What are some common ECOA issues?
Race. Color. Religion. National origin. Sex / gender. Marital status. Age (unless a person is not of legal age to enter into a contract) Status as a public assistance recipient.
What are the two exceptions when a creditor may ask the applicants marital status?
Unmarried may be defined to include divorced, widowed, or never married, but the application must not be structured in such a way as to encourage the applicant to distinguish among these. A creditor may ask if an applicant is receiving alimony, child support, or separate maintenance payments.
What are the two exceptions when a creditor may ask the applicants marital status?
Unmarried may be defined to include divorced, widowed, or never married, but the application must not be structured in such a way as to encourage the applicant to distinguish among these. A creditor may ask if an applicant is receiving alimony, child support, or separate maintenance payments.
What are two questions you should avoid asking based on ECOA?
Any questions about your race, ethnicity and gender cannot be used as a reason to approve or deny your credit application. Creditors have to provide equal information to all borrowers throughout the entire transaction.
What information is required on the application under ECOA?
The creditor shall inform the applicant(s) that the information regarding ethnicity, race, sex, marital status, and age is being requested by the Federal Government for the purpose of monitoring compliance with Federal statutes that prohibit creditors from discriminating against applicants on those bases.
What are the prohibited factors of ECOA?
prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, because an applicant receives income from a public assistance program, or because an applicant has in good faith exercised any right under the Consumer Credit Protection
What practices are prohibited ECOA?
This Act (Title VII of the Consumer Credit Protection Act) prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act.
What are ECOA rules?
The Equal Credit Opportunity Act (ECOA), enacted in 1974, and its implementing rules (known as Regulation B) prohibit creditors from discriminating on the basis of race, color, religion, national origin, sex, marital status, age (provided that the applicant has the capacity to contract), because all or part of an