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Equal Credit Opportunity Act
Explanation:
Federal legislation enacted in 1974 that makes it illegal for any creditor to discriminate against any credit-transaction applicant on the basis of gender, race, color, religion, national origin, sex, marital status, or age. A creditor cannot ask you to change terms or close your account if you are widowed or divorced.
Our Thoughts:
Please note that pension, annuity, or part-time employment income may not be excluded by a creditor while evaluating a person's creditworthiness. Also note that credit card companies can (and do!) offer different Annual Percentage Rates and terms based upon difference in credit scores, repayment history, and past bankruptcies.