Consumer Terms
Joint Account: Definition
An account where two or more consumers share responsibility.
Definition
A Joint Account is a credit account where two or more consumers share contractual responsibility for the debt. Both joint account holders are equally liable for the full balance. Joint accounts are reported on each holder's credit report with ECOA Code 2.
Examples
Married couple with joint credit cardBusiness partners with joint line of credit
Usage Notes
- Both parties reported with ECOA Code 2
- Account appears on both credit reports
- Payment history affects both consumers equally
Related Terms
More Consumer Terms
Primary Consumer
The main individual responsible for a credit account.
Associated Consumer
Any additional individual connected to a credit account.
ECOA Code
A code indicating a consumer's relationship to an account.
Authorized User
A person permitted to use an account but not liable for the debt.
Social Security Number
The consumer's 9-digit SSN used for identification.
Date of Birth
The consumer's birth date used for identification.
Generation Code
A suffix indicating generational distinction in names.
Consumer Information Indicator
A code providing special status information about a consumer.
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