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Equal Credit Opportunity Act

The Equal Credit Opportunity Act (ECOA) ensures that all consumers are given an equal chance to obtain credit. This does not mean that all consumers who apply for credit will receive it. Factors such as income, expenses, debt, and credit history are considerations for credit.

The law protects you when you deal with any creditor who regularly extends credit. Including banks, small loan and finance companies, retail and department stores, credit card companies, and credit unions. Anyone involved in granting credit, such as real estate brokers who arrange financing, is covered by law. Business’ also applying for credit are covered by this law.

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