The ECOA consumer protection law protects
you from illegal credit practices such as discrimination.
The ecoa prohibits creditors from discriminating against credit
applicants on the basis of:
- Race;
- Color;
- Religion;
- Natural origin;
- Sex;
- Marital status;
- Age (provided that the applicant has the capacity to enter
into a binding contract);
- All or part of the applicant's income derives from any public
assistance program;
- The applicant has in good faith exercised any right under the
Consumer Protection Act.
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ecoa research
The Housing Financial Discrimination Act of 1977 requires that
all lenders provide a "Fair Lending Notice" with the following information:
It is illegal to discriminate in the provision of or in the
availability of financial assistance because of the consideration of:
Trends, characteristics or conditions in the neighborhood or
geographic area surrounding a housing accommodation, unless the financial
institution can demonstrate in the particular case that such consideration is
required to avoid an unsafe and unsound business practice.
Race, color, religion, sex, marital status, national origin, or
ancestry. It is illegal to consider the racial, ethnic, religious or national
origin composition of a neighborhood or geographic area surrounding a housing
accommodation or whether or not such composition is undergoing change, or is
expected to undergo change, in appraising a housing accommodation or in
determining whether or not, or under what terms and conditions, to provide
financial assistance.
These provisions govern financial assistance for the purpose of
the purchase, construction, rehabilitation or refinancing of one to four unit
family residences occupied by the owner and for the purpose of the home
improvement of any one to four unit family residence. As part of processing a
real estate loan application, lenders may request a credit report about your
creditworthiness, credit standing and credit capacity.
For additional reference:
Fair Credit
Reporting Act
If you've fallen behind on your bills, especially credit cards,
don't panic. You may have several good options available to you. Your success
starts by assessing your current situation and finding a trusted service
provider that is licensed in your state.
How iDebtAssistance.com
Works:
Rich's Enterprises, L.L.C.
Prattville, Alabama
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