Resources Frequently Asked Questions

Sperlonga currently reports to Equifax and TransUnion. Reporting to Innovis will be added early in 2022.

Both Equifax and TransUnion accept both late/skipped and on-time payment reporting, which provides positive reinforcement as well as habit correction, making Sperlonga’s Credit Reporting Service more effective in motivating positive payment habits.

The monthly reporting process has several steps, most of which are handled by Sperlonga:

1. Data Acquisition*
2. Data Processing
3. Data Review**
4. Data Updates
5. Data Report***

*The method of data acquisition will depend on the software platform of the client. We have solutions for individuals keeping records in excel to large management companies using commercial software.

**Each month our clients receive a detailed Excel formatted review file showing each of their accounts and the information that will be reported before it is reported. Clients mark up these reports and Sperlonga reviews and makes account updates as needed.

***Reports are submitted to the credit bureaus at the end of each month.

Based on the due date of the charge, an account can be reported delinquent when it is 30 or more days overdue from the due date. The Credit Reporting Agencies report delinquencies in 30-day “buckets”. So if a charge is 30 days overdue, it will report in the 30-59 day “bucket”. If it is 60 days past due, it will report in the 60-89 day “bucket” and so on. The following is a list of common Credit Reporting Agency status codes:

• 11 – Current (On-Time) Account
• 13 – Paid or closed account/zero balance
• 71 – Account 30 – 59 days past the due date
• 78 – Account 60 – 89 days past the due date
• 80 – Account 90 – 119 days past the due date
• 82 – Account 120 – 149 days past the due date
• 83 – Account 150 – 179 days past the due date
• 84 – Account 180 days or more past the due date
• 93 – Account seriously past due and/or assigned to internal or external collections
• DA – Deletes entire account

For HOA reporting, Assessments, special assessments, late fees and late interest are reportable transactions which can make up a “reportable” balance to the Credit Reporting Agencies.

For Rental reporting, Rent, late fees, interest, or other defined lease obligation amounts can be reported.

Fines, damages, legal fees, etc are not included in the reportable balance.

Credit reporting can begin as soon as the following onboarding steps are completed. Sperlonga walks you through this entire process:

1. Notification*
2. Credentialing
3. Data Updates
4. Data Setup
5. Data Review & Approval

*Account holder notifications are not required for reporting but we highly recommend the practice. Account holders often make an effort to pay off their delinquent balance as soon as they are informed that credit reporting will soon begin.

Sperlonga’s Credit Reporting Program will do the work to get your company up and running with the credit bureaus as quickly as possible. Onboarding can often be completed in less than 30 days. Typically, it takes 6-8 weeks to establish credit tradelines for reported accounts.

Monthly you will receive a detailed account review file, showing the accounts to be reported along with the account status that will be reported. Sperlonga also provides performance analytics on a regular basis, showing how many accounts have become current and how much has been recovered. Our Client Services department is highly responsive to requests for any information you may need.

No, reporting opt-in is based on the property or association. All residents within each property or association must be reported to comply with the “fairness” portion of the FCRA. However, not all properties or associations under management are required to be reported just because they happen to be managed by a single company.

No, there is no minimum number of accounts required. We report for clients who have 1 property or more than 10,000 units.

Any account designated to be on a payment plan (including accounts under some form of accommodation due to COVID or other similar hardship) are reported as “on-time, paying as agreed”. They are reported with the balance owed, but $0 of that balance is considered past due. This positive reporting encourages the account holder to comply with the payment plan agreement and build their credit while doing so.