Question

Explain consumer credit discrimination and three types of consumer credit discrimination?

Answer 1

What is Consumer Credit discrimination?

The Equal Credit Opportunity Act (ECOA) makes it illegal for a creditor to discriminate against you in any aspect of a credit transaction on the basis of your race, color, religion, national origin, sex or marital status, your age, and if you receive income from a public assistance program.

What are three types of consumer credit discrimination?

They are:

• Overt Discrimination.

• Disparate Treatment.

• Disparate Impact.

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