Item 1.	Business -------- 	Not applicable.
Item 2.
Item 2.	Properties ---------- 	Registrant refers to the annual statement as to compliance (the "'Annual Statement of Compliance") filed under Item 14 hereof.
Item 3.
Item 3.	Legal Proceedings ----------------- 	There are no material pending legal proceedings with respect to the Series EQCC Home Equity Loan Trust 1997-1, Series EQCC Home Equity Loan Trust 1997-2, Series EQCC Home Equity Loan Trust 1997-3, Series EquiCredit Funding Trust 1997-A, or Series EquiCredit Funding Trust 1997-B (collectively referred to as the "Trusts") involving the Trusts, U.S. Bank National Association f/k/a First Bank National Association, as Trustee, or EquiCredit Corporation of America, as Servicer, other than ordinary routine litigation incidental to the Trust's assets or the Trustee's or the Servicer's duties under the applicable Pooling and Servicing Agreement.
Item 4.
Item 4.	Submission of Matters to a Vote of Security Holders --------------------------------------------------- 	None.
PART II - -------
Item 5.
Item 5.	Market for the Registrant's Common Equity and Related Stockholder ----------------------------------------------------------------- Matters. -------- At December 31, 1997 the number of holders of Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class A-8 Certificates for the 1997-1 Trust were 8,5,25,15,2,3,29,5 respectively; the number of holders of Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-9 and Class A-10 Certificates for the 1997-2 Trust were 5,5,11,3,15,3,24,1,3 and 6 respectively; the number of holders of Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-9 and Class A-10 Certificates for the 1997-3 Trust were 2,4,2,28,9,11,6,12,31 and 10 respectively; the number of holders of Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, and Class A-7 Certificates for the 1997-A Trust were 6,7,4,1,2,2 and 1 respectively; the number of holders of Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class A-8 Certificates for the 1997-B Trust were 3,2,14,2,3,1,2 and 1 respectively. The principal market in which the Certificates are traded is composed of certain sophisticated investors such as commercial banks, trust companies, pension funds, and insurance companies and selected investment banks which trade in new and secondary securities transactions both as principal and agent. Information regarding dividends required by sub-paragraph (c) of Item 201 of Regulation S-K is inapplicable as the Trusts do not pay dividends. Information as to distributions to Certificateholders has been provided by the Registrants in their periodic Form 8-K filings with the Securities and Exchange Commission.
Item 6.
Item 6.	Selected Financial Data ----------------------- 		Not applicable.
Item 7.
Item 7.	Management's Discussion and Analysis of Financial Condition and --------------------------------------------------------------- Results of Operations --------------------- 		Not applicable.
Item 8.
Item 8.	Financial Statements and Supplementary Data ------------------------------------------- 		Not applicable.
Item 9.
Item 9.	Changes in and Disagreements with Accountants on Accounting and --------------------------------------------------------------- Financial Disclosure -------------------- 		None.
PART III - --------
Item 10.
Item 10. Directors and Executive Officers of the Registrant -------------------------------------------------- 	Not applicable.
Item 11.
Item 11. Executive Compensation ---------------------- 		Not applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management --------------------------------------------------------------	 (A)(i)(1)	 	With respect to the 1997-A Trust, holders of record of five percent or more of the Class A-1 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 				Certificates Held	 Percent of Name and Address of Holder		 (in $000's) 	 	Certificates Held - -------------------------- ------------------- ----------------- Swiss Bank Corporation			 $40,000,000	 	46.4080% 222 Broadway New York, NY 10038
Chase Manhattan Bank		 	$21,250,000	 	24.6543% 4 New York Plaza, 14th floor New York, NY 10004
Chase Manhattan Bank/Chemical	 	$17,692,000 		20.5263% 4 New York Plaza Proxy Department, 13th floor New York, NY 10004
Bank of New York 			$4,350,000		 5.0469% 925 Patterson Plank Rd Secaucus, NJ 07094
