As a stipulation of the <u>Equal Credit Opportunity Act of 1974</u>, lenders must offer reasons when rejecting loan applications and must respond to all applications within 30 days.
Introduced in the house (05/29/1973) equal credit opportunity Act - Prohibits discrimination via any creditor, card provider, or different character in opposition to any person as a consequence of sex or marital popularity in reference to approval or denial of credit score.
This Act (identify VII of the patron credit protection Act) prohibits discrimination on the premise of race, coloration, religion, national starting place, intercourse, marital popularity, age, receipt of public assistance, or true faith exercising of any rights below the patron credit score safety Act
The same credit opportunity Act is a federal monetary regulation enacted in 1974. The act prohibits discrimination on the basis of race, shade, religion, national origin, intercourse, marital fame, or age in credit score transactions.
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