Equal Credit Opportunity Act (ECOA)

The Equal Credit Opportunity Act (ECOA) of 1974 prohibits lenders from discriminating against credit applicants in any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, age, whether all or part of the applicants income comes from a public assistance program, or whether the applicant has in good faith exercised a right under the Consumer Credit Protection Act.

If a consumer has been denied credit, the law requires notification of the denial in writing. The consumer may request, within 60 days, that the reason for denial be provided in writing.

The Equal Credit Opportunity Act requires creditors to grant credit to qualified individuals without requiring cosignature by spouses, and to allow married individuals to have credit histories on jointly held accounts maintained in the names of both spouses.

The Equal Credit Opportunity Act also entitles a borrower to a copy of a real estate appraisal report.

Women and Credit
Each year many women are denied credit because they have no credit history. If you are married, tell creditors or stores to report shared accounts in your name as well as your spouse's name. You may have difficulty establishing credit in your name if you have kept all your credit cards in your married name (example: Mrs. John Smith). Make sure credit bureaus have a file on you, and that shared accounts listed in your spouse's file are listed in your file.

Whatever your marital status, you should establish your own credit history. If you've never used credit and are considering doing so, consider opening a checking or savings account in your name and/or acquire a credit card in your name, or establish a prearranged credit line with your bank. If you are no longer married, you can still apply for credit on the basis of accounts you shared with your spouse.

For more information on federal credit regulations and consumer rights go to the Federal Trade Commission (FTC) website at www.ftc.gov or www.federalreserve.gov
Some state laws may provide you with additional rights. For information go to the website of the National Association of Attorneys General (NAAG) at www.naag.org.

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