What are the ECOA codes on a credit report?
What are the ECOA codes on a credit report?
ECOA – The Equal Credit Opportunity Act (ECOA) code indicates who is responsible for repayment of the debt. This code is used to identify the responsible party for public records, inquiries and alerts as well as tradelines.
What do the codes on a credit report mean?
Credit Report Rating Codes
Installment Account (fixed number of payments | Revolving or Option Account (Open-ended) | Meaning |
---|---|---|
I5 | R5 | More than 120 days or four payments past due |
I7 | R7 | Making regular payments under WEP. |
I8 | R8 | Repossession |
I9 | R9 | Bad debt; placed for collection |
What does ECOA C mean on a credit report?
C: Co-borrower’s account – An account solely for the co-borrower. J: Joint account – An account for which both spouses are contractually liable. M: Maker – An account where the borrower is primarily responsible, having a cosigner [or Co-maker] with no spousal relationship to assume liability if the borrower defaults.
What does ECOA 2 mean on a credit report?
Joint Contractual Liability
2. Joint Contractual Liability: Party signed an agreement to repay all debts arising on the account. There are other parties associated to the account who could have contractual responsibility. 3. Authorized User: Party is an authorized user of the account; another party has contractual responsibility.
What is ECOA?
The Equal Credit Opportunity Act (ECOA) is federal civil rights law that prevents lenders from discriminating against credit applicants based on factors unrelated to their ability to repay.
What does B stand for on a credit report?
If you see a code “B” this means there was a payment change and no other code is applicable. Each of the reporting companies uses a different code series.
What does P mean on credit report?
Pending
P. Pending – Repayment data has not been reported yet for. this period (applies if the repayment period is the current. month or the month preceding the enquiry) Pending – Repayment data has not been reported yet for.
What does B mean on a credit bureau?
What does ECOA mean?
Equal Credit Opportunity Act (ECOA) Definition.
What is the difference between a hard inquiry and a soft inquiry?
Hard inquiries appear when you’ve given someone permission to check your credit report in order to process a credit or loan application — these can also lower your score. Soft credit inquiries don’t harm your credit score but do involve someone checking your score.
What are the 6 protected classes under ECOA?
This Act (Title VII of the Consumer Credit Protection Act) prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act.
What loans are covered by ECOA?
ECOA applies to various types of loans including car loans, credit cards, home loans, student loans, and small business loans.