| |
| |
|
WebsiteAlways |
|
Understanding Your Rights Under The Equal Credit Opportunity Act
It wasn't all that long ago that lenders blatantly discriminated when it came to approving credit for women and minority groups. Women were actually asked personal and demeaning questions like, how many children do you plan to have in the future or are you on birth control? Despite the fact that they were entering the workforce in record numbers, single women were often required to get a cosigner or denied credit altogether. Members of minority groups were denied credit as well, even though they were fully qualified. Today thanks to the Equal Credit Opportunity Act, millions of consumers from all walks of life are given and equal chance to obtain and use credit to finance educations, buy or remodel homes or get small business loans. The Equal Credit Opportunity Act, which was passed by congress in 1973 first banned discrimination in credit access on the basis of sex or marital status and was later amended to include race, religion, national origin and age. Of course, this doesn't mean all consumers who apply for credit get it. Factors such as income, expenses, debt and credit history are considerations for credit worthiness. But the law protects you when you deal with any creditor who regularly extends credit, including banks, small loan and finance companies, retail and department stores, credit card companies, and credit unions. Anyone involved in granting credit, such as real estate brokers who arrange financing, is covered by the law. Businesses applying for credit also are protected by the law. When You Apply For Credit, A Creditor May Not. Discourage you from applying for credit because of your sex, marital status, age, race, national origin, or because you receive public assistance income. Ask you to reveal your sex, race, national origin, or religion. A creditor may ask you to voluntarily disclose this information, except for religion if you're applying for a real estate loan. This information helps federal agencies enforce anti discrimination laws. You may be asked about your residence or immigration status. Ask if you're widowed or divorced. When permitted to ask marital status, a creditor may only use the terms: married, unmarried, or separated. Ask about your marital status if you're applying for a separate, unsecured account. A creditor may ask you to provide this information if you live in community property states, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, and Washington. A creditor in any state may ask for this information if you apply for a joint credit account or one secured by property. Request information about your spouse, except when your spouse is applying for credit with you. Note: your spouse will be allowed to use the credit account. You are relying on your spouse's income or on alimony or child support income from a former spouse; or if you reside in a community property state. Inquire about your plans for having or raising children. Ask if you receive alimony, child support, or separate maintenance payments, unless you're first told that, you don't have to provide this information if you won't rely on these payments to get credit. A creditor may ask if you have to pay alimony, child support, or separate maintenance payments. A Special Note To Women A good credit history, a record of how you paid past bills often is necessary to get credit. Unfortunately, this hurts many married, separated, divorced, and widowed women. There are two common reasons women don't have credit histories in their own names: they lost their credit histories when they married and changed their names, or creditors reported accounts shared by married couples in the husband's name only. If you're married, divorced, separated, or widowed, contact the credit bureaus to make sure all relevant information is in a file under your own name. Copyright © Credit and You | All Rights Reserved | To find additional rights you have, what a creditor may not do: when deciding to give you credit or evaluating your income for credit and what to do if you suspect discrimination visit http://www.creditandyou.com/yourcreditrights.html it's free information website!
MORE RESOURCES:
Credit - Google News |
|
|
|
RELATED ARTICLES
Common Credit Score Myths A lot of credit score myths about fico score ratings get spread around and some of them are just outdated information. Sometimes even lenders can give you the wrong advice and it can get confusing. Credit Card Incentives Credit card companies want your business. After all, lending money to people is profitable. Debt Collection Agencies Debt collection agencies are often a viable option for receiving payment on overdue bills. Here you can earn how debt collection agencies work and what to look for in reputable debt collection agencies. What is a Credit Card? A credit card allows you to buy things even though you might not have the money to pay for it right away. The company that gave you the card lets you spend up to an agreed sum and then makes additional money available to you as you pay off what you've spent. Getting Your Credit Report and Understanding Whats On It If you intend to apply for a loan, you need to obtain your credit score. Understanding what this score means will allow you to make the loan process easier and quicker. Credit Report Disaster Through Mistaken Identity I've got some very important info I want you to think very seriously about. I'm sure by now you've heard of Identity Theft,. FREE Credit Report Offer - Careful, It Might Carry Hidden Charges FREE credit checks or free credit reports. What are they all about? Why every second company on the Net is offering you a free credit report? Are they all suddenly moved into a charity business?Don't worry about their finances. Credit and Loan Help for Mortgage Loans Mortgage loans are some of the most difficult loans to receive if you have bad credit because lenders focus heavily on your credit score and history of making payments on time. However, there is credit and loan help for individuals interested in home mortgage loans. Learn How to Improve Your Credit Score Having a damaging credit record can hurt you in many ways. It may prohibit you from making an important purchase such as a home, car, computer or vacation. Are 0% Credit Cards Reaching Their End? Are Credit Card companies starting to feel the pinch? We all know that the Credit Card companies make their money by charging us interest on the money we borrow. With all the 0% balance transfer offers that we have seen over the last few years its no wonder these companies are concerned they aren't making any money. Choosing the Right Credit Counseling Agency for You - Some Tips Part 2 Credit counseling companies come in all shapes and sizes. Whether you are looking at working with a local credit counseling organization or a national credit counseling organization there are some very important factors to calculate before choosing the right credit counseling option for you. What is a Bad Credit History? A bad credit history can sometimes seem like a curse.. Student Credit Cards STUDENT CREDIT CARDS With graduate debt averaging over Ł12,000, the ability to spread the cost of further education using a student credit card is obviously attractive. Adding to their appeal is the fact that these cards are relatively easy to obtain. Credit Score - for Scoring the Right Loan Somebody once said, "There is always a way of knowing your limitations and going beyond it." It is fundamentally true with respect of credit score. Choosing A New Credit Card 1. Choosing A new credit cardThere are many reasons for choosing a new credit card. Credit Repair, How To Credit repair, is in a word, vital to reestablishing your credit. Unless you plan to never use your credit again, then you have to find a way to fix it. Credit Card Companies Are Out for Your Money You're probably thinking "Tell me something I don't know" but in this time of low interest rates you might be thinking that you've got a great deal since credit card interest rates are low. Wrong. Negotiating Rates with Your Credit Card Company Ok, let's face it, everybody hates high credit card rates, and they drain hard earned money out of your wallet. As a valued consumer, it is apparent that you learn how to negotiate to get the absolute best rate that you possibly can. Bad Debt Recovery Bad Debt IdentificationIdentifying bad debt is not as easy as it sounds. But the earlier it is done, the better are chances of recovering it. Student Credit Cards 101 If you're a college student, you probably already have a credit card. If not, you may have plans to get one or more soon.
|
| Interesting articles | Home | site map | Link |
| © 2006 |
