Equal Credit Opportunity Act (ECOA) Concepts

The Equal Credit Opportunity Act (ECOA) was primarily passed in 1974 to prevent discrimination in which area?

• A.

  Voting rights

• B.

  Granting and applying for credit

• C.

  Employment hiring

• D.

  Buying groceries

Which of these is NOT a 'protected class' under the ECOA?

• A.

  Age

• B.

  Credit Score

• C.

  Marital Status

• D.

  Religion

True or False: Under ECOA, a lender can ask about your plans for having children.

• False

• True

If a bank turns down your loan application, ECOA requires them to do what within 30 days?

• A.

  Provide a specific reason for the denial

• B.

  Give you a cash refund

• C.

  Call your employer

• D.

  Lower their interest rates

Which of the following would be a violation of the ECOA?

• A.

  Checking a person's history of paying bills

• B.

  Charging a higher interest rate because the applicant is from a specific country

• C.

  Asking for proof of identity

• D.

  Denying a loan because the applicant is unemployed

ECOA ensures that income from which of these sources is considered fairly?

• A.

  Allowance from parents

• B.

  Illegal gambling

• C.

  Potential future lottery wins

• D.

  Public assistance (like Social Security)