The Equal Credit Opportunity Act (ECOA)

Credit is what gets you a new house or car, it is also what gets many people through school each year. Credit can even help you start the business of your dreams. If you have always been worried that you would not get approved for credit for discriminatory reasons then you must not know about the Equal Credit Opportunity Act (ECOA). It is this act makes it easy for everyone to get approved for credit, assuming that they are reliable. This act cannot guarantee that you get the credit that you apply for but it can guarantee that you will not be rejected due to your age, your race, your marital status etc. It is not only individuals that are protected by the Equal Credit Opportunity Act (ECOA), business also fall under their umbrella.

It is illegal for creditors to try to keep you from applying for credit or deny you credit due to your:
Sex
Marital status
Sexual orientation
Country of origin
Race
Religion
Ask if you are widowed or divorced
Ask you about your children

In fact they are not even permitted to ask any questions related to the above. If it is a real estate loan that you are applying for there is a chance that they can ask you to voluntarily give some of this information but you are not required to do so. In the cases where they can ask about your marital status all they can ask is if you are single, married or separated. The only time this is permitted is if you are living is states that go by the communal property laws or if you are applying for a joint account with someone else. And this is the only time that they can ask you for any information concerning your spouse. And while a creditor can ask you if you have to pay alimony or child support they absolutely cannot ask you if you receive it without letting you know that it is not necessary.

When it comes to credit you have many more rights than you probably realize.
Here is a basic list of your rights as they apply to credit:

You can have credit in your given names, your first name with your husband's last name or a hyphenated combination like Phillips-Klein

Have a cosigner help you to get a loan and this cosigner does not have to be your spouse, it can be anyone

You have the right to know if your credit application was denied and why within 30 days of you first applying

Women are more affected by bad credit in general. This is because many women do not have credit in their own names. There are a couple of reasons for this such as when they got married they changed their names and because often creditors only report joint accounts in the husbands name and not the wife's. This is bad news for women if they find themselves widowed or divorced. Having good credit can make life a whole lot easier. If you are married, or if you have been you should contact your credit reporting agencies in order to make sure that everything is being reported in your name that should be.

If you are being discriminated against, even if you only fell that you might be you need to let your creditor know. Letting them know that you know your rights can make the difference. If you are not sure of all your rights take some time to get to know them so that you can protect yourself and your rights. If you are sure that you are being discriminated against you can sue. You can take the company to court in order to seek damages. If you win you might even be able to get this company to pay for your lawyer's costs.