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.
Discriminatory Credit Practices Defined
ECOA prohibits discrimination in any aspect of a credit transaction. It applies to any extension of credit, including extensions of credit to small businesses, corporations, partnerships, and trusts.
The Equal Credit Opportunity Act (ECOA), which is implemented by Regulation B, applies to all creditors. When originally enacted, ECOA gave the Federal Reserve Board responsibility for prescribing the implementing regulation.
Which of the following is not true concerning ECOA? The answer is it requires the disclosure of the APR on all advertisements which contain an interest rate.
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives ...
The courts have recognized three methods of proof of lending discrimination under the ECOA and the FHAct: Overt evidence of disparate treatment; • Comparative evidence of disparate treatment; and • Evidence of disparate impact.
When an applicant applies for individual credit, the bank may not ask the applicant's marital status. There are two exceptions to this rule: If the credit transaction is to be secured, the bank may ask the applicant's marital status.
What three types of information do creditors use to determine a prospective borrower's creditworthiness? Creditors use credit history, income, and amount of current debt.
This final adverse action notice must include the name, phone number, and address of the CRA that completed the report, language around the fact that candidates have the right to dispute the accuracy of results and can obtain an additional free report within 60 days, and confirmation that the CRA did not make the ...
Imposing unfair terms or conditions on a loan (such as lower loan amount or higher interest rates) based on personal characteristics protected under the ECOA. Asking detailed personal information regarding marital status, such as whether you are widowed or divorced.
Poor credit decisions can have a significant impact on various aspects of a person's financial life. However, they do not directly affect jobs. While poor credit may make it more difficult to get hired for certain positions, it does not directly determine employment status.
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 ...
Under the Fair Housing Act, they defined a protected class as a number of things and this includes race or color, national origin, religion, sex, familial status, which includes children under 18 living at home, and handicap.
Character, capital (or collateral), and capacity make up the three C's of credit. Credit history, sufficient finances for repayment, and collateral are all factors in establishing credit.
There are three types of accounts that commonly appear in credit reports: installment, revolving and collection accounts. The installment and revolving accounts can include different types of loans and cards, and they may help or hurt your credit scores. Collection accounts will never help your credit.
ECOA applies to various types of loans including car loans, credit cards, home loans, student loans, and small business loans.
Your marital status cannot be used against you when evaluating your credit application. Any questions about your race, ethnicity and gender cannot be used as a reason to approve or deny your credit application.
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.
6.1 Direct, indirect, subtle and adverse effect discrimination.
Today, three federal laws offer protection against such discrimination: The Fair Housing Act (FHA)1. The Equal Credit Opportunity Act (ECOA)2. The Community Reinvestment Act (CRA)3.