Consumer Information
Question: How can a new borrower be added to an existing account?
Answer: Append joint information for the new borrower and report Consumer Transaction Type 1.
Question: How can an association with an existing account be terminated?
Answer: Report T, Association with account terminated, in the ECOA Code field for the consumer whom the association is to be terminated. All payment history for this account will be retained. Do not report this individual in subsequent reporting periods.
Question: How should deceased borrowers be reported?
Answer: Deceased borrowers can be reported through use of the ECOA Code X, Consumer Deceased, in the appropriate field
Question: Can the same Consumer Information Indicator be reported each month even though the reporting guidelines specify the indicator only needs to be reported one time?
Answer: Yes, reporting the same Consumer Information Indicator each month is acceptable, except for removal values of Q, S and U. The removal values should only be reported one time.
Answer: Append joint information for the new borrower and report Consumer Transaction Type 1.
Question: How can an association with an existing account be terminated?
Answer: Report T, Association with account terminated, in the ECOA Code field for the consumer whom the association is to be terminated. All payment history for this account will be retained. Do not report this individual in subsequent reporting periods.
Question: How should deceased borrowers be reported?
Answer: Deceased borrowers can be reported through use of the ECOA Code X, Consumer Deceased, in the appropriate field
Question: Can the same Consumer Information Indicator be reported each month even though the reporting guidelines specify the indicator only needs to be reported one time?
Answer: Yes, reporting the same Consumer Information Indicator each month is acceptable, except for removal values of Q, S and U. The removal values should only be reported one time.
