Equal Credit Opportunity Act (ECOA)

 The Mortgage U! Mortgage Education Made Easy

For all your mortgage needs:
Dave Zwierecki
Phone 888-418-4467

 Home  |  About Us  |  Calculator  |  Contact Us  |  News   |  Blog  |  Sitemap 

 

Google
 
 
Equal Credit Opportunity Act (ECOA)
The Equal Credit Opportunity Act (ECOA) is an act that makes it illegal for a lender to discriminate against a credit applicant on the basis of religion, race, color, sex, marital status, national origin, or age (under most circumstances). It is also illegal for a lender to discriminate based upon whether or not the applicant receives any income from public assistance, or if the applicant exercises any right under the Equal Credit Opportunity Act.

You are asked your race as part of your mortgage application for government monitoring purposes. However, you are not required to answer.

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 get it: Factors such as income, expenses, debt, and credit history are considerations for creditworthiness.

Although the lender cannot discriminate based on these factors, it does not mean that they are not required to ask your ethnicity and race as part of the application.

Under the ECOA, a creditor cannot discourage you from applying for credit based on your sex, marital status, age, race, national origin.

If you suspect that you have been discriminated against, complain to the creditor and tell them that you know what your rights are.

 

Contact Us
If you have any questions regarding our products, you can contact us by calling or e-mailing us and we'll get back to you as soon as possible. Thanks!


Name
Current Address
City, State, Zip Code
Phone
E-Mail
Purchase/Refinance/Debt Consolidation

Comments/Questions/:



 
 
 Information listed above is to be used for educational purposes only and is not guaranteed

Home | Contact Us | News | About | Sitemap | Bad Credit | Homebuyer | Sitemap3 | Sitemap4 | Sitemap5 | Sitemap6 | Sitemap7 | FS Home Loan | No Money Down | First Security | Blog| Privacy Policy

Copyright © 2007 First Security Financial Services, Inc.  All Rights Reserved... First Security Financial Services is a full service mortgage provider offering  mortgage educational tools in addition to hundreds of mortgage programs.                                                                                                                     Loan Officer | BANKRUPTCY is bad FORECLOSURE is worse | Loan Officer | For Sale By Owner Tips | Buying my first home | Credit after Bankruptcy