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Your Credit Application
When creditors evaluate a credit application, they cannot lawfully
engage in discriminatory practices. The Equal Credit Opportunity
Act (ECOA) prohibits credit discrimination on the basis of sex,
race, marital status, religion, national origin, age, or receipt
of public assistance. Creditors may ask for this information (except
religion) in certain situations, but may not use it to discriminate
when deciding whether to grant you credit.
The ECOA protects consumers who deal with companies that regularly
extend credit, including banks, small loan and finance companies,
retail and department stores, credit card companies, and credit
unions. Everyone who participates in the decision to grant credit,
including real estate brokers who arrange financing, must follow
this law. This law also protects businesses applying for credit.
Your rights under the Equal Credit Opportunity Act:
- You cannot be denied credit based on your race, sex, marital
status, religion, age, national origin, or receipt of public assistance.
- You have the right to have reliable public assistance considered
in the same manner as other income.
- If you are denied credit, you have a legal right to know why.
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