Chapter 1 - Lesson 3
The Business of Banking

As your textbook explains, the Equal Credit Opportunity Act (ECOA) ensures that all consumers are given an equal chance to obtain credit. The Federal Trade Commission offers online information about the ECOA. Browse the site, then answer the following questions.

Suggested keywords: Equal Credit Opportunity Act
Web site: http://www.ftc.gov/bcp/conline/pubs/credit/ecoa.htm

Your Name:

Today's Date:

Question 1:
What are some things a creditor is prohibited from asking you when you apply for a loan?

Question 2:
Under what circumstances can a creditor legally consider an applicant's age when deciding to grant credit?

Question 3:
What are some acceptable reasons for denying credit to an applicant? Unacceptable reasons? What information must a creditor supply to an applicant who has been denied credit?