Equal Credit Opportunity Act (ECOA)

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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.


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