The Equal Opportunity Credit Act (ECOA) is a legally binding US law to insure that everyone is entitled to the same opportunity for credit. It prohibits discrimination against applicants on the basis of race, color, national origin, religion, sex, age, family status, or handicap. Further amendement also protects women, minority races, part-time employees, and others who may have suffered prejudicial treatment in the past.
While all lenders and credit card companies may take into consideration such information as job security, income, and credit history, the Equal Opportunity Credit Act insures your rights under the law that no credit organizawtion may base decisions on discriminatory factors cited above.
Know your rights! No lender should ask you questions that involve the protected classes under the Equal Credit Opportunity Act. That means that questions about race, religion, marital status, sex, national origin, etc. are prohibed from lenders' applications. Obviously, your name will probably reveal your sex. Your income reports will reveal your marital status. These questions may be asked and answered, but this information may not be used in evaluating your eligibility for credit.
For full details, including resources to report suspected violations, go to the official Federal Trade Commission government site:
www.ftc.gov/bcp/conline/pubs/credit/ecoa.shtm
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