Equal Credit Opportunity Act: Your Right to Credit
Aside from prohibiting creditors to discriminate against the above-mentioned factors, you also have the right to know why you are denied credit, and you are entitled to have public assistance considered in the same manner as other income.
Companies Under the Equal Credit Opportunity Act
Basically, everyone that takes part in deciding who gets granted credit, are mandated by this act. These companies and individuals include credit card companies, banks, credit unions, financial institutions, retail stores, department stores, and even real estate brokers who handle financing. This law doesn’t stop at individual consumers, though. It also protects businesses applying for loans.
Latest Credit News
Detroit retirees OK plan for Detroit Institute of Arts to become independent entity.Tue, 22 Jul 2014 01:02:44 -0400 | Read More »
Here's a breakdown of how Detroit's creditors voted on the city's restructuring blueprint, called a plan of adjustment. Judge Steven Rhodes will consider the results of a vote during a massive trial to begin Aug. 14, after which he will decide whether to approve the debt-cutting plan.Tue, 22 Jul 2014 00:50:00 -0400 | Read More »
Detroit retirees voted to accept pension cuts and allow the Detroit Institute of Arts to spin off as an independent institution, reflecting a critical endorsement of the city's restructuring blueprint to resolve the largest municipal bankruptcy in U.S. history.Tue, 22 Jul 2014 00:47:00 -0400 | Read More »
ZURICH (Reuters) - Credit Suisse Group AG reported its biggest quarterly loss since the peak of the financial crisis in 2008, the result of a 1.6 billion Swiss franc ($1.78 billion) settlement with U.S. authorities over helping its clients evade taxes.Tue, 22 Jul 2014 08:05:34 GMT | Read More »