The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating against credit applicants based on which of the following?
Correct Answer
B) Race, color, religion, national origin, sex, marital status, age, or receipt of public assistance
ECOA prohibits credit discrimination based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance income. Lenders may still consider legitimate financial factors such as credit history and income when evaluating loan applications.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
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