Equal Credit Opportunity Act - Discrimination

The Equal Credit Opportunity Act (ECOA) ensures that all consumers are given an equal chance to obtain credit. This doesn’t mean all consumers who apply for credit get it: Factors such as income, expenses, debt, and credit history are considerations for creditworthiness.

The law protects you when you deal with any creditor who regularly extends credit, including banks, small loan and finance companies, retail and department stores, credit card companies, and credit unions. Anyone involved in granting credit, such as real estate brokers who arrange financing, is covered by the law. Businesses applying for credit also are protected by the law.

If You Suspect Discrimination...

Complain to the creditor. Make it known you’re aware of the law. The creditor may find an error or reverse the decision.
Check with your state Attorney General to see if the creditor violated state equal credit opportunity laws. Your state may decide to prosecute the creditor.
Bring a case in federal district court. If you win, you can recover damages, including punative damages. You also can obtain compensation for attorney’s fees and court costs. An attorney can advise you on how to proceed.
Join with others and file a class action suit. You may recover punitive damages for the group of up to $500,000 or one percent of the creditor’s net worth, whichever is less.
Report violations to the appropriate government agency. If you’re denied credit, the creditor must give you the name and address of the agency to contact. While some of these agencies don’t resolve individual complaints, the information you provide helps them decide which companies to investigate. A list of agencies follows.

If a retail store, department store, small loan and finance company, mortgage company, oil company, public utility, state credit union, government lending program, or travel and expense credit card company is involved, contact:

Consumer Response Center
Federal Trade Commission
Washington, DC 20580.

The FTC cannot intervene in individual disputes, but the information you provide may indicate a pattern of possible law violations that require action by the Commission.

If your complaint concerns a nationally-chartered bank (National or N.A. will be part of the name), write to:

Comptroller of the Currency
Compliance Management
Mail Stop 7-5
Washington, DC 20219.

If your complaint concerns a state-chartered bank that is insured by the Federal Deposit Insurance Corporation but is not a member of the Federal Reserve System, write to:

Federal Deposit Insurance Corporation
Consumer Affairs Division
Washington, DC 20429.

If your complaint concerns a federally-chartered or federally-insured savings and loan association, write to:

Office of Thrift Supervision
Consumer Affairs Program
Washington, DC 20552.

If your complaint concerns a federally-chartered credit union, write to:

National Credit Union Administration
Consumer Affairs Division
Washington, DC 20456.

Complaints against all kinds of creditors can be referred to:

Department of Justice
Civil Rights Division
Washington, DC 20530

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