(A)(i)(2)	 	With respect to the 1997-A Trust, holders of record of five percent or more of the Class A-2 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder 		(in $000's) 	 	Certificates Held - -------------------------- ----------------- ----------------- Boston Safe Deposit and Trust Company	 	$16,500,000 		32.7491% C/O Mellon Bank N.A. Three Mellon Bank Center, Room 153-3015 Pittsburgh, PA 15259
Chase Manhattan Bank/Chemical	 	$15,483,000		 30.7306% 4 New York Plaza Proxy Department, 13th floor New York, NY 10004
Comerica Bank		 		$ 7,500,000	 	14.8860% Cap.Chg./Proxy 7CBB/MC 3530 Detroit, MI 48275-3530
Bank of New York	 		$ 5,000,000		 9.9240% 925 Patterson Plank Rd. Secaucus, NJ 07094
	(A)(i)(3)	 	With respect to the 1997-A Trust, holders of record of five percent or more of the Class A-3 Certificates at December 31, 1997 were as follows:
	 				Dollar Amount of	 		 			Certificates Held 	 Percent of Name and Address of Holder		 (in $000's)	 	Certificates Held - -------------------------- ----------------- ------------------ Morgan Stanley & Co. Incorporated	 	$6,755,000 		47.3869% One Pierrepont Plaza, 7th floor Brooklyn, NY 11201
Boston Safe Deposit and Trust Company 		$5,000,000		 35.0754% C/O Mellon Bank N.A. Three Mellon Bank Center, Room 153-3015 Pittsburgh, PA 15259
SSB - Custodian		 	 $2,460,000 		17.2571% Global Corp Action Dept JAB5W P.P. Box 1631 Boston, MA 02105-1631
	 (A)(i)(4)	 	With respect to the 1997-A Trust, holders of record of five percent or more of the Class A-4 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 					Certificates Held 	 Percent of Name and Address of Holder 		(in $000's)	 	Certificates Held - -------------------------- ----------------- ----------------- Chase Manhattan Bank/ Salomon	 	$10,123,000	 	100% 4 New York Plaza - 21st floor New York, NY 10004
(A)(i)(5)	 	With respect to the 1997-A Trust, holders of record of five percent or more of the Class A-5 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder		 (in $000's)	 	Certificates Held - -------------------------- ------------------ ----------------- Morgan Stanley & Co. Incorporated		 $7,524,000		 79.0004% One Pierrepont Plaza, 7th floor Brooklyn, NY 11201
Chase Manhattan Bank		 		$2,000,000		 20.9996% 4 New York Plaza, 13th floor New York, NY 10004
	 (A)(i)(6)	 	With respect to the 1997-A Trust, holders of record of five percent or more of the Class A-6 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder	 	(in $000's) 	 	Certificates Held - -------------------------- ------------------ ----------------- Chase Manhattan Bank			 	$8,942,000 		47.2072% 4 New York Plaza, 13th floor New York, NY 10004
Morgan Stanley & Co. Incorporated	 	$10,000,000 		52.7927% One Pierrepont Plaza, 7th floor Brooklyn, NY 11201
	 (A)(i)(7)	 	With respect to the 1997-A Trust, holders of record of five percent or more of the Class A-7 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder	 	(in $000's)	 	Certificates Held - -------------------------- ----------------- ----------------- Republic National Bank of New York	 	$5,124,000		 100% Investment Account One Hanson Place, Lower Level Brooklyn, NY 11243
	 (A)(i)(1)	 	With respect to the 1997-B Trust, holders of record of five percent or more of the Class A-1 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder		 (in $000's)	 	Certificates Held - -------------------------- ------------------- ------------------ Republic National Bank of New York 		$15,000,000		 52.8355% Investment Account One Hanson Place, Lower level Brooklyn, NY 11243
Citibank, N.A.			 		$7,390,000 		26.0302% PO Box 30576 Tampa, FL 33630-3576
LBI-Lehman Government Securities Inc. 	$6,000,000 		21.1342 200 Vesey Street New York, NY 10285
	 (A)(i)(2)	 	With respect to the 1997-B Trust, holders of record of five percent or more of the Class A-2 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder		 (in $000's) 	 	Certificates Held - -------------------------- ------------------ ------------------ Chase Manhattan Bank/Chemical 		$12,290,000		 67.1951% 4 New York Plaza Proxy Department, 13th floor New York, NY 10004
Bankers Trust Company 			$6,000,000		 32.8048% C/O BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, TN 37211
