Equal Credit Opportunity Act
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The document summarizes the Equal Credit Opportunity Act (ECOA) and its requirements for creditors. It discusses how ECOA prohibits discrimination in credit based on characteristics like race, color, religion, national origin, sex, marital status, age. It outlines ECOA's requirements for compliance notices, providing reasons for adverse credit actions, and notification procedures that depend on the credit applicant and whether they were denied or granted credit. The document also discusses how ECOA interacts with the Fair Credit Reporting Act regarding use of consumer credit reports and notification requirements for co-applicants.
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Equal Credit Opportunity Act
- 1. Equal Credit Opportunity Act Brenda Terreault NACM Oregon September 3, 2009
Editor's Notes
- There is a critical need to be aware of the specific government legislation that pertains to business credit. Government legislation not only creates and protects the rights of creditors but also imposes limitations on business activities. Moreover, credit department policies and procedures should be in place to ensure that staffs act within the boundaries of the law. Training department staff is critical in this area.
- ECOA became effective in 1987 and was amended in 1989. Its provisions promote the availability of credit to all credit worthy applicants without regard to race, color, religion, national origin, sex or marital status or age. Creditors shall not discriminate on these factors. Like many regulations ECOA extends to business credit, as well and requires certain record keeping of applications and material used to deny credit.
- FCRA is Title VI of the Consumer Credit Protection Act and became effective on 4-25-71. The purpose of the Act is to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of consumer credit, personal insurance and other information in an accurate, fair and equitable manner. The Act guarantees a consumer a right to know all credit information that is maintained by credit bureaus and consumer reporting agencies.