Equal Credit Opportunity Act

The Equal Credit Opportunity Act or ECOA assures all consumers with equal opportunities of obtaining credits. This of course does not indicate the fact that all those applying for credits are sure to get them. In fact, there are a handful of factors like credit history, income, expenditure and debts or loans of the applicants which are taken into consideration for evaluating their credit-worthiness, prior to sanctioning credits to them.

Primary role of Equal Credit Opportunity Act:
The Equal Credit Opportunity Act is made to safeguard an individual or an entity at the time of dealing with the creditors like credit unions, retail and department stores, banks, credit card companies and small-scale loan and finance companies, who possess the habit of daily extension of credits.

Allowances provided by Equal Credit Opportunity Act:
At the time of applying for credits, the customers are never discouraged on grounds of marital status, sex, age, nationality and race. Even the recipients of public assistance income are equally eligible to get protection under the Act.
There is no compulsory revelation of an individual’s personal details as mentioned above, unless he/she is willing to do so personally.
As per the ECOA, the applicant has the right to know whether his/her application is subject to approval or rejection, within a specified time period of 30 days from the filling up of a complete application form.
The applicant has the right to be acquainted with the acceptable reason(s) which led to the rejection of his/her application form.
Under the Act, the applicants are free to accept or reject the terms and conditions laid down by it.
The Act allows the applicant to have the credit in his/her birth or first name or in the last name of his/her spouse. In case the applicant fulfills the creditor’s standards and criteria, he/she enjoys the facility of having the credit even without a co-signer.
Excepting one’s spouse, any person related to the applicant can act as co-signer on his/her part, if required.


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