	 (A)(i)(3)	 	With respect to the 1997-B Trust, holders of record of five percent or more of the Class A-3 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder		 (in $000's)	 	Certificates Held - -------------------------- ------------------- ----------------- Chase Manhattan Bank			 	$18,700,000	 	58.9905% 4 New York Plaza, 13th floor New York, NY 10004
PNC Bank, National Association			 $5,140,000		 16.2145% 1835 Market Street 11 Penn Center, 15th floor Philadelphia, PA 19103
Wells Fargo Bank, National Association 		$3,350,000		 10.5678% 26610 West Agoura Road Caladasas, CA 91307
Bank of New York	 			$2,085,000	 	 6.5772% 925 Patterson Plank Road Secaucus, NJ 07094
	 (A)(i)(4)	 	With respect to the 1997-B Trust, holders of record of five percent or more of the Class A-4 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder 		(in $000's)	 	Certificates Held - -------------------------- ------------------ ----------------- Chase Manhattan Bank/Chemical	 	$13,670,000		 79.1546% 4 New York Plaza Proxy Department, 13th floor New York, NY 10004
Sei Trust Company		 		$3,600,000 		20.8453% 1 Freedom Valley Drive Oaks, PA 19456
	 (A)(i)(5)	 	With respect to the 1997-B Trust, holders of record of five percent or more of the Class A-5 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 		 			Certificates Held	 Percent of Name and Address of Holder	 	(in $000's) 	 	Certificates Held - -------------------------- ----------------- ----------------- CitiBank, N.A.		 			$14,800,000 		59.6770% PO Box 30576 Tampa, FL 33630-3576
Comerica Bank	 				$5,000,000 		20.1612% CAPCHG./PROXY 7CBB/NC 3530 Detroit, MI 48275-3530
LBI-Lehman Government Securities Inc.	 $5,000,000		 20.1612% 200 Vesey Street New York, NY 10285
	 (A)(i)(6)	 	With respect to the 1997-B Trust, holders of record of five percent or more of the Class A-6 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder 		(in $000's) 	 	Certificates Held - --------------------------- ------------------ ----------------- CitiBank, N.A.			 		$12,750,000 		100% PO Box 30576 Tampa, FL 33630-3576
	 (A)(i)(7)	 	With respect to the 1997-B Trust, holders of record of five percent or more of the Class A-7 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder	 	(in $000's)	 	Certificates Held - -------------------------- ------------------ ----------------- Norwest Bank Minnesota	 		$10,000,000		 67.5675% National Association 733 Marquette Avenue Minneapolis, MN 55479-0056
Chase Manhattan Bank			 	$4,800,000		 32.4324% 4 New York Plaza, 13th floor New York, NY 10004
	 (A)(i)(8)	 	With respect to the 1997-B Trust, holders of record of five percent or more of the Class A-8 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 		 			Certificates Held	 Percent of Name and Address of Holder	 	(in $000's) 	 	Certificates Held - -------------------------- ------------------ ----------------- SSB - Custodian		 		$27,000,000	 	100% Global Corp Action Dept JAB5W PP Box 1631 Boston, MA 02105-1631
	 (A)(i)(1)	 	With respect to the 1997-1 Trust, holders of record of five percent or more of the Class A-1 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder 		(in $000's) 	 	Certificates Held - -------------------------- ------------------ ----------------- Bank of New York		 	$95,000,000 		48.2642% 925 Patterson Plank Rd. Secaucus, NJ 07094
Chase Manhattan Bank		 		$55,000,000 		27.9424% 4 New York Plaza, 13th floor New York, NY 10004
Prudential Securities Incorporated 		$20,098,000	 	10.2106% C/O ADP Proxy Services 51 Mercedes Way Edgewood, NY 11717
CitiBank, N.A.	 			$13,500,000	 	 6.8586% PO Box 30576 Tampa, FL 33630-3576
	 (A)(i)(2)	 	With respect to the 1997-1 Trust, holders of record of five percent or more of the Class A-2 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder	 	(in $000's)	 	 Certificates Held - -------------------------- ----------------- ----------------- Boston Safe Deposit and Trust Company 	$9,000,000	 	 49.2908% C/O Mellon Bank N.A. Three Mellon Bank Center, Room 153-3015 Pittsburgh, PA 15259
Bank of New York	 		$5,000,000 		27.3838% 925 Patterson Plank Rd. Secaucus, NJ 07094 Fiduciary SSB			 	$2,000,000 		10.9535% 108 Myrtle Street Newport Office Bldg. N. Quincy, MA 02171
Chase Manhattan Bank/Chemical	 	$1,259,000		 6.8952% 4 New York Plaza Proxy Department, 13th floor New York, NY 10004
Bankers Trust Company		 	$1,000,000 		 5.4768% C/O BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, TN 37211
