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Finance: What is the Equal Credit Opportunity Act? 6 Views
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Description:
What is the Equal Credit Opportunity Act? Signed into law during the Nixon-Ford era in 1974, the Equal Credit Opportunity Act is essentially an anti discrimination law for loan applications. It prohibits any non financial related criteria, such as gender, race, religion, marital status or color to be a factor in assessment for loan applications.
- Social Studies / Finance
- Finance / Financial Responsibility
- College and Career / Personal Finance
- Life Skills / Personal Finance
- Finance / Finance Definitions
- Life Skills / Finance Definitions
- Finance / Personal Finance
- Courses / Finance Concepts
- Subjects / Finance and Economics
- Finance and Economics / Terms and Concepts
- Terms and Concepts / Accounting
- Terms and Concepts / Banking
- Terms and Concepts / Bonds
- Terms and Concepts / Credit
- Terms and Concepts / Metrics
- Terms and Concepts / Regulations
Transcript
- 00:00
Finance a la shmoop what is the Equal Credit Opportunity Act? alright people while the
- 00:09
federal government thinks everyone should have the equal opportunity to get [Men in Federal Government appear]
- 00:15
into debt isn't that sweet of them you know that Uncle Sam well he sure does
- 00:19
have a heart of gold this federal law makes it illegal to discriminate against
- 00:25
people who are applying for financing on pretty much anything legal based on
Full Transcript
- 00:29
their age gender marital status religious affiliation ethnic or national
- 00:35
background or public assistance benefits your credit score however well that
- 00:41
still matters sorry just keeping it real
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