What is the Equal Credit Opportunity Act ("ECOA")?

What is the Equal Credit Opportunity Act?

The Equal Credit Opportunity Act ("ECOA") prohibits lenders from discriminating on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance income, or an applicant's good faith exercise of any rights under the Consumer Credit Protection Act. The ECOA requires creditors to provide applicants with the reasons credit was denied if the applicant asks.

 

For more information, see here:  https://www.ftc.gov/legal-library/browse/statutes/equal-credit-opportunity-act

 

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