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Equal Opportunity For Credit Applicants
You shouldn't have to worry about your rights being violated while Applying for credit, so know what the Equal Credit Opportunity Act does for you.
At some point in your life, you'll most likely apply for credit. You may apply for a credit card or for a new home loan. Will you be thinking about your consumer credit rights? Probably not, but you don't have to worry because the Equal Credit Opportunity Act will protect you.
You Won't Be a Victim
The Equal Credit Opportunity Act is designed to protect you from being the victim of discrimination when applying for credit. Its purpose is to ensure that all credit applications are considered equally:
- Credit lenders must consider an application on the basis of certain qualifications, such as: Credit history, Debt load, Income.
- Credit lenders not allowed to consider an application on the basis of personal characteristics, such as: Gender, Marital status, Race.
You Have a Right to Know
- The Act requires that you receive information relating to why you have been denied credit. Creditors must supply an applicant with the reason credit has been denied, if the applicant requests it within 30 days of the denial.
- You're entitled to get a free copy of your credit report if you request it within 60 days of being denied credit?
You have the right to:
- Have credit in your birth name or married name
- Have a co-signer other than your spouse
- Have credit in your own name without a co-signer if you meet the creditor's requirements
- Have all sources of income considered when you apply for credit including part-time jobs and public assistance.
You may have additional rights under the laws of your state. For more information, contact your local consumer protection agency by visiting www.pueblo.gsa.gov or you can find your state's Attorney General by visiting www.naag.org .
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