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Your Personal Credit Report and Your HOA


We all know that having as high a credit rating as possible is a good practice. There are many benefits to good credit. Now we understand that many companies hiring new people even do a credit check on candidates for the job.

You might ask, how is your personal credit connected to your HOA? Well, that’s actually a good question. Did you know that some Homeowners Associations (HOA’s) report assessment delinquencies to the Credit Bureau? Because your payment of assessments to the HOA is a financial obligation like others that you have, the way you handle that payment can be reported. If you’re not sure whether or not that is a practice followed by your own HOA, you should check the covenants of your community. All communities must have a Payment Policy in place.

For those of you who pay your assessments on time and consistently, reporting that to your Credit Bureau can be a very positive thing. It further establishes and supports your good credit rating. If you are consistently delinquent or ignore your HOA dues for some reason, that is not good on your credit.

If you are an HOA Board member. you want to discuss this practice. For the community it can mean a real savings in numbers of delinquencies as well as a savings of legal fees. The other question that surfaces around delinquent fees is, do you have a payment plan in your policy that can assist your members temporarily if needed.

We know that sometimes homeowners don’t see the danger in creating financial difficulties for the community. Keep in mind, you agreed to this obligation when you purchased your home. if the community can not meet their budget for maintenance of the amenities or landscaping of the common areas, they will eventually have to raise the assessment amount anyway to make up the short fall. In addition, the value of your property can be greatly diminished.

As members of the HOA, we all have a responsibility to be good citizens of our community! Look for ways you can support the community and save dollars at the same time.


Exclusive Association Management, Inc. 770-949-5663 Putting the “unity” in community! ™

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Atlanta, GA 30339

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