Asked by Ciera Watson on Apr 28, 2024
Verified
The Equal Credit Opportunity Act makes it illegal for businesses to discriminate against credit applicants receiving public assistance income.
Equal Credit Opportunity Act
A U.S. law that aims to give all individuals an equal chance to apply for loans and other forms of credit, regardless of race, religion, national origin, gender, age, or marital status.
Public Assistance Income
Financial support provided by government agencies to individuals and families who have low income or no income, to help them meet their basic needs.
- Understand discrimination prohibitions in credit applications.
Verified Answer
ZK
Zybrea KnightMay 03, 2024
Final Answer :
True
Explanation :
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, or because an applicant receives public assistance income.
Learning Objectives
- Understand discrimination prohibitions in credit applications.