ECOA Requirements
Question: How do I comply with ECOA?
Answer: While ECOA requires only the reporting of spouse information, industry practices encourage the reporting of all consumers associated with an account. The correct ECOA Code should be reported in the Base, J1 and J2 Segments.
Question: How is an ECOA change reported?
Answer: Change the ECOA Code to the new value in the segment that has changed. Refer to field descriptions for a list of ECOA Codes.
Question: What is the difference between ECOA Codes T (Association with Account Terminated) and Z (Delete Consumer)?
Answer: ECOA Code ‘T’ should be reported when a consumer is no longer associated with an account. In subsequent reporting periods, this consumer should not be reported. The account, including payment history reported prior to the termination will be retained, but future updates will not be applied to the account for this consumer. ECOA Code ‘Z’ should be reported when a consumer was reported in error and the account, including payment history, should be deleted from this consumer’s file. It is imperative that ECOA Code ‘Z’ is reported only on the consumer who was inaccurately reported. In subsequent reporting periods, this consumer should not be reported. Note: Only inaccurately reported consumers should be deleted.
Answer: While ECOA requires only the reporting of spouse information, industry practices encourage the reporting of all consumers associated with an account. The correct ECOA Code should be reported in the Base, J1 and J2 Segments.
Question: How is an ECOA change reported?
Answer: Change the ECOA Code to the new value in the segment that has changed. Refer to field descriptions for a list of ECOA Codes.
Question: What is the difference between ECOA Codes T (Association with Account Terminated) and Z (Delete Consumer)?
Answer: ECOA Code ‘T’ should be reported when a consumer is no longer associated with an account. In subsequent reporting periods, this consumer should not be reported. The account, including payment history reported prior to the termination will be retained, but future updates will not be applied to the account for this consumer. ECOA Code ‘Z’ should be reported when a consumer was reported in error and the account, including payment history, should be deleted from this consumer’s file. It is imperative that ECOA Code ‘Z’ is reported only on the consumer who was inaccurately reported. In subsequent reporting periods, this consumer should not be reported. Note: Only inaccurately reported consumers should be deleted.
