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prohibits credit discrimination on the basis of sex, race,
marital status, religion, national origin, age, or receipt
of public assistance. Creditors may ask for this information
(except religion) in certain situations, but may not use it
to discriminate when deciding whether to grant you credit.
The ECOA protects consumers who deal with companies that
regularly extend credit, including banks, small loan and
finance companies, retail and department stores, credit card
companies, and credit unions. Everyone who participates in
the decision to grant credit, including real estate brokers
who arrange financing, must follow this law. Businesses
applying for credit are also protected by this law.
Your
rights under the Equal Credit Opportunity Act:
-
You
cannot be denied credit based on your race, sex, marital
status, religion, age, national origin, or receipt of
public assistance.
-
You
have the right to have reliable public assistance
considered in the same manner as other income.
- If
you are denied credit, you have a legal right to know
why.
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