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Getting the Credit You Deserve

Women's Rights Under the Equal Credit Opportunity Act and the Fair Credit Reporting Act

Most of us depend on credit. Whether we are buying a home with a 30-year mortgage, financing a car through a bank, or using a credit card to buy a pair of shoes, our ability to do so means that a lender has agreed to extend credit.

Therefore, it is important to understand the rules governing the right to obtain credit. A federal law, the Equal Credit Opportunity Act (ECOA), prohibits creditors from discrimination based on sex, race, marital status, color, religion, national origin, age or the fact that a person’s income comes from welfare. This means you should be judged solely on the basis of your creditworthiness. Your income and credit history are the main factors that determine whether your credit application will be approved.

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