The Equal Credit Opportunity Act - The Equal Credit Opportunity Act requires that individual creditors apply credit standards in a fair manner, so that all consumers are given an equal chance to obtain credit. It does not require all creditors to have the same standards, nor does it guarantee approval of loan applications.

In reviewing your credit application, lenders cannot discriminate on the basis of sex, marital status, race, religion, national origin, age, income from assistance programs, or if you exercise your rights under the Consumer Protection Act. The only acceptable criteria are your ability and intent to repay funds borrowed.

Credit Application Prohibited Information Questions - Credit applications cannot ask you about your sex, race, color, religious affiliation, or national origin unless you are applying for residential real estate. Even then, you are not required to answer. The information is used only to enforce fair housing laws, not for evaluation purposes. You cannot be asked your marital status, unless your spouse will help secure, use, or be legally responsible for the loan. Creditors are also prohibited from asking about your plans to have children.

Credit for Couples - Spouses have the right to have their credit histories listed separately, including the accounts they use jointly. Married women have the option of using their birth name or married name. In the case of couples who jointly established credit, but whose credit appears in the name of only one spouse, the other partner has the right to rely on that credit history as well.

Divorced Individuals - If you pay or receive alimony, child support, or maintenance, you can be asked how these items affect your income. However, if you do not plan to use this income to repay the loan for which you are applying, you do not have to list it on your application.

Your Age - Creditors can ask how old you are in order to be certain you have reached legal age to enter into contracts. They can also consider your age to estimate how long you will continue to work. However, age cannot be used to deny credit to those 62 or older (in the case of credit-scoring systems) or to those applicants whose age exceeds that required for credit insurance.

Your Life Circumstances Changed - The terms of your credit cannot be changed simply because your life circumstances do. For example, the length, interest, or other features of loans cannot be changed; you cannot be forced to reapply for a loan; and you cannot be terminated because you change your name or marital status, reach a certain age, or retire.

Applicant Notification - Lenders must notify credit applicants of their decision within 30 days after the application is completed. If credit is denied, the creditor must provide a written statement that includes the action taken, reason for denial (or how to request it), the applicant's rights, and the name and address of the enforcing federal agency. If you believe that discrimination has taken place, you have the right to file suit. If creditors are found to have discriminated unfairly, they can be held liable for actual damages and punitive damages up to $10,000.