	 (A)(i)(3)	 	With respect to the 1997-1 Trust, holders of record of five percent or more of the Class A-3 Certificates at December 31, 1997 were as follows:
	Dollar Amount of	 	 		Certificates Held	 Percent of Name and Address of Holder 		(in $000's)	 	Certificates Held - -------------------------- ----------------- ----------------- Chase Manhattan Bank/Chemical	 	$88,573,000	 	69.7025% 4 New York Plaza Proxy Department, 13th floor New York, NY 10004
CitiBank, N.A.	 			$10,300,000 		8.1056% PO Box 30576 Tampa, FL 33630-3576
	 (A)(i)(4)	 	With respect to the 1997-1 Trust, holders of record of five percent or more of the Class A-4 Certificates at December 31, 1997 were as follows:
		 			Dollar Amount of	 			Certificates Held	 Percent of Name and Address of Holder		 (in $000's) 	 	Certificates Held - -------------------------- ----------------- ------------------ Bank of New York		 	$9,300,000		 19.6174% 925 Patterson Plank Rd. Secaucus, NJ 07094
Northern Trust Company		 $7,350,000 		15.5040% 801 S. Canal C-In Chicago, IL 60607
PNC Bank, National Association 		$5,382,000 		11.3528% 1835 Market Street 11 Penn Center, 15th floor Philadelphia, PA 19103
Comerica Bank		 		$5,000,000		 10.5470% CAP.CHG./PROXY 7CBB/MC 3530 Detroit, MI 48275-3530
UMB Bank, NA	 			$3,500,000 		 7.3829% PO Box 419260 Kansas City, MO 64141-6260
Chase Manhattan Bank		 	$3,300,000	 	 6.9610% 4 New York Plaza, 13th floor New York, NY 10004
Fleet Bank of Massachusetts, N.A.		 $2,775,000	 	 5.8536% Fleet Services Corp 2nd Floor NYROT02B Rochester, NY 14638
SSB - Custodian 			$2,675,000		 5.6426% Global Corp Action Dept JAB5W PP Box 1631 Boston, MA 02105-1631
	 (A)(i)(5)	 	With respect to the 1997-1 Trust, holders of record of five percent or more of the Class A-5 Certificates at December 31, 1997 were as follows:
	 				Dollar Amount of	 			 		Certificates Held	 Percent of Name and Address of Holder 		(in $000's)	 	Certificates Held - -------------------------- ----------------- ----------------- Bankers Trust Company	 	$15,494,000		 60.7751% C/O BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, TN 37211
Boston Safe Deposit and Trust Company	 	$10,000,000 		39.2249% C/O Mellon Bank N.A. Three Mellon Bank Center, Room 153-3015 Pittsburgh, PA 15259
	 (A)(i)(6)	 	With respect to the 1997-1 Trust, holders of record of five percent or more of the Class A-6 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 	Certificates Held	 Percent of Name and Address of Holder	 	(in $000's) 	 	Certificates Held - --------------------------- ------------------ ----------------- CitiBank, N.A.		 		$28,989,000	 	85.2894% PO Box 30576 Tampa, FL 33630-3576
Bankers Trust Company	 	$4,000,000		 11.7685% C/O BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, TN 37211
	 (A)(i)(7)	 	With respect to the 1997-1 Trust, holders of record of five percent or more of the Class A-7 Certificates at December 31, 1997 were as follows:
			Dollar Amount of	 			 		Certificates Held	 Percent of Name and Address of Holder	 	(in $000's) 	 	Certificates Held - --------------------------- ------------------- ----------------- Chase Manhattan Bank		 	$15,099,000		 30.1980% 4 New York Plaza, 13th floor New York, NY 10004
SSB - Custodian	 		$8,278,000	 	 16.5560% Global Corp Action Dept JAB5W PP Box 1631 Boston, MA 02105-1631
Norwest Bank Minnesota	 		$8,000,000		 16.0000% National Association 733 Marquette Avenue Minneapolis, MN 55479-0056
Northern Trust Company	 	$4,267,000		 8.5340% 801 S. Canal C-In Chicago, IL 60607
Bankers Trust Company		 $3,633,000		 7.2660% C/O BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, TN 37211
Fleet Bank of Massachusetts, N.A.	 	$2,877,000		 5.7540% Fleet Services Corp 2nd Floor NYROT02B Rochester, NY 14638
	 (A)(i)(8)	 	With respect to the 1997-1 Trust, holders of record of five percent or more of the Class A-8 Certificates at December 31, 1997 were as follows:
		Dollar Amount of	 			 		Certificates Held	 Percent of Name and Address of Holder	 	(in $000's) 	 	Certificates Held - -------------------------- ------------------ ----------------- Prudential Securities Incorporated		 $57,500,000		 56.9065% C/O ADP Proxy Services 51 Mercedes Way Edgewood, NY 11717
SSB - Custodian 			$14,000,000		 13.8555% Global Corp Action Dept JAB5W PP Box 1631 Boston, MA 02105-1631
