Equal Credit Opportunity Act (ECOA) – How it Can Help You
Those who apply for mortgage loans are not totally in the mercy of the creditors. One of the laws that protect borrowers is the Equal Credit Opportunity Act (ECOA). If you are planning on purchasing a home in Wichita anytime soon, you might want to familiarize yourself with the ECOA first. Here are the basic provisions of the law:
1. Creditors are not allowed to discourage you from applying or reject your loan application because of your race, religion, color, national origin, sex, marital status, age, or because you receive public aid.
2. Creditors are not allowed to impose different loan terms because of the factors mentioned above.
3. Creditors may not inquire if you are widowed or divorced.
4. Creditors cannot ask about your plans to raise a family or if you receive alimony, child support, or separate maintenance payments. They can, however, ask if you give alimony, child support, or separate maintenance payments.
Know your rights before you approach a creditor to help you buy the Wichita home of your dreams. If you suspect that you are a victim of discrimination, there are government agencies that can help you. The Federal Trade Commission is the enforcement agency for the ECOA. You can visit their ECOA Help page at: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre15.shtm. In addition to possible violations of the ECOA, Kansas law also provides equal credit opportunities, and the Kansas Attorney General may be able to offer assistance at http://www.ksag.org. Know your credit rights before purchasing a home in Wichita or anywhere else!
Read the Equal Credit Opportunity Act here: http://www.law.cornell.edu/uscode/15/1691.html.
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