What Are Prohibited Factors? There are nine prohibited factors under the ECOA. Most people are familiar with seven of them: gender, race, color, religion, national origin, marital status and age. Which of the following are acceptable factors for rejecting a loan? The most common reasons for rejection include a low credit score or bad credit
Is Sharing Credit Report Illegal? The Federal Trade Commission (FTC) staff commentary discusses another exception known as the “Joint User Rule.” Under this exception, users of consumer reports, including financial institutions, may share information if they are jointly involved in the decision to approve a consumer’s request for a product or service, … Can banks
What Are Some Things A Creditor Is Prohibited From Asking You When You Apply For A Loan? Discourage you from applying or reject your application because of your race, color, religion, national origin, sex, marital status, age, or because you receive public assistance. When can a creditor ask for marital status? When a request for
What Are The Only Three Reasons A Person Can Be Denied Credit According To The Equal Credit Opportunity Act? prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, because an applicant receives income from a public assistance program, or because an applicant has in
What Happens When You Are Denied Credit? Getting rejected for a loan or credit card doesn’t impact your credit scores. However, creditors may review your credit report when you apply, and the resulting hard inquiry could hurt your scores a little. Learn how to wisely manage your next application and avoid unnecessary hard inquiries. Does