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Equal Credit Opportunity Act

Below is the text of the Equal Credit Opportunity Act. To learn more about the Act and what it means for you, see "Equal Credit Opportunity for Consumers." 

15 U.S.C. section 1691(a)


    (a) It shall be unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction --


    (1) on the basis of race, color, religion, national origin, sex or marital status, or age (provided the applicant has the capacity to contract);


    (2) because all or part of the applicant's income derives from any public assistance program.

15 U.S.C. section 1691a(e)


    (e) The term "creditor" means any person who regularly extends, renews, or continues credit; any person who regularly arranges for the extension, renewal, or continuation of credit; or any assignee of an original creditor who participates in the decision to extend, renew, or continue credit.

15 U.S.C. section 1691(e)


    (a) Any creditor who fails to comply with any requirement imposed under this subchapter shall be liable to the aggrieved applicant for any actual damages sustained by such applicant acting either in an individual capacity or as a member of a class.

12 C.F.R. section 202.2(l)


(1) Creditor means a person who, in the ordinary course of business, regularly participates in the decision of whether or not to extend credit. The term includes a creditor's assignee, transferee, or subrogee who so participates. For purposes of sections 202.4 and 202.5(a), the term also includes a person who, in the ordinary course of business, regularly refers applicants or prospective applicants to creditors, or selects or offers to select creditors to whom requests for credit may be made . . . .

Next Steps

Contact a qualified consumer attorney to assist with any credit, banking, or finance issues you face.

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