Customer Relationship Management Screens > Households Screen > Accounts tab

Entry: User, alphanumeric

F/M: Yes

Mnemonic: NTECOA

Screen: Customer Relationship Management > Households > Accounts tab

Use this field to enter the ECOA (Equal Credit Opportunity Act) code for this account owner. If this field is blank and the Account Ownership code is 1-20 or 22, the corresponding ECOA code will be placed in this field. See the ECOA Codes section in the Credit Reporting screen for more information on ECOA Codes and Ownership Codes.

At monthend, the system moves the information in this field to the ECOA Code field (BUECOA) on the Credit Reporting screen and reports it to the credit repositories during the credit reporting process.

Note: ECOA Code Q (Do not report to credit bureau) should only be applied to accounts where you do not want the account reported to the credit repositories, or for co-owners on the account who you do not want to report. If an IRS owner has ECOA Code "Q" set up, Error 19 will appear on the Credit Report (FPSRP184) and that account will not be included in the transmission sent to credit repositories. See the Credit Report and Transmission topic in the Credit Reporting manual for more information.

Reporting Deceased Persons

If an IRS Owner listed on the account dies and the account is closed or released in the same month as the Death Date, the system will report the IRS Owner with ECOA Code "X" (deceased) in the Credit Report transmission (FPSRP184). If the account is closed/released the month following the Death Date (or if the account remains open), the IRS Owner is switched from the deceased person to the next living person listed on the account, and the previous IRS Owner is reported in the J1 Segment with ECOA Code "X" (deceased). If no other person is listed, the deceased person will stay the IRS Owner and be reported in the Base Segment with ECOA Code "X - Deceased."

For example: Grandpa Gerald and his son Marty get a loan for a car. Grandpa Gerald is listed as the IRS Owner on the account, but they are both co-owners. Grandpa Gerald dies before the account is paid off, but the account is still open and Marty is responsible for paying off the rest. After entering Grandpa Gerald's Death Date, at monthend, the system will automatically assign Grandpa Gerald with Account Ownership "20 - Deceased" and ECOA Code "X - Deceased." Marty will be assigned as the IRS Owner. Additionally, the Credit Report transmission will list Marty as the IRS Owner in the Base Segment, and Grandpa Gerald will be listed in the J1 Segment with ECOA Code "X - Deceased."

From that same example, if the account is paid off and closed the same month as Grandpa Gerald's death date, the system will maintain Grandpa Gerald as the IRS Owner in the Base Segment with ECOA Code "X - Deceased," and Marty will stay listed in the J2 Segment.