Equal Credit Opportunity Act

The Equal Credit Opportunity Act (ECOA) is a U.S. law designed to ensure fair treatment in credit and lending. It prohibits lenders from discriminating against anyone based on race, color, religion, national origin, sex, marital status, or age. This means that all individuals have the right to apply for credit without facing unfair biases. ECOA aims to promote equal access to credit by ensuring that lending decisions are based on an applicant's creditworthiness rather than personal characteristics. This helps create a more equitable financial system and supports economic opportunities for everyone.