Financing
Financing Practice Question
The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:
A
Credit scoreB
Receipt of public assistance incomeC
Employment historyD
Debt-to-income ratioExplanation
ECOA prohibits discrimination based on race, color, religion, national origin, sex, marital status, age (if applicant can legally contract), and receipt of public assistance income. Credit score, employment history, and debt ratios are legitimate underwriting factors.
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