Fair Housing
The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:
ARace, color, religion, national origin, sex, marital status, age, and receipt of public assistance✓ Correct
BRace, color, religion, and national origin only
CRace, sex, and disability only
DRace, color, and familial status only
Explanation
ECOA prohibits credit discrimination based on race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to contract), and receipt of public assistance income.
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Key Terms to Know
Fair Housing Act
Federal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
SteeringAn illegal practice where a real estate agent directs buyers toward or away from certain neighborhoods based on the buyer's race, religion, national origin, or other protected characteristics.
RedliningAn illegal practice where lenders or insurers deny services or charge higher rates in certain neighborhoods based on the racial or ethnic composition of those areas.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
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