Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
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Equal Credit Opportunity Act (ECOA) of 1975
Prohibits discrimination against an applicant for credit because of age, sex, marital status, religion, race, color, or national origin. It also prohibits discrimination related to credit based on the fact that you are receiving public assistance or that you have exercised your rights under the federal 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. 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.
For more information go to the Federal Trade Commission (FTC) website at www.ftc.gov or www.federalreserve.gov
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