Most homeowners understand the consequences of late or missed mortgage payments—espeically the potential damage to their credit reports. Paying HOA dues on time is just as important. Unfortunately, some owners don’t think paying HOA dues is as important as paying mortgages or auto loans. Maybe this is because landlords and property owners typically don’t report HOA payment histories to the four major credit bureaus.
Why not report HOA dues to the credit bureaus?
Like rent, utilities, and other non-bank payments, HOA dues often go unreported. One reason might be the process. Without the right partner, reporting can be time-consuming, expensive, or complicated. This is especially true for smaller organizations.
In 2001, a group of credit professionals created Datalinx for this very reason. We wanted to empower clients with simple technology and support to report monthly payment records to the four major credit bureaus. Right now, several HOA organizations are seeing the benefits of reporting HOA payment histories.
Benefits for HOA associations
All you have to do is notify homeowners about your partnership with Datalinx. When you tell them you will report HOA dues payments, you can immediately benefit from:
- A noticeable drop in delinquencies
- Fewer collection calls and visits
- Leverage to negotiate with past-due payors
Plus, fewer late payments can open opportunities for purchases or property investments. That’s because your increased cash flow and stronger financials could give you the capital to make improvements.
Benefits for homeowners
Homeowners who understand the impact of past due or missed payments are more likely to pay HOA dues on time when you start reporting payments with Datalinx.
Additionally, your on-time payers will enjoy:
- Positive credit report notations
- Higher credit scores
- Building a long-term “paid as agreed” payment history
Additionally, homeowners benefit when the HOA’s new financial position allows for more investments in the community.
Call DataLinx today
DataLinx’s credit reporting software integrates easily with most existing systems. It also converts HOA payment histories data to the Metro 2 credit bureau-specified format.
Our team works closely with you throughout the setup process and provides ongoing credit data consulting and support. Just complete the “Let’s Get Started” form or call us at 425-780-4530 to start reporting your HOA dues today.
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