What is the Equal Credit Opportunity Act?

The Equal Credit Opportunity Act (ECOA) is federal law that prohibits creditors from certain forms of discrimination. Age (as long as you are old enough to enter into a legally binding contract), race, color, national origin, gender, marital status, religion, or receipt of public aid may not be used to discourage or prevent you from applying for a credit card or give you less credit than those with similar credit risk.

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What is credit?

Credit is money a creditor or lender makes available for you to borrow with a deferred repayment plan. In exchange for the credit, the lender gets back the money, usually paid on a monthly basis, plus interest. The interest on credit can be either simple interest or compound interest.

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