When interviewing a new service provider for an association, one of the first questions asked by the board of directors is: “How long is your contract for?” For most vendors there is an absolute beginning and a defined end to their tenure as service providers, but for a collection solution this is a much harder question to answer. If the board of directors is satisfied with their choice of collection solutions be it an attorney or a collection agency and they do not dismiss them the end of the agreement for services is almost impossible to predict because it depends exclusively on when the delinquent units “settle out.”

A written delinquency policy is crucial to have in every community. Typically, this type of document consists of any information regarding delinquencies within the community, along with the consequences for continued non-payment of maintenance fees.

A recent study conducted sponsored by a major credit repair firm and conducted by Harris Poll asked specific questions related to what people understand about credit scoring, how they are arrived at, and the information that is taken into consideration to determine them.

The study revealed some surprising information.  Eventhough credit scores affect Americans in many important ways including the price they pay for credit and insurance many people are mis-informed about the entire process.  This is shocking as your credit score can not only affect your ability to get credit but also impact on your ability to obtain employment.

In my journeys through the community association world I go to a lot of conferences, seminars, board meetings and read hundreds of articles about how to best manage and govern a community association.  It has almost become a cliché that communication is the most important aspect in managing an association.  While I don’t disagree, I also believe that information and facts are just as important and it is a commodity that is sorely lacking. Plainly stated Solid Information Is Critical