Aug 1, 2009 Posted by Maestro on Aug 1, 2009 in General | 2 comments

?H. Avoid Becoming the Victim ?of Credit Discrimination

When you’re trying to build good credit, the last thing you need is to be denied credit for a reason
other than poor creditworthiness. Unfortunately, some people are denied credit for reasons entirely
unrelated to their ability to pay, such as their race, gender or age.

Fortunately, several powerful federal laws and some state laws prohibit discrimination in credit
transactions. This section discusses the laws prohibiting credit discrimination and provides information on what to do if you think a creditor has violated one of these laws.

1. Laws Prohibiting Credit

DiscriminationTwo federal laws, the Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA), cover mostsituations in the credit area.The ECOA (15 U.S.C. §§ 1691 et seq.) is quite
broad in scope. It prohibits discrimination in any part of a credit transaction, including:
• applications for credit
• credit evaluation
• restrictions in granting credit such as requiring collateral or security deposits
• credit terms
• loan servicing
• treatment upon default, and
• collection procedures.

Taken From : Credit Repair by Attorneys Robin Leonard and Deanne Loonin

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