What are ECOA violations?

prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, because an applicant receives income from a public assistance program, or because an applicant has in good faith exercised any right under the Consumer Credit Protection ...

What are the nine factors of ECOA?

Race or color, Religion, National origin, Sex, Marital status, Age (provided the applicant has the capacity to contract), The applicant's receipt of income derived from any public assistance program, or The applicant's exercise, in good faith, of any right under the Consumer Credit Protection Act.

What are 3 things you should not consider when taking a loan application?

Here are the five things you should never do when making your application: #1: Do not forget to check your credit score. ... #2: Do not lie about your income and expenses. ... #3: Do not forget to look for options. ... #4: Do not forget to read the terms and conditions. ... #5: Do not submit several loan applications at the same time.

What questions to avoid based on ECOA?

It prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age or because a person receives public assistance in whole or in part.

What is the ECOA rule?

This Act (Title VII of the Consumer Credit Protection Act) prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act.

What are two questions you should avoid asking based on ECOA?

Based on the Equal Credit Opportunity Act (ECOA), there are two questions you should avoid asking June. Firstly, you should not ask about her marital status or whether she plans to have children. Secondly, you should not inquire about her ethnicity, race, or national origin.

Which of these questions would a lender be prohibited by the ECOA from asking a borrower?

ECOA makes it illegal for lenders to discriminate based on race, color, religion, national origin, sex, marital status, age, the receipt of public assistance, and the applicant's exercise of specific consumer protection laws.

What are the prohibited practices of ECOA?

This Act (Title VII of the Consumer Credit Protection Act) prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act.

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