Articles & News About Your Credit

Understanding Your Rights Under The Equal Credit Opportunity Act

It wasn't all that long ago that lenders blatantly discriminated when it came to approving credit for women and minority groups. Women were actually asked personal and demeaning questions like, how many children do you plan to have in the future or are you on birth control?

Despite the fact that they were entering the workforce in record numbers, single women were often required to get a cosigner or denied credit altogether. Members of minority groups were denied credit as well, even though they were fully qualified.

Today thanks to the Equal Credit Opportunity Act, millions of consumers from all walks of life are given and equal chance to obtain and use credit to finance educations, buy or remodel homes or get small business loans.

The Equal Credit Opportunity Act, which was passed by congress in 1973 first banned discrimination in credit access on the basis of sex or marital status and was later amended to include race, religion, national origin and age. Of course, this doesn't mean all consumers who apply for credit get it. Factors such as income, expenses, debt and credit history are considerations for credit worthiness.

But 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 the law. Businesses applying for credit also are protected by the law.

When You Apply For Credit, A Creditor May Not.

Discourage you from applying for credit because of your sex, marital status, age, race, national origin, or because you receive public assistance income.

Ask you to reveal your sex, race, national origin, or religion. A creditor may ask you to voluntarily disclose this information, except for religion if you're applying for a real estate loan. This information helps federal agencies enforce anti discrimination laws. You may be asked about your residence or immigration status.

Ask if you're widowed or divorced. When permitted to ask marital status, a creditor may only use the terms: married, unmarried, or separated.

Ask about your marital status if you're applying for a separate, unsecured account. A creditor may ask you to provide this information if you live in community property states, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, and Washington. A creditor in any state may ask for this information if you apply for a joint credit account or one secured by property.

Request information about your spouse, except when your spouse is applying for credit with you. Note: your spouse will be allowed to use the credit account. You are relying on your spouse's income or on alimony or child support income from a former spouse; or if you reside in a community property state.

Inquire about your plans for having or raising children.

Ask if you receive alimony, child support, or separate maintenance payments, unless you're first told that, you don't have to provide this information if you won't rely on these payments to get credit. A creditor may ask if you have to pay alimony, child support, or separate maintenance payments.

A Special Note To Women

A good credit history, a record of how you paid past bills often is necessary to get credit. Unfortunately, this hurts many married, separated, divorced, and widowed women. There are two common reasons women don't have credit histories in their own names: they lost their credit histories when they married and changed their names, or creditors reported accounts shared by married couples in the husband's name only.

If you're married, divorced, separated, or widowed, contact the credit bureaus to make sure all relevant information is in a file under your own name.

Copyright © Credit and You | All Rights Reserved |

To find additional rights you have, what a creditor may not do: when deciding to give you credit or evaluating your income for credit and what to do if you suspect discrimination visit http://www.creditandyou.com/yourcreditrights.html it's free information website!

Other Article Sites

findabook.com  moneycd.info  a-mortgage.info   about-lemon-laws.info  aboutstudentloans.info
all-about-publishing.info  auctions-articles.info  bestcollege-university.com  bestispconnection.com
biblefolder.com  blogger-website.com  books-used.info  brokers-guide.info  buywindows.info  cable-dsl.info
career-miner.com  carpel-tunnel.info  cashinaflash.info  cashloanreviews.info  casinobell.com  chat-house.info
clearmycredit.info  collegeloantips.info  crones.info  depression-articles.info   dirnic.net  dishguides.info
divers-below.com  expodog.info   financewizz.com  fire-insurance.info  getgood.info  handleit.net   it-idea.info
health-supplies.info  hosting-right.com  insidealert.com  insurance-facts.info  jobs-employment.info
justgood.info  lookgold.net   lowcost-travel.info  money-source.info  myhostzone.info  numisblog.com
peoplesearchfinder.info  pr-articles.info  realeas.com   refinancing-guides.info  spyware-remove.info
telelot.info  the-law.info   toppaid.info  travel-deals.info  travelcorrect.com  wedding-guide-site.com
your-blog.info  your-credit.info

Credit Card Debt Consolidation - Simple Ways To Get free
In a world of growing financial strain, it is becoming more common for people to have uncontrollable amounts of debt. This debt is often in the form of credit card bills. Credit card bills are turning into a major financial problem for many individual and families.