Chase Manhattan Bank	 		$12,500,000	 	12.3710% 4 New York Plaza, 13th floor New York, NY 10004
Republic National Bank of New York	 	$12,500,000	 	12.3710% Investment Account One Hanson Place, Lower Level Brooklyn, NY 11243
	 (A)(i)(1)	 	With respect to the 1997-2 Trust, holders of record of five percent or more of the Class A-1 Certificates at December 31, 1997 were as follows:
			 		 Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder	 	(in $000's)	 	Certificates Held - -------------------------- ----------------- ----------------- Bank of New York		 		$16,200,000	 	24.6703% 925 Patterson Plank Rd Secaucus, NJ 07094
Chase Manhattan Bank		 		$16,200,000		 24.6703% 4 New York Plaza, 13th floor New York, NY 10004
Chase Manhattan Bank/Chemical	 	$16,200,000		 24.6703% 4 New York Plaza Proxy Department, 13th floor New York, NY 10004
Republic National Bank of New York 		$15,000,000 		22.8429% Investment Account One Hanson Place, Lower Level Brooklyn, NY 11243
	 (A)(i)(2)	 	With respect to the 1997-2 Trust, holders of record of five percent or more of the Class A-2 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder	 	(in $000's)	 	Certificates Held - --------------------------- ---------------- ----------------- SSB - Custodian 		$12,750,000		 40.7452% Global Corp Action Dept JAB5W P.P. Box 1631 Boston, MA 02105-1631
Chase Manhattan Bank/Salomon	 	$ 7,750,000	 	24.7667% 4 New York Plaza - 21st floor New York, NY 10004
Republic National Bank of New York	 	$ 7,242,000		 23.1433% Investment Account One Hanson Place, Lower Level Brooklyn, NY 11243
Chase Manhattan Bank 		$ 2,750,000	 	 8.7882% 4 New York Plaza - 13th floor New York, NY 10004
	 (A)(i)(3)	 	With respect to the 1997-2 Trust, holders of record of five percent or more of the Class A-3 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder	 	(in $000's) 	 	Certificates Held - -------------------------- ------------------ ----------------- Chase Manhattan Bank/Chemical	 	$37,535,000		 47.7940% 4 New York Plaza Proxy Department, 13th floor New York, NY 10004
Bank of New York	 			$19,550,000		 24.8934% 925 Patterson Plank Rd Secaucus, NJ 07094
Republic National Bank of New York		 $ 8,075,000		 10.2820% Investment Account One Hanson Place, Lower Level Brooklyn, NY 11243
NationsBank of Texas, N.A.	 	$ 5,825,000	 7.4171% Trust Operations, 16th floor 1401 Elm Street Dallas, TX 75202
Northern Trust Company	 	$ 4,325,000	 	 5.5071% 801 S. Canal C-In Chicago, Il 60607
	 (A)(i)(4)	 	With respect to the 1997-2 Trust, holders of record of five percent or more of the Class A-4 Certificates at December 31, 1997 were as follows:
			 Dollar Amount of	 	 				Certificates Held	 Percent of Name and Address of Holder 		(in $000's)	 	Certificates Held - --------------------------- ------------------ ----------------- Bank of New York 				$49,478,000	 	79.5108% 925 Patterson Plank Rd Secaucus, NJ 07094
Bankers Trust Company 			$ 7,750,000	 	12.4542% C/O BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, TN 37211
Boston Safe Deposit and Trust Company	 $ 5,000,000	 	 8.0350% C/O Mellon Bank N.A. Three Mellon Bank Center, Room 153-3015 Pittsburgh, PA 15259
	 (A)(i)(5)	 	With respect to the 1997-2 Trust, holders of record of five percent or more of the Class A-5 Certificates at December 31, 1997 were as follows:
	 				Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder 		(in $000's) 	 	Certificates Held - -------------------------- ------------------ ----------------- PNC Bank, N.A./Pittsburgh		 	$32,750,000	 	37.7352% One PNC Plaza, 9th floor 249 5th Avenue Pittsburgh, PA 15222-7707
Boston Safe Deposit and Trust Company	 $27,135,000		 31.2655% C/O Mellon Bank N.A. Three Mellon Bank Center, Room 153-3015 Pittsburgh, PA 15259
Bankers Trust Company		 	$11,000,000 		12.6744% C/O BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, TN 37211
Chase Manhattan Bank	 			$ 7,200,000		 8.2960% 4 New York Plaza, 13th floor New York, NY 10004
	 (A)(i)(6)	 	With respect to the 1997-2 Trust, holders of record of five percent or more of the Class A-6 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 	 				Certificates Held	 Percent of Name and Address of Holder		 (in $000's)	 	Certificates Held - ------------------------- ------------------- ----------------- Chase Manhattan Bank/Chemical 		$18,646,000		 82.3368% 4 New York Plaza Proxy Department, 13th floor New York, NY 10004
