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What are the major provisions of the Equal Credit Opportunity Act? Respond in 3-4 sentences.

Also research what creditors look for? Explain in detail

Sagot :

Baraq

Answer:

Explanation:

The major provisions of the Equal Credit Opportunity Act are that it is against the established law for any creditor to differentiate against any applicant, based on certain characteristics such as race, color, religion, national origin, sex, marital status, or age

It is also considered illegal for any creditors to ask questions such as "their marital status or if they have the intention to have children.

Also, the usual practice is to inform any applicants of the status of their credit application, whether it is granted or otherwise within 30 days of application.

Generally, creditors look for information that may suggest that the applicants can easily repay their loan or credit facilities. Such as your income level, and age.

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