if the consumer is relying on their spouse’s income or on alimony or child support income from a former spouse.Īsk about a consumer’s plans for having or raising children, but the creditor can ask questions about expenses related to a consumer’s dependents.Īsk if a consumer receives alimony, child support, or separate maintenance payments, unless the creditor informs the consumer that they do not have to provide this information if the consumer is not relying on these payments to obtain credit.if the consumer’s spouse will be allowed to use the account.if a consumer’s spouse is applying with a consumer.A creditor may use only the terms: married, unmarried, or separated.Īsk for information about a consumer’s spouse, except: Impose different terms or conditions, such as a higher interest on a loan based upon a consumer’s race, color, religion, national origin, sex, marital status, age, or because a consumer receives public assistance.Īsk a consumer whether they are widowed or divorced. A creditor may consider a consumer’s immigration status and whether the consumer has the right to stay in the country long enough to repay the debt. When Consumers Apply For Credit, Creditors are Prohibited From the Following Practices:ĭiscourage consumers from applying or reject an application based upon race, color, religion, national origin, sex, marital status, age, or because a consumer receives public assistance.Ĭonsider a consumer’s race, sex, or national origin. The ECOA provides protections when consumers deal with any organizations or individuals that regularly extend credit, including banks, retail and department stores, credit card companies, finance companies, and credit unions. While creditors may be able to use some of this information in certain limited circumstances, creditors may not use it when determining whether to give a consumer credit or setting the terms of credit. 1691 et seq., protects consumers from unlawful credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or because a consumer receives public assistance. The Equal Credit Opportunity Act (“ECOA”), 15 U.S.C. What Is the Equal Credit Opportunity Act?Ĭonsumers apply for credit every day in the United States, from paying for education, purchasing a car, to purchasing a house.
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