Equal Credit Opportunity Act (ECOA): The Equal Credit Opportunity Act (ECOA) is designed to ensure that all qualified people have access to credit. It forbids lenders from rejecting credit applicants on the basis of race, gender, marital status, age, or national origin and requires lenders to consider public assistance in the same light as other forms of income. The act says that creditors must approve or reject your application within 30 days if you’ve filed a complete application, and if you ask within 60 days, it must provide an explanation for turning you down. The ECOA requires creditors to provide specific reasons for rejecting you and forbids indefinite or vague explanations. If you feel you’re being discriminated against and the lender does not respond to your complaints, you can contact the attorney general of your state or the government agency that oversees the creditor. By law, the creditor must provide that information. If you can’t get the information from the creditor, you can contact the Federal Trade Commission at www.ftc.gov.

 

Related Words

Equal Credit Opportunity Act (ECOA): The Equal Credit Opportunity Act (ECOA) is designed to ensure that all qualified people have access to credit. It forbids lenders from rejecting credit applicants on the basis of race, gende . . . View Full Definition

National School Lunch Act: P.L. 79-396 (June 4, 1946) authorized federal cash and commodity support for school lunch and milk programs, '...as a measure of national security...' in response to claims that many America . . . View Full Definition

National Practitioner Data Bank (NPDB): A database maintained by the federal government that contains information on physicians and other medical practitioners against whom medical malpractice claims have been settled or other dis . . . View Full Definition

National Wool Act Of 1954: Title VII of Agricultural Act of 1954 was designated the National Wool Act and provided for a new and permanent price support program for wool and mohair to encourage increased domestic prod . . . View Full Definition