Freeing Yourself & Your Family
From Money Problems!

Budgets - Budgeting Tools - Buying a Car - Buying a Home - Check Writing Tips - Credit - Consumer Protection Laws - Collateral - Credit Reporting Agencies - Federal Lending Laws - FDIC Insurance - Loans - Federal Regulations - Identify Theft - Record Keeping - Tax Credits - Legislation - Mortgages - Record Keeping - Social Security Benefits - Your Own Home

Budgets - Budgeting Tools

Feel Free To Read Or Print Any Article You Want
(Just Make Sure You Tell Your Friends About This Site)

TO MAKE MONEY USING GOOGLE ADSENSE - CLICK HERE


Federal Lending Laws

Equal Credit Opportunity Act (ECOA)

What is the Equal Credit Opportunity Act (ECOA)?

The Equal Credit Opportunity Act, or ECOA, protects consumer rights throughout the loan process. Lenders cannot discourage you from applying for a loan based on certain characteristics.

The ECOA promotes the availability of credit to all creditworthy applicants without regard to the factors (also called prohibited bases) listed below:

  • Race
  • Color
  • Religion
  • National origin
  • Sex
  • Marital status
  • Age
  • Receipt of public assistance income (the fact that all or part of the applicant’s income is derived from a public assistance program)
  • Exercise of rights under the Consumer Credit Protection Act (Example: You cannot be denied a loan because you have filed a complaint against the bank.)

What type of restrictions does ECOA place on lenders?

ECOA restricts the lender from requesting certain information during the loan application process. In general, the lender may not ask:

  • For information about a spouse or former spouse unless your spouse is applying with you. If you are applying for unsecured credit, the lender cannot ask about marital status. If you do not qualify on your own, lenders may require a cosigner or guarantor, but may not require that it be your spouse. If you are jointly applying or if the loan is secured, the lender may ask your marital status, but can only use the terms married, unmarried, and separated.

  • For income derived from alimony or child support unless you want it considered as part of your income. The lender cannot discount or refuse to consider consistent part-time income, annuities, pensions, alimony, or child support payments.

  • About birth control practices or intentions of having children.
    However, a lender may ask about the number and ages of your dependents.

  • About whether you are male or female. Courtesy titles (Mr., Mrs., Miss, Ms.) can be requested, but these are optional.

  • For your race, color, religion, or national origin.

Are there any exceptions?

Yes. In most cases, lenders are prohibited from requesting the information above.

However, for home loans, lenders are required by the government to collect some of the information (race, sex, marital status, and age).

RETURN TO INDEX

RETURN TO THE MAIN FREE ARTICLES INDEX

FREE GIFTS CLICK HERE

Recommend this site to a Friend

Get Your Own FREE CB Deluxe Affiliate System - Silver Edition
by CLICKING HERE

Potential keywords for your next Google ad campaign
Adsense Killer Keywords

Google

IF YOU CAN'T FIND THE INFORMATION OR THE PRODUCT
THAT YOUR LOOKING FOR - CHECK OUT THE CLICKBANK CATALOGUE
Over 10,000 Products to Choose From!

ClickBank the best way to complete a digital sale.

Business to Business  -  Health & Fitness  -  Home & Family
Computing & Internet  -  Money & Employment  -  Marketing & Ads
Fun & Entertainment  -  Sports & Recreation  -  Society & Culture

If you're into Niche Resale Rights Products then check out my eBooks Site
which has 120 + different eBook Packages and still growing.

The Ultimate Recipe Collection [Cook Books]
CURRENTLY [57] DIFFERENT RECIPE E-BOOKS ON THIS PAGE
CLICK HERE TO VIEW THE LIST

Mail Order Products

Dunway Enterprises || Dunway Sitemap

WebMaster & Site Design by Ken Dunn

Dunway's Network of Joint Venture Sites

CLICK HERE TO SEND MAIL

Copyright [c] Dunway Enterprises

Disclaimer | Privacy Policy | Terms Of Use

ALL RIGHTS RESERVED

Tom Azzara - Newsletter & Book
Tax Havens of the World

Freeing Yourself & Your Family From Money Problems!