Finance
The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating in credit decisions based on all of the following EXCEPT:
ARace
BReligion
CCredit score✓ Correct
DNational origin
Explanation
The ECOA prohibits discrimination in credit based on race, color, religion, national origin, sex, marital status, age, or because the applicant receives public assistance. Credit score is a legitimate, non-discriminatory underwriting factor.
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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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