Merrill Lynch	 				$ 2,000,000	 	 8.8316% Pierce Fenner & Smith Safekeeping 4 Corporate Place Corporate Park 287 Piscataway, NJ 08855
Norwest Bank Minnesota		 	$ 2,000,000 		 8.8316% National Association 733 Marquette Avenue Minneapolis, MN 55479-0056
	 (A)(i)(7)	 	With respect to the 1997-2 Trust, holders of record of five percent or more of the Class A-7 Certificates at December 31, 1997 were as follows:
				 Dollar Amount of	 	 				Certificates Held	 Percent of Name and Address of Holder	 	 (in $000's) 	 	Certificates Held - -------------------------- -------------------- ----------------- SSB - Custodian		 		$36,696,000	 	50.4281% Global Corp Action Dept JAB5W P.P. Box 1631 Boston, MA 02105-1631
Bankers Trust Company		 	$13,165,000		 18.0915% C/O BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, TN 37211
Chase Manhattan Bank	 			$ 6,385,000		 8.7743% 4 New York Plaza, 13th floor New York, NY 10004
Northern Trust Company		 $ 4,800,000		 6.5962% 801 S. Canal C-In Chicago, Il 60607
	 (A)(i)(8)	 	With respect to the 1997-2 Trust, holders of record of five percent or more of the Class A-8 Certificates at December 31, 1997 were as follows:
		 		Dollar Amount of	 	 				Certificates Held	 Percent of Name and Address of Holder 		(in $000's) 	 	Certificates Held - --------------------------- ------------------ ------------------ CitiBank, N.A.		 			$33,034,000	 	100% PO Box 30576 Tampa, FL 33630-3576
	 (A)(i)(9)	 	With respect to the 1997-2 Trust, holders of record of five percent or more of the Class A-9 Certificates at December 31, 1997 were as follows:
		 			Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder 		(in $000's) 	 	Certificates Held - --------------------------- ------------------- ------------------ Bank of New York		 		$30,300,000	 	60.2386% 925 Patterson Plank Rd Secaucus, NJ 07094
Norwest Bank Minnesota	 		$17,500,000		 34.7913% National Association 733 Marquette Avenue Minneapolis, MN 55479-0056
	 (A)(i)(10) 	With respect to the 1997-2 Trust, holders of record of five percent or more of the Class A-10 Certificates at December 31, 1997 were as follows:
		 		Dollar Amount of	 	 				Certificates Held	 Percent of Name and Address of Holder	 	(in $000's) 	 	Certificates Held - --------------------------- ------------------ ------------------ SSB - Custodian			 	$75,000,000		 40.4051% Global Corp Action Dept JAB5W P.P. Box 1631 Boston, MA 02105-1631
BNY/ITC - Dealers Clearance Special		 $50,000,000		 26.9368% C/O N.A. Schapiro & Co. In. One Chase Manhattan Plaza, 58th floor New York, NY 10005
Bank of New York		 		$25,000,000	 	13.4684% 925 Patterson Plank Rd Secaucus, NJ 07094
Bankers Trust Company	 		$25,000,000 		13.4684% C/O BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, TN 37211
Republic National Bank of New York 		$10,000,000	 	 5.3874% Investment Account One Hanson Place, Lower level Brooklyn, NY 11243
	(A)(i)(1)	 	With respect to the 1997-3 Trust, holders of record of five percent or more of the Class A-1 Certificates at December 31, 1997 were as follows:
	 				Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder		 (in $000's) 	 	Certificates Held - --------------------------- ------------------ ------------------ Northern Trust Company	 $48,250,000	 	87.7273% 801 South Canal Chicago, IL 60607			
Bank of New York	 		$6,750,000		 12.2727% 925 Patterson Plank Road Secaucus, NJ 07094			
	(A)(i)(2)	 With respect to the 1997-3 Trust, holders of record of five percent or more of the Class A-2 Certificates at December 31, 1997 were as follows:
		 			Dollar Amount of	 	 				Certificates Held	 Percent of Name and Address of Holder	 	(in $000's)	 	Certificates Held - -------------------------- ----------------- ------------------- Northern Trust Company		 $44,400,000	 	47.0339% 801 South Canal Chicago, IL 60607			
Bank of New York	 		$40,000000		 42.3929% 925 Patterson Plank Road Secaucus, NJ 07094			
Bankers Trust Company 		$5,000,000 		5.2966% C/O BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, TN 37211			
Chase Manhattan Bank	 		$5,000,000	 	5.2966% 4 New York Plaza 13th Floor New York, NY 10004			
	(A)(i)(3)	 	With respect to the 1997-3 Trust, holders of record of five percent or more of the Class A-3 Certificates at December 31, 1997 were as follows:
