The Equal Credit Opportunity Act, or ECOA, (E-C-O-A) is a federal law designed to prevent certain types of discrimination against those applying for credit. In general, the ECOA addresses factors like age, race, color, national origin, gender, marital status, religion, and receipt of public aid. Such criteria alone may not be used to deny you credit for which you qualify, keep you from applying for credit, or offer you a less favorable credit arrangement than those with comparable credit risks. When you apply for credit, a creditor may not require you to state your sex, race, national origin, or religion, though in some cases, they may ask you to volunteer such information. The creditor is only allowed to ask if you're married, unmarried, or separated, not if you've been divorced or widowed. Assuming you're old enough to sign a legal contract, age may not be used as a consideration, unless you're 62 or older and the creditor favors you due to your age, or your age affects other factors related to creditworthiness, such as impending retirement. The ECOA also demands that creditors tell you within 30 days whether your application is approved or denied, and if denied, the reasons why.
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