Equal Credit Opportunity Act

• The Equal Credit Opportunity Act was design to protect consumers from discrimination based on sex, marital status, race, national origin, religion, age or because they get public assistance income.
• The law covers consumers and businesses applying for credit. The law protects against discrimination but does not guarantee that every consumer who applies for credit will get it. Creditors base an individual's creditworthiness on factors such as income, expense, debts, and credit history.
• When you apply for credit, a creditor may not require you reveal your sex, race, national origin or religion and they may not discourage you from applying because you receive public assistance income. However, a creditor may ask you to voluntarily disclose this information if you are applying for a real estate loan. This information is used to help federal agencies enforce anti-discrimination laws.