Equal Credit Opportunity Act

BY: Thomas, Kathryn, and Riley

The Equal Credit Opportunities Act

  1. Prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or because you get public assistance. Creditors may not use those factors when deciding whether to give you credit or when setting the terms of your credit.

Problem

You are a woman who was divorced and denied the ability to have credit. However, you have no reason to be denied this - you have all bills paid on time each month, no debt or loans.

Solution

You are to be told the specific reason in which you were denied credit. You should be informed of the decision within 30 days of the completed application. If there is denial for the credit due to your race, color, religion, national origin, sex, marital statues, or age.