Equal Credit Opportunity Act

This act ensures the all have equal chance of obtaining credit. Equal Credit Opportunity Act protects when consumers deal with any creditor such as credit card company, finance companies, department stores, and credit unions. Anyone granting credit is covered by this law. This law also protects businesses applying for credit.

As per this law, when consumer applies for credit, any creditor cannot:

1. Ask the borrower whether he is divorced or widowed. Even when permitted to ask martial status, creditor can only use the terms, separated, unmarried or married.
2. Discourage anyone from applying based on martial status, age, sex, race, national origin or because the person receives public assistance income.
3. Ask the person to reveal his/her religion, national origin, race or sex.
4. Request information about your spouse when spouse is not applying along with you.
5. Inquire about borrowers plans of having/raising children.
6. Ask whether the person receives alimony, separate maintenance payments, child support.

Reference site: Equal Credit Opportunity Act

Unsecured and Secured Credit Cards – Reviews, articles, news and tips on managing personal credit focusing on unsecured credit. Explanations of how credit reporting works.