Chapter 4, Problem 21AA

Solution

Things that are not allowed under Equal Credit Opportunity Act of 1974 is to be explained.

Equal Credit Opportunity Act is an inclusion to the Truth in Lending Act. Under the Equal Credit Opportunity Act of 1974, it has been provided that the person who gives the credit cannot deny to the borrower not to give credit just on the basis of their race, religion, gender, age or marital status. In addition to this, creditor do not deny to give credit just because the borrower's income might coming from public assistance benefits.