How Do You Understand The Equal Credit Opportunity Act?
The Equal Credit Opportunity Act was created to ensure fair treatment for consumers who are seeking credit. Read on to understand how the law works. Know the law. Under the Equal Credit Opportunity Act, it’s illegal for a creditor to refuse to give you a credit application due to your sex, marital status, age, race or national origin, or because you receive public assistance. Be aware that the Equal Credit Opportunity Act prevents creditors from inquiring about your sex, race, national origin or religion. However, a creditor may request that you voluntarily share this data (with the exception of religion) if you’re seeking a real estate loan. Understand that a creditor may not ask if you’re widowed or divorced. A creditor can only ask if you’re married, unmarried or separated. You cannot be rejected for credit on the grounds of your age unless you are under 18. You are entitle to a decision within 30 days. If you are denied credit, you can ask that specific reasons be supplied to you w
