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
Borrowers will be able to access their credit scores for free from Tuesday on a new website backed by peer-to-peer lender SocietyOne, putting banks on the backfoot by encouraging high credit quality customers to negotiate lower interest rates on their loans.Mon, 01 Sep 2014 14:23:26 GMT | Read More »
A student line of credit can be a useful tool – if used responsibly.Mon, 01 Sep 2014 08:00:00 -0400 | Read More »
Julius Baer is worth nearly $10 billion - and reports that Credit Suisse is interested in taking it over added value. The private bank's shares rose two percent last week after a Swiss finance blog said a takeover was one of a number of options under consideration. There's been no official comment from either side. And Chris Hughes from Reuters Breakingviews says a tie-up makes no financial sense.Mon, 01 Sep 2014 14:39:20 GMT | Read More »