The Cost Of Credit
In September, Luciana is approved for her first credit card! She grabs her purse and visits her local appliance stores perusing the aisles for the best deal on a refrigerator. After careful evaluation of the different brands and added features she purchases an Energy Star refrigerator with her new credit card. Once home she excitedly awaits the arrival of her purchase enjoying the benefits of using credit to purchase an item her family desperately needs but lacked the ready cash capital to purchase.

Buying A Used Car With Help From Your Credit Union
Most of us realize that used cars are usually less expensive than new cars. But we often still shy away from that kind of bargain because we may be intimidated by just what we may be buying. Could it be a great deal, or a lemon? And how do you know? Well, there actually is a way to work through the process of buying a great used car if you follow a few simple steps and stick to your guns. Would it surprise you that your first stop should be your credit union? Well, it should be.

Why Consumers Need a Nationwide Credit Freeze NOW
What do a shoe retailer, an online discount broker, and a popular clothing retailer all have in common? All three - DSW Shoe Warehouse, Ameritrade, and Polo Ralph Lauren - sustained breaches to their customers' accounts. Unfortunately, these three are not alone when it comes to security breaches.

Credit Unions: What You Need To Know
What exactly is a credit union? What are the benefits of a credit union? Learn the answers to these questions plus others in this quick look at the basics of credit unions.

The Truth About Credit
What you might not know about credit.Some people don't know about a loop hole in the credit reporting system.

Credit Card Balance Transfers - Know How To Save Money
In 2004 Americans paid $412 billion dollars in finance charges to the credit card companies. If you contributed to this astronomical amount, you might be considering a 0% interest balance transfer to knock down those monthly payments. You also might think that this is a simple choice, that of course you should opt for a card that does not charge interest over any other card that does. Well, before you take up credit-card hopping as this month's attempt at exercising, there are a few things you should be aware of when it comes to balance transfers.

Bad Credit Bill Consolidations Loan
Bill consolidations could be your best option when you start having minimum monthly bill statements as something more than what you can afford to pay. If your credit rating has been affected because of your missing payments, a bad credit bill consolidation loan is what you need. If paying minimum monthly dues is still not enough to get you out of financial stress and leaves you little money after the monthly payments, it is the answer you need for this dilemma. This loan service can be easily acquired from the many financial institutions available out there that will help all individuals who are in the same financial difficulty as you.

Refinancing Your Mortgage With Bad Credit
Refinancing has become extremely popular over the last few years mainly due to the historical low interest rates available. While today?s interests rate are a drop higher than its historical lows, it makes a lot of sense to refinance your existing home mortgage in order to save money on interest, or to take out a home equity loan on the rising value of your home. Here are some tips.

Getting Mortgages With Bad Credit
If you have bad credit, then you might think that getting a mortgage is impossible. Obviously it is harder to get a mortgage if you have bad credit, but it is by no means impossible. There are more and more lenders willing to offer mortgages to people with a poor credit rating, especially if your credit problems are in the past. Here are some useful tips on how to get a mortgage with poor credit:

Overextended When Credit Crashed? You Can Survive and Repair Your Credit
The last decade, ending round about now, witnessed a golden era of easy credit. Banks, mortgage banks, finance companies and credit cards companies have been tripping over themselves to lend money. Rules and restrictions involving in lending money have been relaxed to an extent that border almost on the criminally irresponsible. As the dust settles, all these organizations that were once so friendly and anxious to lend money at windfall interest rates are in a state of panic. Estimates are that in the Western World a massive epidemic of payment defaults has begun, and there is no stopping it. Shared responsibilityFinancial institutions who lent money to people who showed no real signs of genuine financial wherewithal to repay their debts wi...

Introductory Rate Credit Cards: Some Popular Features
Using introductory rate credit cards has become a popular way for UK borrowers to manage credit card debt. Introductory rate credit cards offer borrowers a preferential interest rate when they first sign up for a new card. There are three main ways in which this can happen. All of the ways offer significant advantages for credit card borrowers.

What Is The Diference Between Credit Counselors And Credit Repair Companies?
Just as with lots of other things you do in life, using your budget wisely is a skill you will have to learn, just like riding a bike or driving a car. Some of us are better in this then others, managing money and having a good credit score just comes easier to some people.

Re-Establish Your Credit With Secured Credit Card
Credit is essential in our society. It can affect your ability to buy a car, buy a house, obtain credit cards, or even rent an apartment. A good credit rating indicates to others that you manage your debts responsibly and are likely to pay back your debts.