LAWDOG CREDIT REPORTING DICTIONARY

Equal Credit Opportunity Act (E.C.O.A.)

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The Equal Credit Opportunity Act prohibits credit discrimination on the basis of sex, race, marital status, religion, national origin, age, or receipt of public assistance. In certain situations, creditors may ask for this information (except for religion), but creditors may not use it to discriminate when deciding whether to grant credit.

The Equal Credit Opportunity Act may apply to consumer transactions, as well as business transactions, with companies that regularly extend credit, including banks, finance companies, retail and department stores, credit card issuers, and credit unions. It may also apply to others in the credit granting process, including real estate brokers who arrange financing. See LAWDOG Equal Credit Opportunity Act from LAWDOG CENTER.

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