Equal Credit Opportunity Act (ECOA)

The Equal Credit Opportunity Act (ECOA) is a law that was passed by the United States Congress in 1974 and prohibits discrimination in credit transactions. This means that a creditor may not refuse you credit, deny you the opportunity to get credit, or set different terms and conditions for your credit based on race, color, religion, national origin, sex (including gender identity), marital status, age (provided that you have the capacity to enter into a binding contract) because you receive income from public assistance programs, or because you have exercised your rights under the Consumer Credit Protection Act. The ECOA also gives you certain rights regarding prescreened offers of credit or insurance.

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