What does ECOA Code C mean on a credit report?
Co-borrower's accountC: 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 is ECOA and whose on credit report?
ECOA codes, used in the ECOA column, indicate type of account listed. ECOA codes do not necessarily show who the account belongs to. This information is shown in the WHOSE column. For example, it is possible for a borrower to have joint and/or shared accounts with people other than the spouse on the report.
What does ECOA 2 mean on a credit report?
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 do the codes on a credit report mean?
Credit Report Rating CodesInstallment Account (fixed number of paymentsRevolving or Option Account (Open-ended)MeaningI4R4Not more than four payments past dueI5R5More than 120 days or four payments past dueI7R7Making regular payments under WEP.I8R8Repossession15 more rows
What are ECOA violations?
It prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age or because a person receives public assistance in whole or in part. It also makes it unlawful to discriminate against anyone who has exercised any rights under the Consumer Credit Protection Act.
What is ECOA?
ECOA prohibits discrimination in all aspects of a credit transaction and applies to any organization that extends credit—including banks, small loan and finance companies, retail stores, credit card companies, and credit unions.
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 is the difference between a closed account and a charge off?
A charge-off means a lender or creditor has written the account off as a loss, and the account is closed to future charges. It may be sold to a debt buyer or transferred to a collection agency. You are still legally obligated to pay the debt.
Can you have a 700 credit score with collections?
Yes, it is possible to have a credit score of at least 700 with a collections remark on your credit report, however it is not a common situation. It depends on several contributing factors such as: differences in the scoring models being used.
How do I read my Experian credit report code?
Examples of payment status:ND or dash ("-"): No data for this time period.OK: Current/terms of agreement met.30 to 180: The number of days past due.CLS: Closed.BK: Chapter 13 bankruptcy.C: Collection.CO: Charge off.D: Defaulted on contract.More items...
What does a 1 mean on an Equifax report?
A number 1 status confirms that a payment was made late, or you are up to one month behind. One late payment is viewed by most lenders as a relatively minor and common offence due to human nature, so a single late payment is unlikely to seriously affect your ability to gain credit.
Who does ECOA apply?
all creditorsThe Equal Credit Opportunity Act (ECOA), which is implemented by Regulation B, applies to all creditors. When originally enacted, ECOA gave the Federal Reserve Board responsibility for prescribing the implementing regulation.
What is ECOA in real estate?
Many people need credit to finance their purchase of a home. The Equal Credit Opportunity Act (ECOA) is designed to stop credit discrimination on the basis of age, marital status, receipt of public assistance, sex, national origin, religion, color, or race.
What are ECOA requirements?
The ECOA Valuations Rule requires creditors to disclose to applicants that they have the right to receive copies of appraisals and written valuations.
What are the 9 personal characteristics that are protected by ECOA?
prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, because an applicant receives income from a public assistance program, or because an applicant has in good faith exercised any right under the Consumer Credit Protection ...