Equal Credit Opportunity Act (ECOA)

The Equal Credit Opportunity Act (ECOA) is a law that protects consumers from discrimination when applying for credit, such as loans or credit cards. It ensures that lenders cannot refuse or limit credit based on race, gender, age, religion, marital status, or because you receive public assistance. The goal is to promote fair treatment and equal access to credit for everyone. Lenders must evaluate applications based on individual financial qualifications, not biases or stereotypes. This law helps ensure that the credit process is fair, transparent, and non-discriminatory.