	 				Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder	 	(in $000's)	 	Certificates Held - --------------------------- ------------------- ------------------ PNC Bank, N.A. 	 		$84,800,000		 97.6959% One PNC Plaza, 9th Floor 249 Fifth Avenue Pittsburgh, PA 15222-7707		
	 (A)(i)(4)	 	With respect to the 1997-3 Trust, holders of record of five percent or more of the Class A-4 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 		 			Certificates Held	 Percent of Name and Address of Holder	 (in $000's) 	 	Certificates Held - ---------------------------- ------------------ ------------------ Bank of New York		 		$18,305,000 		23.4379% 925 Patterson Plank Rd Secaucus, NJ 07094
Mercantile Bank of St. Louis $10,000,000	 	12.8041% National Association Bond PO Box 349 St. Louis, MO 63166
Bankers Trust Company 			$ 7,850,000 		10.0512% C/O BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, TN 37211
Chase Manhattan Bank				 $ 6,400,000	 	 8.1946% 4 New York Plaza New York, NY 10004
Fifth Third Bank 				$ 5,100,000 		 6.5301% Dept. 00850 - Proxy 38 Fountain Square Plaza Cincinnati, OH 45263
Boston Safe Deposit and Trust Company	$ 4,470,000 		 5.7234% C/O Mellon Bank N.A. Three Mellon Bank Center, Room 153-3015 Pittsburgh, PA 15259
	 (A)(i)(5)	 	With respect to the 1997-3 Trust, holders of record of five percent or more of the Class A-5 Certificates at December 31, 1997 were as follows:
	 				Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder	 	(in $000's)	 	Certificates Held - --------------------------- ------------------- ------------------ SSB - Custodian	 			$18,330,000 		84.4700% Global Corp Action Dept JAB5W P.P. Box 1631 Boston, MA 02105-1631
	(A)(i)(6)	 	With respect to the 1997-3 Trust, holders of record of five percent or more of the Class A-6 Certificates at December 31, 1997 were as follows:
	 				Dollar Amount of	 	 				Certificates Held	 Percent of Name and Address of Holder	 	(in $000's) 	 	Certificates Held - ---------------------------- ------------------ ------------------ American Express Trust Company	 	$21,000,000	 	37.8378% 1200 Northstar West Minneapolis, MN 55440
Bankers Trust Company		 	$16,200,000		 29.1892% C/O BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, TN 37211
Boston Safe Deposit and Trust Company	 $ 8,000,000		 14.4144% C/O Mellon Bank N.A. Three Mellon Bank Center, Room 153-3015 Pittsburgh, PA 15259
Bank of New York		 	$4,000,000	 	7.2072% 925 Patterson Plank Road Secaucus, NJ 07094				
Norwest Bank Minnesota, National Association	$3,000,000	 	5.4054% 733 Marquette Avenue Minneapolis, MN 55479-0056			
	 (A)(i)(7)	 	With respect to the 1997-3 Trust, holders of record of five percent or more of the Class A-7 Certificates at December 31, 1997 were as follows:
	 				Dollar Amount of	 		 			Certificates Held	 Percent of Name and Address of Holder	 	(in $000's)	 	Certificates Held - --------------------------- ------------------ ----------------- Investors Bank and Trust/M.F. Custody 		$11,950,000 		35.6716% 200 Clarendon Street 15th Floor Hancock Tower Boston, MA 02116				
Keybank National Association		 	$9,810,000		 29.2835% 4900 Tiedeman Road Brooklyn, OH 44144				
Bank of New York 			$6,000,000		 17.9104% 925 Patterson Plank Road Secaucus, NJ 07094				
Chase Manhattan Bank	 		$4,750,000	 	14.1791% 4 New York Plaza 13th Floor New York, NY 10004				
	 (A)(i)(8)	 	With respect to the 1997-3 Trust, holders of record of five percent or more of the Class A-8 Certificates at December 31, 1997 were as follows:
			 		Dollar Amount of	 		 		Certificates Held	 Percent of Name and Address of Holder	 		(in $000's) 	 	Certificates Held - ----------------------------- ----------------- ------------------ KeyBank National Association		 	$15,440,000	 	37.6585% 4960 Tiedeman Rd. Brooklyn, NY 44144
Morgan Stanley & Co. Incorporated	 	$10,000,000 		24.3902% One Pierrepont Plaza, 7th floor Brooklyn, NY 11201
Rigos Bank National Association 		$3,500,000	 	 8.5366% RS 300 5700 River Tech Court Riverdale, MD 20737-1250
Northern Trust Company		 	$3,125,000	 	7.6220% 801 S. Canal C-In Chicago, IL 60607
Corestates Bank, N.A. 				$2,450,000 		5.9756% PO Box 7618 F.C. #1-9-1-21 Philadelphia, PA 19106
