Equal Credit Opportunity Act

Equal Credit Opportunity Act definition - business

Equal Credit Opportunity Act

Federal legislation that prohibits discrimination against individuals or businesses in the granting of credit. Creditors are prohibited from considering an applicant's sex, race, religion, marital status, or national origin. Age may be considered in certain circumstances. The Federal Trade Commission enforces the act.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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