their dues so that they avoid a credit score penalty are also preventing the Association from having to pursue expensive collection options. Credit reporting can be a very cost-effective alternative for getting accounts up to date.
Credit reporting is not just about punishing your delinquent members and recovering the Association's funds; members who keep their accounts up to date will have their good behavior reported as well. Your members who are already paying their dues on time will get a monthly positive addition to their credit score. Members looking to refinance their home payments will also see a benefit when their bank looks into how many delinquent accounts the Association has.