![]() ![]() It was passed back in 1974, when credit scoring was in its early stages and lending decisions were still “arguably susceptible to a loan officer’s personal judgments and prejudices,” per a 2012 paper written by Dubravka Ritter for the Federal Reserve Bank of Philadelphia. The Equal Credit Opportunity Act, or ECOA, is intended to give everyone in America a fair chance at obtaining a loan. What Is The Equal Credit Opportunity Act? The Fair Debt Collection Practices Act protects you from overly aggressive debt collectors and, while, yes, missed due dates or big debts can keep you from a loan, many personal characteristics can’t, thanks to what’s known as The Equal Credit Opportunity Act. The Fair Credit Reporting Act ensures those credit report errors get removed. But, frustrating as these things can be, there are federal laws in place meant to protect you in the credit marketplace. ![]() One misstep, and suddenly your chances for scoring an affordable loan seem a whole lot dimmer. Debt collectors sometimes call ad nauseam. Errors can just pop up on credit reports. If you believe you are a victim of housing discrimination, contact us by clicking here or by phone at 1-85.ĭownload a printable brochure in English about familial status housing discrimination by clicking here.ĭescargue un folleto en Español sobre discriminación en la vivienda en base de estado familiar haciendo clic aquí.Ĭlick here for information in Vietnamese.When it comes to credit, it’s easy to feel as if the deck is stacked against you. The Fair Housing Project is available to provide information concerning a person’s rights under the federal Fair Housing Act.
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