What does the Equal Credit Opportunity Act say?

Since 1974 when the Equal Credit Opportunity Act was enacted, there have been many misinterpretations of the law. The Act says that creditors cannot discriminate against you based on your sex, race, religion, color, national origin, marital status or race. Also included in the law is a restriction against creditors denying credit to those who have part or all their income based on any public assistance program, or against those who have sought justice under the Law.

What the Law means is that you are subject to the same consideration as everyone else when seeking credit. You cannot bypass a credit search, nor can you bypass other requirements such as an investigation into debt to credit ratio, a statement of employment, or your ability to pay the loan back.

At Charlton Motors and Public Auto Brokers, we adhere strictly to the tenets of the Equal Credit Opportunity Act.

 

 

Categories: Finance
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