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1. Race
2. Color
3. Religion
4. National Origin
5. Sex
6. Marital Status
7. Age (provided that the applicant has the capacity to enter into a binding contract
8. Receipt of income from any public assistance program
9. Good faith exercise of any rights under the Consumer Protection Act
If you have a credit application denied, the Equal Credit Opportunity Act requires creditors to specify why � if you ask. For example, the creditor must tell you whether you were denied because you have "no credit file" with a credit reporting agency (CRA) or because the CRA says you have "delinquent obligations." The ECOA also requires creditors to consider additional information you might supply about your credit history. You may want to find out why the creditor denied your application before you contact the CRA.
To go along with the Consumer Protection Act, here are summaries of the Fair Credit Reporting Act and the Fair Debt Collection Practices Act. When combined these Acts make our consumer rights. For more information visit the Related Link.
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What is the function of the Equal Credit Opportunity Act?
The Equal Credit Opportunity Act prohibits discrimination in credit transactions on the basis of marital status, race, sex, and so forth.
Which of these protects you when applying to receive credit?
Equal Credit Opportunity Act
How do you use the Federal Equal Credit Opportunity Act now?
The Equal Credit Opportunity Act (ECOA) was passed in 1974 and ammended in 1976. You dont "use" the ECOA per se unless you feel that you were denied credit in some form and that denial was based on something that the ECOA says you may not be denied for. Most reputable financial institutions and creditors follow the ECOA.
Why did the equal credit opportunity act become necessary?
To keep creditors from discriminating against consumers based upon their gender, race, religion, national origin, marital status, age or source of income.
How soon after you are denied credit must you receive notice both verbally and by letter?
If you are denied credit, the Equal Credit Opportunity Act requires that the creditor give you a notice that tells you the specific reason your application was rejected or the fact that you have the right to learn the reason if you ask within 60 days. If your credit application was due to information obtained from your credit report, the Fair Cedit Reporting Act requires the creditor to give you the name, address and phone number of the credit reporting agency that supplied the information. The credit reporting agency can tell you what is in your report but only the creditor can tell you why your applicaton was denied.
When was the Equal Opportunity Credit Act established?
Equal Credit Opportunity Act of 1974.
What is the function of the Equal Credit Opportunity Act?
The Equal Credit Opportunity Act prohibits discrimination in credit transactions on the basis of marital status, race, sex, and so forth.
Which of these protects you when applying to receive credit?
Equal Credit Opportunity Act
How does the equal credit opportunity act guarantee fairness?
it doesn't
What do the letters ECOA stand for?
Equal Credit Opportunity Act Equal Credit Opportunity Act Enemy Courses of Action The Equipment Company Of America E-mail Change Of Address
Have any big named banks been sued under the equal credit opportunity act?
Have any big named banks been sued under the equal credit opportunity act?
Under the equal credit opportunity act what do you not have the right to do?
Refuse to pay credit card payment.
What do you not have the right to do under the Equal Credit Opportunity Act?
Refuse to pay credit card payment.
What is the purpose of equal credit opportunity act?
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The equal credit opportunity act of 1974 made it illegal to deny credit to someone because of what?
race
Why must you sign an Equal credit opportunity act notice?
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Does the Equal Credit Opportunity Act grant privileges?
yes such as the federal income tax or the job union in the united states
