Below are some examples of what is (and what is not) illegal credit discrimination under the ECOA. But this information helps the government keep statistics that fight discrimination. And, the federal government encourages creditors to collect certain information that may seem discriminatory - for example, race, ethnicity, and age. To make it more challenging, creditors often must ask about (and consider) information that is deeply personal - like your income, expenses, debts, and credit history. There are many forms of credit discrimination, and some forms are harder to spot than others. The discrimination prohibition of this law applies to every part of the credit process: when you’re seeking credit, when a creditor evaluates your income, and when a creditor makes credit decisions. The Equal Credit Opportunity Act (ECOA) makes it illegal for creditors (also known as banks, mortgage companies, small loan and finance companies, credit unions, retail and department stores, credit card companies, other online companies offering credit, and people who arrange for credit) to discriminate against you. Identity Theft and Online Security Show/hide Identity Theft and Online Security menu items.Unwanted Calls, Emails, and Texts Show/hide Unwanted Calls, Emails, and Texts menu items. ![]()
0 Comments
Leave a Reply. |