ECOA Codes |
  
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Navigation: Loans > Loan Screens > Credit Reporting > General Reporting Information >
ECOA Codes |
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If the ECOA Code field is blank on either the Customer Relationship Management > Households screen or Loans > Marketing and Collections screen > CIF tab in CIM GOLD, GOLDPoint Systems converts the ownership code for all co-borrowers to the defined ECOA code shown below. The ECOA Code is reported to the credit repositories using Base Field 37, J1 Segment Field 10, and J2 Segment Field 10 (see the Credit Report and transmission section).
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Note: If an ownership code is not defined, it is defaulted to 1 (individual) for all borrowers. See the CIF section for more information on the ownership code. |
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Code |
Description |
CIF Ownership Code |
|---|---|---|
0 |
Undesignated - (Do not use on accounts opened after June 1977.) |
Blank |
1 |
Individual - (This individual has contractual account responsibility for this account and is primarily responsible.) |
1 - owner |
2 |
Joint contractual liability - (Account for account which both customer and joint borrower are contractually liable.) |
2 - co-owner |
3 |
Authorized user - (This individual is an authorized user of this account; another individual has contractual responsibility.) |
5-19 |
5 |
Co-maker or Guarantor - (Account for which the subject is the co-maker or guarantor and becomes liable if the maker defaults; no spousal relationship.) |
4 - co-signer |
7 |
Maker - (Account for which subject is liable but a co-maker is liable if maker defaults.) |
Undefined |
T |
Association with account terminated. This is used by the system for the sellers in an assumption (Loans > Loan Assumption screen). |
Undefined |
Q |
Don't Report to Credit Bureau. ECOA Code Q 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 Account Warnings/Errors topic in the Credit Report section for more information. |
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W |
Business/Commercial (Used to identify that the company reported in the name fields is contractually liable for the account.) |
37, 40, 85 |
X |
Consumer deceased.
An option is available that will exclude accounts from a deceased person entirely from the report and transmission (will not be reported even with ECOA Code X). See the ECOA Code field description on the Customer Relationship Management > Households screen for more information. |
20 |
Z |
Delete borrower (Note: Only inaccurately reported consumers should be deleted.) |
Undefined |
CIF Ownership Code |
ECOA Code |
|---|---|
Blank |
0 - Undesignated |
1 - Account owner |
1 - Individual (no co-borrowers) |
2 - Account co-owner |
2 - Joint contractual liability |
4 - Co-signer |
5 - Co-Maker |
5 - Trustee |
3 - Authorized (no contractual liability, has access) |
6 - Beneficiary |
3 - Authorized (no contractual liability, has access) |
7 - Estate |
3 - Authorized (no contractual liability, has access) |
8 - Administrator |
3 - Authorized (no contractual liability, has access) |
9 - Conservator |
3 - Authorized (no contractual liability, has access) |
10 - Custodian |
3 - Authorized (no contractual liability, has access) |
11 - Minor |
3 - Authorized (no contractual liability, has access) |
12 - Executor |
3 - Authorized (no contractual liability, has access) |
13 - Guardian |
3 - Authorized (no contractual liability, has access) |
14 - Personal representative |
3 - Authorized (no contractual liability, has access) |
15 - Agent |
3 - Authorized (no contractual liability, has access) |
16 - Power of attorney |
3 - Authorized (no contractual liability, has access) |
17 - JC agent |
3 - Authorized (no contractual liability, has access) |
18 - Grantor |
3 - Authorized (no contractual liability, has access) |
19 - Successor trustee |
3 - Authorized (no contractual liability, has access) |
20 - Deceased |
X - Deceased |
22 - Ward, Authorized User |
3 - Authorized (no contractual liability, has access) |
26 - Co-trustee |
2 - Joint contractual liability |
37 - Corporation |
W - Business/Commercial |
40 - Partnership |
W - Business/Commercial |
57 - Sole Proprietor |
1 - Individual (no co-borrowers) |
84 - Guarantor |
2 - Joint contractual liability |
85 - LLC (Limited Liability Co.) |
W - Business/Commercial |
90 - Maker |
7 - Maker |