	 (A)(i)(9)	 	With respect to the 1997-3 Trust, holders of record of five percent or more of the Class A-9 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 	 				Certificates Held	 Percent of Name and Address of Holder		 	(in $000's) 	 	Certificates Held - -------------------------- ------------------- ----------------- Bankers Trust Company	 	$5,420,000	 	15.9411% C/O BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, TN 37211				
SSB				 	$5,166,000	 	15.1941% Global Corporation Action Department P.O. Box 1631 Boston, MA					
Investors Bank & Trust /M.F. Custody 		$4,795,000	 	14.1029% 200 Clarendon Street 15th Floor Hancock Tower Boston, MA 02116				
Bank of New York	 		$4,083,000		 12.0088% 925 Patterson Plank Road Secaucus, NJ 07094				
Boston Safe Deposit and Trust Company	 	$2,103,000		 6.1852% C/O Mellon Bank N.A. Three Mellon Bank Center Room 153-3015 Pittsburgh, PA 15259				
Chase Manhattan Bank		 	$2,077,000	 	6.1088% 4 New York Plaza 13th Floor New York, NY 10004				
Investors Fiduciary Trust Company/SSB	 	$2,000,000	 	5.8823% Global Corporation Action Department P.O. Box 1631 Boston, MA 02105-1631			
	 (A)(i)(10)	 	With respect to the 1997-3 Trust, holders of record of five percent or more of the Class A-10 Certificates at December 31, 1997 were as follows:
					Dollar Amount of	 					Certificates Held	 Percent of Name and Address of Holder		 	(in $000's) 	 	Certificates Held - -------------------------- ------------------ ------------------ Bankers Trust Company	 	$54,500,000 		36.7188% C/O BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, TN 37211				
Comerica Bank 					$15,000,000 	10.1061% Cap. Chg/Proxy 7CBB/MC3550 Detroit, MI 48275-3530				
Morgan Stanley & Co. Incorporated	 	$15,000,000 		10.1061% One Pierrepont Plaze 7th Floor Brooklyn, NY 11201				
Boston Safe Deposit and Trust Company 		$14,150,000 		9.5334% C/O Mellon Bank N.A. Three Mellon Bank Center Room 153-3015 Pittsburgh, PA 15259				
SSB Custodian			 		$13,275,000 		8.9439% Global Corporation Action Department P.O. Box 1631 Boston, MA 02105-1631			
Chase Manhattan Bank 		$12,400,000 	8.3543% 4 New York Plaza 13th Floor New York, NY 10004				
Chase Manhattan Bank 			$10,000,000 	6.7374% 4 New York Plaza Proxy Department 13th Floor New York, NY 10004				
Bank of New York	 		$8,500,000 		5.7267% 925 Patterson Plank Road Secaucus, NJ 07094				
Item 13.
Item 13. Certain Relationships and Related Transactions ---------------------------------------------- 	There has not been, and there is not currently proposed, any transaction or series of 	transactions, to which either the Trusts or EquiCredit Corporation of America, as Servicer, is a 	party with any Certificateholder or any member of the immediate family of any such 	Certificateholder who, to the knowledge of the Servicer, owns of record or beneficially more than 	five percent of the Certificates.
PART IV - -------
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K ----------------------------------------------------------------	 	(a)	1.	Not applicable. 	2.	Not applicable. 		3.	Exhibits: 			99.1	 Annual Statement as to Compliance 			99.2 Report of Independent Certified Public Accountants 					 	(b)	Reports on Form 8-K. 		As Servicer and on behalf of the Trusts, EquiCredit Corporation of America filed a Current Report on Form 8-K pursuant to Item 5 for the following monthly distribution dates during 1997, including the Remittance Report for each due period provided by the Trustee.
Dates of Reports on Form 8-K ---------------------------- January 15, 1997 February 18, 1997 March 17, 1997 April 15, 1997 May 15, 1997 June 16, 1997 July 15, 1997 August 15, 1997 September 15, 1997 October 15, 1997 November 17, 1997 December 15, 1997
	(c)	The exhibits filed as part of this report are listed in the Index to Exhibits on page 6.
	(d)	Not applicable. 	
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
				Registrant:
Dated: March 31, 1998		 EQCC RECEIVABLES COPORATION
				By: /s/ Rodolfo F. Engmann 				Rodolfo F. Engmann 		President and Director 				(Duly Authorized Officer)
			EQCC ASSET BACKED CORPORATION 				 				By: /s/ Rodolfo F. Engmann 				Rodolfo F. Engmann 				President and Director 				(Duly Authorized Officer)
				Series EQCC Home Equity Loan Trust 1997-1 		Series EQCC Home Equity Loan Trust 1997-2 				Series EQCC Home Equity Loan Trust 1997-3 				Series EquiCredit Funding Trust 1997-A 				Series EquiCredit Funding Trust 1997-B