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Equal Credit Opportunity Act
Equal opportunity cat refers to a federal law that was enacted in 1974 for discouraging discrimination by lenders on several bases like age, race, color, religion, marital status, nationality or gender. Under this law, a creditor is required to alert you within thirty days after you have completed applying for the credit.
He should notify you whether your application has been accepted or not. In case if the application is rejected, the reasons for rejection should be provided to the applicant or at least they should guide you to obtain that information.
Non confirmation to ECOA act can be redressed by filing a lawsuit for the actual and punitive damages of up to $ 10, 000 that you have suffered. The bottom- line of this act is to ensure that all consumers are given equal opportunities for obtaining credit. With this statement, one should not be under the impression that whoever applies for credit will get it. Only the factors like income, credit history, expenses, debt etc that has got relevance to lending should be considered.
More terms explained
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