Asked by Anthony Vasquez on Apr 25, 2024
Creditors may require, under the Equal Credit Opportunity Act, that a spouse cosign a loan application regardless of the credit worthiness of the applicant.
Cosign
To sign a legal document alongside another person, taking joint responsibility for the obligation the document entails, such as a loan.
Equal Credit Opportunity Act
A U.S. federal law designed to ensure that all consumers have an equal chance to obtain credit, prohibiting discrimination.
- Identify the entitlements of consumers as stipulated in particular statutes, such as the Equal Credit Opportunity Act and the Truth in Lending Act.
Learning Objectives
- Identify the entitlements of consumers as stipulated in particular statutes, such as the Equal Credit Opportunity Act and the Truth in Lending Act.