Equal Credit Opportunity Act (ECOA)
The Equal Credit Opportunity Act (ECOA) is a federal law requiring companies that extend credit to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs. ECOA ensures that everyone has an equal chance to obtain credit and own a home. However, this does not mean that all consumers who apply for a loan will be approved for one. Your financial background, which includes income, expenses, debt and credit history, is a fair measurement of creditworthiness.