Regulatory Terms

    ECOA (Equal Credit Opportunity Act): Definition

    A law prohibiting discrimination in credit decisions.

    Definition

    The Equal Credit Opportunity Act (ECOA) prohibits creditors from discriminating against credit applicants based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance. The ECOA Code used in Metro 2 reporting derives from this law's requirements.

    Usage Notes

    • Creditors must provide reasons for credit denial
    • Cannot discriminate based on protected classes
    • Affects how joint and individual accounts are reported

    All ecoa codes

    Declares each consumer's legal relationship to the account: who is liable, who merely has access, and who is being removed. Every code has its own reference page covering when to report it and the cross-field rules it has to satisfy.

    1Individual (Sole Responsibility)2Joint Contractual Liability3Authorized User5Co-Maker or Guarantor7Maker (Business Account With a Personal Guarantee)TTerminatedWBusiness / CommercialXDeceasedZDelete Consumer From the Account

    All Metro 2 code sets on one page

    Related Terms

    ECOA Code

    More Regulatory Terms

    FCRA (Fair Credit Reporting Act)
    The federal law governing consumer credit reporting.
    FCBA (Fair Credit Billing Act)
    A law protecting consumers from unfair credit billing practices.
    Regulation V
    The CFPB regulation implementing FCRA requirements.

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    ECOA (Equal Credit Opportunity Act) - Metro 2 Glossary