Personal Finance 1st Edition by Jack R. Kapoor

Exercise 21

1    What is the Equal Credit Opportunity Act?

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2    What are the five Cs of credit?

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3     What can you do if your credit application is denied?

Action Application Visit www.myfico.com and learn how calculators can help you make important decisions about borrowing money, debt payoff, and savings. Which choices will help you reach your goals?

Step 1 of 3

1. Equal Credit Opportunity Act:

The Equal Credit Opportunity Act starts all credit applicants off on the same footing.. It states that race, color, age, sex, marital status and certain other factors may not be used to discriminate against you in any part of credit dealing.