djile/Shutterstock The Equal Credit Opportunity Act (ECOA) is legislation passed in 1974 that prohibits creditors from discriminating against an applicant due reasons related to race, color, religion, national origin, sex, marital status, age or participation in public assistance programs. Criteria that creditors can use in their decisions are financially based, like your income, debt, recurring expenses and credit history. Aside from forbidding creditors — and those who set the terms for credit, like real estate brokers — from using discrimination practices against protected groups, the ECOA grants consumers additional rights during the credit-seeking process. How the Equal Credit Opportunity Act works Under the ECOA, creditors aren’t allowed to discourage a consumer from applying for credit because they’re in a protected group. They’re also not allowed to use protected categories as a factor when deciding whether to grant credit, and they can’t offer different terms and conditions to consumers within a protected group. This law applies to a variety of creditors, including: Traditional and local banks. Credit unions. Online lenders. Retail and department stores. Other financing companies. Other entities who participate in deciding or extending credit. In some situations, these creditors might be permitted to ask for information like your […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
