Does Axela Technologies need Social Security Numbers or other personal information to be able to report?
Absolutely not. Axela does not require such detailed information from the association or management company. The information required is tied to the unit owner and property address, both of which are publicly available information.
How does the reporting protocol work?
The reporting process is fully automated and reliant on the information provided by the association or management company. Axela has back-end integrations with various community association management software programs and these connections allows us to seamlessly Maggregate the information required by the credit bureaus. . This does not interfere with the management company or cause them any additional work.
What is required to begin the process of reporting to credit bureaus?
If Axela is already integrated with your community association’s software platform we can begin reporting as soon as the agreements are signed. If not, we simply need the association or management company to send us the unit ledgers.
Is It a requirement that the condo or HOA notify members that they will be reported to credit bureaus?
Yes. When an association signs up for this service every member of the association must be notified in writing before we can proceed with credit bureau reporting.
What credit bureaus are you sending in reports to?
The only bureau currently accepting association payment data is Equifax. It is our opinion that the two other major agencies will soon follow suit.
Is reporting consumers to the credit bureau permitted under the law?
The Fair Credit Reporting Act (FCRA) allows this type of information to be reported. As a matter of fact, they even encourage it as it provides them with more data to be able to assess an accurate credit score.
If there are no late payers in our association why do we need to have this program?
If your association does not have delinquencies we want to congratulate you on the excellent job you have been doing. We also want to reward the good paying owners with positive marks on their credit reports. Community associations get new owners every month so with this program you are assured that this good behavior will continue. Keep up the good work and let’s try together to keep the financial integrity of your association in excellent shape.
How long does it take Axela Technologies to address a dispute by a community association member?
Axela will address a dispute within 7 days of notification that there is an issue. We are given 30 days under FCRA Rules to address these disputes, but our policy is to try and get these issues resolved in a week or less. Most of these disputes are handled by Axela so that the management companies are not burdened with this task.
What is the smallest community association that you will accept for this program?
There are no size restrictions. We accept communities with 5 of 5,000 units.
What about rental units, can they be reported for non-payment?
No, our program only deals with unit owners.
Does Axela report to the community association management companies the reports made, and actions taken?
Management companies will receive a report every three month. Reports can also be delivered on demand.
Who determines when a member of the association is delinquent and needs to be reported to the credit bureau?
It’s up to the board of directors to establish a Uniform Collections Policy to determine what the parameters of when a unit is delinquent. We will dial in your policy and only report those delinquent units when the board determines they are in arrears.
My association has a quarterly pay period so how come you are reporting monthly?
No matter what the pay period is we report monthly as that is how we have engineered our system.