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What is the Equal Credit Opportunity Act?


The Equal Credit Opportunity Act was passed during the 1974. Back then women often needed their husbands or other man's signature to secure credit even if they could have qualified for credit without another person's income.

Denied application for credit

The ECOA changed this so creditors could no longer deny credit based on a person's gender. Two years later the law was amended to include race, religion, national origin, marriage status, color, age and more.

![fortune](/images/different people.jpg)

In addition, this act states that you must be given a specific reason if you are denied credit. What do you do if you are denied credit because you are a member of a protected group?

You can contest the credit decision with the creditor citing the ECOA.

You can file a complaint with the Consumer Financial Protection Bureau:

You can contact your state's Attorney General:

You can hire an attorney to consider your case.