At some point in your life, you'll most likely apply for credit. You may apply for a credit card or for a new home loan. Will you be thinking about your consumer credit rights? Probably not, but you don't have to worry because the Equal Credit Opportunity Act will protect you.

The Equal Credit Opportunity Act is designed to protect you from being the victim of discrimination when applying for credit. Its purpose is to ensure that all credit applications are considered equally:

• Credit grantors must consider an application on the basis of certain qualifications, such as:
  • Credit history
  • Income
  • Debt load
• Credit grantors cannot consider an application on the basis of personal characteristics, such as:
  • Gender
  • Race
  • Marital status

The Act requires that you receive information relating to why you have been denied credit. Creditors must supply an applicant with the reason credit has been denied, if the applicant requests it within 30 days of the denial. Did you know you're entitled to a free copy of your credit report if you request it within 60 days of being denied credit? To learn how to get a copy of your credit report or get more information on credit report repair, read the related articles in the Library section.

You have the right to:

• Have credit in your name (birth name or married name)
• Have a co-signer other than your spouse
• Have credit in your own name without a cosigner if you meet the creditor's requirements
• Keep your religion, race, sex, and marital status out of the application process
• Have all sources of income (including part-time jobs and public assistance) considered when you apply for credit