The Equal Credit Opportunity Act (ECOA), Title VII of the Consumer Credit Protection Act, prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act.

The Act requires creditors to provide applicants with the reaons underlying decisions to deny credit, upon request. The Dodd-Frank Act also added a requirement that creditors provide applicants a copy of all appraisals and other written valuations used in connection with the applicant's application for first lein loans secured by a dwelling.

The ECOA should always be followed and can lead to fines up to $500,000 if ignored.

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