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
Group chief executive officer of the Jamaica Co-operative Credit Union League (JCCUL), Glenworth Francis, said the number of the member-owned financial cooperatives will likely be decreased to 34 from the current 37 by year end as more unions...Fri, 27 Feb 2015 00:00:00 -0500 | Read More »
The Obama administration said Tuesday that it will offer no policy alternatives if the Supreme Court rules that federal tax credits used to purchase marketplace health insurance can only be…Click to Continue »Wed, 25 Feb 2015 12:47:54 EST | Read More »