ECOA codes explained “Equal Credit Opportunity Act” of 1974

ECOA codes explained “Equal Credit Opportunity Act” of 1974

I get the questions all the time what is the ECOA code listed with an account? Well the ECOA Codes were created under the “Equal Credit Opportunity Act” of 1974 and indicate the type of ownership of an account, please review the codes below next time you are wondering what the ECOA code means

ECOA Description

A Authorized User = This individual is an authorized user of this account; another individual has responsibility.
C Joint Account Contractual Responsibility = This individual is contractually obligated to repay all debts arising on this account. There are other people associated with this account who may or may not have contractual responsibility.
I Individual = This individual has contractual responsibility for this account and is primarily responsible for its payment
M Maker (signer) = This individual is responsible for this account, which is guaranteed by a Co-maker (cosigner)
P Shared Account= This individual participates in this account. The association cannot be distinguished between ECOA I or J
S coSigner = This individual has guaranteed this account and assumes responsibility should signer default
T Terminated = Account is terminated
U Undesignated = This is reported by the Bureau only
X Deceased = the subject is on record as being dead.

Information gathered from various sources including the 3 major repositories

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