ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The Equal Credit Opportunity Act makes it legal to refuse credit on the basis of race, color, religion, national origin, gender, marital status or age.
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True
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False
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -8163-93rd Congress (1973-1974): Equal Credit Opportunity Act | Congress.gov | Library of Congress.
Detailed explanation-2: -Organizations that lobbied for the passage of ECOA also claimed that mortgage lenders were more likely to deny credit to single women relative to other applicants. Congress originally passed ECOA in October of 1974. When it was enacted, ECOA prohibited lending discrimination based on sex or marital status.
Detailed explanation-3: -Lending discrimination occurs when a lender makes a decision during the mortgage application process based on a person’s race, color, sex, religion, familial status, nationality, age, receipt of public assistance or disability.
There is 1 question to complete.