What rights do I have under the Equal Credit Opportunity Act?

The Equal Credit Opportunity Act is a federal law designed to ensure that everyone in the United States has fair access to consumer credit regardless of gender, race, religion, marital status or national origin. This law also prohibits lenders from denying credit based on age or the receipt of public assistance. Under the Act, lenders are prohibited from basing credit decisions on information such as who referred the consumer for credit (unless they are a family member) or the occupation of the consumer’s spouse. It also provides consumers with the right to dispute any credit report information that they find to be inaccurate. The Act also gives consumers the right to receive a copy of their credit report and the right to file a complaint if they think they experienced any type of discrimination when seeking credit. Consumers also have the right to inquire as to why their application for credit was denied. The Act also requires lenders to inform consumers about their rights, and provides consumers with the legal means to resolve any disputes that arise concerning credit. For example, it requires creditors to provide consumers with a copy of the dispute resolution procedures they must follow in order to challenge any information on their credit reports. If a consumer believes they have been unfairly denied credit, they can file a complaint with the Federal Trade Commission or the Attorney General’s office in the state in which they reside. Overall, the Equal Credit Opportunity Act provides important rights to Washington consumers that help ensure they have fair access to credit and are not discriminated against because of their gender, race, religion, marital status or national origin.

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What rights do I have under the Equal Credit Opportunity Act?

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