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  Equal Credit Opportunity Act (ECOA) Definition
Equal Credit Opportunity Act (ECOA) The Equal Opportunity Act is a federal law that states that a lender cannot take your race, color, national origin, religion, sex, age, marital status or any public assistance participation into consideration when determining whether of not to approve you for a loan. The Equal Credit Opportunity Act was enacted in 1974 and creditors that donít comply face severe penalties.

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