What is the Equal Credit Opportunity Act (ECOA)?

The ECOA is a federal law, monitored and enforced by the Federal Trade Commission, to ensure all individuals are given an equal chance to obtain credit. Factors such as income, expenses, debt, and credit history are considerations for creditworthiness. ECOA requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance.