Quote:
Originally Posted by centex
The Legislature absolutely MUST go back and revisit the ECOA. Lenders should also revisit who they intend for an AU to be permitted. At the same time, there is absolutely no reason why Fair Issac should not be able to create a revision that would weight the level of AU relationship...
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Part of that issue comes from TILA. They need to revise all sections of the CCPA so that they don't conflict, and don't descriminate. I'm sure they will drag their feet getting to that point.
FI never needed to be involved, IMO. The easy answer was "voluntary reporting". The lenders and creditors do not have to report non-spousal AU's. Verify the account is spousal, report as required in ECOA anyway, and the spouse gets the credit history and score.
If spouse cannot be verified, AU is not reported. They can still designate it an AU to avoid issues with TILA (unless amended above), but they are not required to report at that point. FICO stays the same, and everyone lives happily ever after. Well, maybe.