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Finance: What is the Equal Credit Opportunity Act? 6 Views

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What is the Equal Credit Opportunity Act? Signed into law during the Nixon-Ford era in 1974, the Equal Credit Opportunity Act is essentially an anti discrimination law for loan applications. It prohibits any non financial related criteria, such as gender, race, religion, marital status or color to be a factor in assessment for loan applications.

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Transcript

00:00
Finance a la shmoop what is the Equal Credit Opportunity Act? alright people while the
00:09
federal government thinks everyone should have the equal opportunity to get [Men in Federal Government appear]
00:15
into debt isn't that sweet of them you know that Uncle Sam well he sure does
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have a heart of gold this federal law makes it illegal to discriminate against
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people who are applying for financing on pretty much anything legal based on

00:29
their age gender marital status religious affiliation ethnic or national
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background or public assistance benefits your credit score however well that
00:41
still matters sorry just keeping it real
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