Are HOA payments reported on my credit?

The answer would be “not yet, but soon”

According to the Community Association Institute, property management companies collect nearly $70 Billion per year in association dues among more than 333,000 community associations around the country.

Until now, these payments have gone largely unreported to the main national credit-reporting agencies. However, starting this October, Equifax (one of the 3 major reporting agencies) will start showing HOA payments as part of the items on the consumer’s report. This will elevate HOA payments to the same level as Mortgage payments, auto loans or credit card payments, and therefore will affect your credit score as it would any other monthly debt you may have.

Homeowners who pay their association on time will see a positive effect on their score, while those who pay late will see their credit score being affected negatively, as it would if you made a late mortgage payment.

Equifax claims this new nontraditional source of data will give creditors a better insight into a consumer’s financial behavior and therefore open new access for credit.