Your Equal Credit Opportunity Rights When Applying For Credit When Divorcing

Apr 05, 2021

The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the Equal Credit Opportunity Act (ECOA), which prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or because you get public assistance.

The law provides protections when you deal with any organizations or people who regularly extend credit, including banks, small loan, and finance companies, retail and department stores, credit card companies, and credit unions.  Everyone who participates in the decision to grant credit or in setting the terms of that credit must comply with ECOA.

When You Apply for Credit, Creditors May Not...

  • Discourage you from applying or reject your application because of your race, color, religion, national origin, sex, marital status, age, or because you receive public assistance.
  • Impose different terms or conditions, like a higher interest rate or higher fees, on a loan based on your race, color,...
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