Frequently Asked Questions
What does the ECOA say about alternative credit information?
Equal Credit Opportunity Act (ECOA) Section 202.6(b)(6) states:
To the extent that a creditor considers credit history in evaluating the creditworthiness of similarly qualified applicants for a similar type and amount of credit, in evaluating an applicant's creditworthiness a creditor shall consider: (i) The credit history, when available, of accounts designated as accounts that the applicant and the applicant's spouse are permitted to use or for which both are contractually liable; (ii) On the applicant's request, any information the applicant may present that tends to indicate that the credit history being considered by the creditor does not accurately reflect the applicant's creditworthiness; and (iii) On the applicant's request, the credit history, when available, of any account reported in the name of the applicant's spouse or former spouse that the applicant can demonstrate accurately reflects the applicant's creditworthiness.
How can eCredable assist with ECOA Compliance?
The AMP Credit Report and Score simplifies compliance with ECOA 202.6 by providing an effective tool to evaluate a potential customer’s ECOA qualified credit accounts. The AMP Credit Report eliminates the laborious manual task of internal verifications that strain valuable resources. The AMP Credit Score eliminates the guess work, simplifies the evaluation process, and helps to mitigate risk by providing a sound and predictive assessment of the credit accounts included in the Report.
How can eCredable assist with Risk Based Pricing Notice and Credit Score Disclosure compliance?
eCredable delivers a Credit Score Notice with the AMP Credit Report that contains many of the elements required in the RBPN and the CSD such as, an explanation of the Score, the range of Scores, and the key factors affecting the Score. Creditors are free to use this information in compiling their Risk Based Pricing Notice to their customers.