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Women, Credit and the ECOA - Equal Credit Opportunity Act
The ECOA was enacted in order to eliminate all credit discriminaton against women. It expanded to include anti-discrimination clauses based on race, color, national origin, religion, sex, age, and marital status. It also makes it against the law to "blacklist" someone for exercising their rights under the ECOA. A huge problem of enforcing the ECOA provisions is proof of discriminaton. Since it's extremely easy to switch to a totally different reason for the denial of credit, lenders get away with the discriminatory behavior anyway. Part of the problem stems from the almost total lack of knowledge that the act itself exists, and then what to do when lenders are up to no good. People rarely take advantage of the power behind this act. The offending lenders know very well these 3 things: 1. Credit rejection can be hidden behind a different reason. Lenders figure the applicant won't even know they are a victim. 2. Few would-be borrowers know their rights under the law. Even fewer ever file a complaint. 3. Credit applicants are rarely in a position to engage in a long legal battle. Remember, they are trying to borrow money. Wads of cash laying around to pay for attornies? Nope.
How do you determine if you may have been a victim of illegal discriminatory practices? The following is a summary of ECOA rights: 1. If debt-to-income ratio is sufficient, you are not required to have a cosigner or second applicant. 2. If you are female, you're allowed to choose either your maiden name or your married name, or both, if you like! 3. The lender can ask how many dependents you have. They cannot ask family planning or birth-control methods you use. 4. The lender has to consider all income from alimony, child support, public assistance, and part-time work. 5. A lender cannot deny a woman credit due to an occupation as "housewife" 6. A lender may require a re-application for the loan if there is a change in marital status, due to death, divorce or separation, if the former spouse's income was a major factor in granting the original loan. 7. A lender is not allowed to consider a woman's marital status if she is trying to obtain a separate unsecured loan.
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