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.
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