Finance
The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:
ACredit score
BIncome level alone
CRace, color, religion, national origin, sex, marital status, age, or receipt of public assistance✓ Correct
DEmployment history
Explanation
ECOA prohibits creditors from discriminating in credit transactions based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance income.
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Key Terms to Know
Pre-Approval
A lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Fair Housing ActFederal 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.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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