Keep Condo Fees Out of Credit Reporting

Equifax, one of the major consumer credit reporting bureaus, announced recently that it will begin including the common area fees and assessments that condominium owners pay in the calculation of consumer credit scores. Sperlonga, a data aggregator that will be collecting this information for Equifax, says the expanded reporting will help consumers improve their credit scores by adding another source of timely payments that will count in their favor.  That may be true. But the condominium associations asked to provide this information and the management companies that collect it on their behalf leave themselves open to incur significant, unwanted and unnecessary liability risks.     Read the article…………