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ECO DESIGNATION CODES
The Equal Credit Opportunity Act (ECO) requires creditors who report information about accounts to
report it in the names of all people with a relationship to the account, including
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What is ecoa designation codes?
ECOA designation codes are codes used to indicate how an applicant's race, ethnicity, sex, and age were taken into consideration in the decision-making process.
Who is required to file ecoa designation codes?
Financial institutions are required to collect and report ECOA designation codes on certain loan applications.
How to fill out ecoa designation codes?
ECOA designation codes can be filled out by selecting the appropriate codes that correspond to the applicant's race, ethnicity, sex, and age on the loan application form.
What is the purpose of ecoa designation codes?
The purpose of ECOA designation codes is to promote fair lending practices by providing data that helps identify potential discrimination in the lending process.
What information must be reported on ecoa designation codes?
The information reported on ECOA designation codes includes the applicant's race, ethnicity, sex, and age as indicated on the loan application form.
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