Equal Credit Opportunity Act

The ECOA prohibits any discrimination on the part of creditors against applicants for credit on the basis of race, color, religion, national origin, age, sex, marital status or participation in public benefit/welfare programs. Creditors are permitted to take into consideration factors unrelated to these "protected grounds" such as credit scores, credit history, income level, expenses, and ratio of debt to income.

Certain specific rights help consumers ensure creditor compliance with this law. Credit decisions must be delivered to the consumer applicant within 30 days after application, and a reason for a denial must be given.

For More Information

• Text of the ECOA statute
  
• Wikipedia article about the Equal Credit Opportunity Act
• Information from the FTC about ECOA
  

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