What are ECOA codes?
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 does ECOA Code C mean?
Co-borrower’s account
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 the Regulation B?
Regulation B prohibits creditors from requesting and collecting specific personal information about an applicant that has no bearing on the applicant’s ability or willingness to repay the credit requested and could be used to discriminate against the applicant.
What does M mean on a credit report?
Maker
For example, “M” stands for “Maker” which means that there is a co-signer along with the primary owner of the account. “C” is used to indicate who the co-signer of an account is, while “S” means that you’re a co-signer and will become liable if the maker defaults.
What does B mean on a credit bureau?
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 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.
Can someone run your credit report without you knowing about it?
The Fair Credit Reporting Act (FCRA) has a strict limit on who can check your credit and under what circumstance. The law regulates credit reporting and ensures that only business entities with a specific, legitimate purpose, and not members of the general public, can check your credit without written permission.