Equal Credit Opportunity Act
BY: Thomas, Kathryn, and Riley
The Equal Credit Opportunities Act
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.