The Equal Credit Opportunity Act

The Equal Credit Opportunity Act (ECOA) ensures that all consumers are given an equal chance to obtain credit. This doesn’t mean all consumers who apply for credit are approved: Factors such as income, expenses, debt, and credit history are considerations for creditworthiness.

The law protects you by barring banks and lenders from denying credit based on race / national origin, religion, age (except as a positive reflection), sex, job status (single income or parent), pregnancy, alimony/child support liability, or information concerning a spouse’s income. Some states bar discrimination based on mental or physical disabilities and sexual orientation.

To read The Equal Credit Opportunity Act in its entirety, visit
http://www.fdic.gov/regulations/laws/rules/6500-1200.html