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Equal Credit Opportunity Act (ECOA)
Under the terms of the Equal Credit Opportunity Act, all United States citizens are given equal chances to apply for and to obtain credit. The ECOA does not, however, guarantee that every individual who applies for credit will receive that credit. In determining the creditworthiness of an individual, lenders may look at that person's credit history, income, expenses, and existing debt among other factors.
Lenders may not restrict the awarding of credit based on gender, age, national or racial origins, religious preference, marital status, or the fact that a person is receiving income from federal assistance. Applicants may, however, be asked to voluntarily disclose the facts of these circumstances with the exception of religious preference. In addition lenders may not ask for information about an individual's spouse or children or that person's plans to have children in the future. Additionally, no questions may be asked about the reception of alimony, child support or other maintenance payments although the lender may ask if the individual must make such payments.
More terms explained
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