Prohibits Discrimination

The Equal Credit Opportunity Act (ECOA) ensures that all individuals have an equal chance to obtain credit. It strictly prohibits lenders from discriminating against applicants based on race, color, religion, national origin, sex, marital status, or age (provided the applicant is old enough to sign a contract). A specific protection students should note is that a lender cannot require a spouse to sign a loan application if the individual applicant qualifies for the loan on their own merit.