Equal Credit Opportunity Act – Overview and Summary of Requirements

• By: Staff Editor
• Date: September 30, 2011

The Equal Credit Opportunity Act was a consumer protection legislation enacted in 1974, which aims to give all bona fide, legal individuals the opportunity to apply for loans from banks and other financial institutions. The Act makes it illegal to discriminate against any individual on grounds that don’t directly relate to their creditworthiness.

This article gives an overview and summary of requirements of the Equal Credit Opportunity Act.