Question

The Equal Credit Opportunity Act allows for discrimination in credit transactions based on:

The ECOA prohibits discrimination in all credit transactions based on race, color, national origin, religion, sex, marital status, age, receipt of income from public assistance programs or rights under the Consumer Protection Act.

Answer 1

The Equal Credit Opportunity Act prohibits discrimination in credit transactions on the grounds of race, color, national origin, religion, sex, marital status, age, or receipt of income from public assistance.

Step-by-step explanation:

The Equal Credit Opportunity Act (ECOA) is a federal law in the United States that aims to promote fair lending practices. According to the ECOA, it is prohibited to discriminate on the grounds of race, color, national origin, religion, sex, marital status, age, or the receipt of income from public assistance programs, in any aspect of a credit transaction. Thus, in explicit terms, it disallows any discrimination in credit transactions. So, for instance, a lender cannot refuse to grant you a loan based entirely on these protected characteristics.

Learn more about Equal Credit Opportunity Act