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Credit Discrimination Laws

Learn to use them

Martin Rogers

January 04, 2007

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There is a command called the Equal Credit Opportunity Act (ECOA) which watches out for discrimination on:

- Race

- Sex

- Marital status

- Religion

- Age

- National origin

Creditors have the right to ask for this information but not to use it against people to deny them credits. None of this information should be a reason to refuse credit or loans.

Federal laws are there to allow people to obtain, use and maintain credit. The main objective is to protect this right to equally allow everyone access to these kinds of services, That is why people need to learn to take care of their credit history because that is the main issue that banks and loan companies look at in order to know when to give people credit. One of the laws that assures that everyone has the right to receive credit is the Equal Credit Opportunity Act (ECOA), but does not necessarily guarantee people will receive the credit.

The rights under the ECOA:

- People cannot be denied credit based on race, sex, marital status, religion, age or national origin

- Whenever you are refused credit, you have the right to know the reasons and nobody can deny you this.

- People also have the right to receive assistance as with any other income.

People should check regularly their credit history in order to know there are no discrepancies that could affect their credit report.

Whenever finding any error or discrepancy people must notify the company and fix the error in the shortest amount of time possible to avoid further damage to the credit report.

There are established procedures to mend mistakes present in any credit report. The first one is the Fair Credit Billing Act (FCBA), and the second one is the Electronic fund Transfer Act (EFTA). These procedures were created to resolve credit billing and electronic fund transfer account errors.

They include:

- Electronic fund transfers or charges that you did not make

- Electronic fund transfers or charges that show wrong amounts of money or wrong dates

- Computer errors, not reflected payments, and credit or electronic funds not properly designated are the most common errors.

- Undelivered mails or billing statements from banks and credit agencies to your current address.

The Law is equally applicable to all these cases. These laws procure fair opportunities to everyone. The above list will come in handy for people to learn how to deal with those common errors on credit reports.

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