Final answer:
Age can be considered under the ECOA in predictive scoring systems that favor the elderly, especially over 62, for creditworthiness. The ADEA protects against age discrimination but allows for age-based legal criteria, like eligibility for senior benefits or age minimums for activities like driving.
Step-by-step explanation:
Under the Equal Credit Opportunity Act (ECOA), it is generally prohibited to consider age in making decisions regarding the extension of credit. However, there are situations where age can be considered in a legal and non-discriminatory manner. For example, lenders may use age in a predictive manner if it is used in a legitimate scoring system that favors the elderly, particularly those age 62 and older, to determine creditworthiness. Additionally, under the Age Discrimination in Employment Act (ADEA), protection is provided against a broad range of age discrimination but understands that certain age-based criteria can be necessary for specific legal and societal functions, such as determining eligibility for senior benefits or compliance with minimum age laws for driving, smoking, and drinking.