Unique Skill ID: KS1239S67W5Z16RVGJMK

Equal Credit Opportunity Act

The Equal Credit Opportunity Act is a law that prohibits lenders from discriminating against applicants based on factors such as race, gender, religion, national origin, marital status, or age. It ensures that all individuals have an equal opportunity to access credit and loans. Lenders must evaluate loan applications based solely on the applicant's creditworthiness and ability to repay the loan. If an applicant is denied credit, the lender must provide a specific reason for the denial, and the applicant has the right to request additional information about the decision.

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