Fair Lending – A Basic Primer

You have the right to fair lending.

The Equal Credit Opportunity Act (ECOA) prohibits discrimination in any aspect of a credit transaction. It applies to any extension of credit, including extensions of credit to small businesses, corporations, partnerships, and trusts.

The ECOA prohibits discrimination based on:
• Race or color;
• Religion;
• National origin;
• Sex;
• Marital status;
• Age (provided the applicant has the capacity to contract);
• The applicant’s receipt of income derived from any public assistance program; or
• The applicant’s exercise, in good faith, of any right under the Consumer Credit Protection Act.

Learn more here.