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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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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.
Financial institutions are required to collect and report ECOA designation codes on certain loan applications.
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.
The purpose of ECOA designation codes is to promote fair lending practices by providing data that helps identify potential discrimination in the lending process.
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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