Question

The equal credit opportunity act (ecoa) makes it illegal for lenders to refuse credit to or otherwise discriminate against which applicant?

Answer 1

The Equal Credit Opportunity Act (ECOA) makes it illegal for lenders to refuse credit to or otherwise discriminate against a single person who receives public assistance.

The Equal Credit Opportunity Act, which is under the Consumer Credit Protection Act, makes sure that no borrowers are discriminated by lenders. When an applicant submits a request to know the reasons why their credit was denied, the creditors must provide them with it as stated in the Act.