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 Protect Yourself when Shopping for Consumer Credit. |
 Fair Lending: ... The Equal Credit Opportunity Act In the last few years, politicians and regulatory agencies have been focusing on discriminatory practices in lending — particularly in mortgage markets. The main issues in anti-discrimination seem to have shifted from the education and labor markets to the credit market. Several Federal Laws deal with discrimination in lending: The Fair Housing Act and the Equal Credit Opportunity Act both prohibit lenders from discriminating against prospective borrowers on the basis of race. color, national origin, religion, sex, marital status, or disability. Some States have additional provisions that extend these same protections to senior citizens and other "protected classes" of borrowers. A Lender also cannot discriminate against a borrower who receives all or part of his or her income from public assistance, or government programs such as SSI, SSDI, Social Security, Veterans' Benefits, or similar entitlements. This law applies to all companies regularly engaged in extending credit including banks, retailers, bankcard companies, finance companies, and credit unions. A complete and detailed discussion of your consumer rights under the Equal Credit Opportunity Act is available in PDF Format from the Federal Trade Comission. The links at the bottom of this page will take you to additional sources of information about mortgages, homebuying, and related issues. |
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— the BarrierFreeChoices Staff |
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Where Would You Like to Go Next?
RETURN to the Top of This PageREAD a Summary ofMortgage Laws and Regulations to Protect ConsumersNAVIGATE to Other BFC ResourcesFiND RESOURCES to Decorate or Repair Your Home |
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