Certainly one of our key focuses during the CFPB is our work assisting you to â€œknow just before owe,â€ whether thatâ€™s with your home loan, your car or truck loan, or the loans youâ€™ll just just take out to protect university. Included in our work to enable customersâ€™ monetary decision-making, we would also like one to learn about essential consumer liberties that protect you. One of these simple may be the law that protects consumers from being discriminated against within the financial market: the Equal Credit chance Act (ECOA).
In October, we mark the anniversary with this crucial civil rights law. To celebrate the anniversary, we shall publish two blog sites to greatly help teach you about ECOA.
ECOA is a federal civil legal rights law that protects you against being discriminated against by lenders, centered on some of the reasons that are following
As an example, a lender generally canâ€™t deny applications or charge greater expenses, like an increased interest or more charges, for just about any of this reasons in the list that is above.