Equal Credit Opportunity Act

By: Nick and Catie

What Is It?

  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.


A man who was recently divorced and was denied the ability to receive credit. He had no reason to be denied credit because he has no debt or loans, and he pays all his bills on time.


The creditor has to pay up to $10,000 in individual actions and the lesser of $500,000 or 1% of the creditor’s net worth in class actions because it is illegal to ask whether or not a person is married.