While the Equal Credit Opportunity Act was created to prevent discrimination against women what trying to obtain credit and was later amended to include laws against discrimination based on a person’s race, color, national origin, religion, sex, age and marital status, the problem is that the reason for denial of a credit application can be easily disguised by the lender.
Because the lender can easily create another reason for having rejected the credit application, he can easily avoid violating the Equal Credit Opportunity Act on paper.
Another common problem is that many people do not know their rights under this law and are unaware of one their rights have been violated. People may also be an easy about filing a complaint and going through with what they will consider to be a lengthy legal battle.
In order to determine whether your rights have been violated under the Equal Credit Opportunity Act, you need to consider whether you would have been approved credit if you did not belong to a non-minority or different sex with the same economic status. It is essential that you think about this with a clear head. Do not let your emotions cloud your judgment because you’re upset about your credit application being rejected.