Real Estate Terms Glossary
What is the Equal Credit Opportunity Act?
Note that the Equal Credit Opportunity Act is a law that Congress enacted in 1974 in order to prohibit discrimination and discriminatory practices in lending. The act makes it unlawful for a creditor or lender to discriminate against an applicant or consumer, based on factors such as color, race, religion, sex, national origin, and marital status.
Also, ECOA prohibits discrimination against people who derive or earn their income, partly or fully, from various public assistance programs. Remember that failure to comply with this law merits a penalty. The law applies to all kinds of consumer lending, such as credit cards, and is strictly implemented through the Federal Reserve’s Regulation B.
Examples of Equal Credit Opportunity Act
- Example 1: ECOA in credit card lending
- Example 2: ECOA in auto loans
Here’s Investopedia’s definition of the Equal Credit Opportunity Act (ECOA) .
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