Your Rights Under The Equal Credit Opportunity Act

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It wasn’t all that long ago that lenders blatantly discriminated when it came to approving credit for women and minority groups. Women were actually asked personal and demeaning questions like, how many children do you plan to have inrepparttar future or are you on birth control?

Despiterepparttar 147261 fact that they were enteringrepparttar 147262 workforce in record numbers, single women were often required to get a cosigner or denied credit altogether. Members of minority groups were denied credit as well, even though they were fully qualified.

Today thanks torepparttar 147263 Equal Credit Opportunity Act, millions of consumers from all walks of life are given and equal chance to obtain and use credit to finance educations, buy or remodel homes or get small business loans.

The Equal Credit Opportunity Act, which was passed by congress in 1973 first banned discrimination in credit access onrepparttar 147264 basis of sex or marital status and was later amended to include race, religion, national origin and age. Of course, this doesn’t mean all consumers who apply for credit get it. Factors such as income, expenses, debt and credit history are considerations for credit worthiness.

Butrepparttar 147265 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 byrepparttar 147266 law. Businesses applying for credit also are protected byrepparttar 147267 law.

When You Apply For Credit, A Creditor May Not.

Discourage you from applying for credit because of your sex, marital status, age, race, national origin, or because you receive public assistance income.

Ask you to reveal your sex, race, national origin, or religion. A creditor may ask you to voluntarily disclose this information, except for religion if you’re applying for a real estate loan. This information helps federal agencies enforce anti discrimination laws. You may be asked about your residence or immigration status.

Ask if you’re widowed or divorced. When permitted to ask marital status, a creditor may only userepparttar 147268 terms: married, unmarried, or separated.

How To Safely Offer Seller Financing

Written by Steve Gillman

Why offer seller financing when you sell? A higher price, a good return on your money, a faster sale and to sell a property that is otherwise difficult to sell. Some good reasons, but how do you do it safely?

1. Get a large downpayment. The most obvious way to be safe, and not always possible.

2. Get other security. If they want it with little down, and you likerepparttar return you'll get, make it safe by putting a mortgage on other propertyrepparttar 147260 buyer owns, to be released when they've paid downrepparttar 147261 balance to a certain level.

3. Check their credit. Have them pay for and bring you a credit report. Bad credit may be okay, but type of bad credit is important. Unpaid hospital bills they're disputing are not as relevant as unpaid loans.

4. Trust your instincts. If you are usually right about people, give some weight to your judgement of their character. I'd trust a man who felt morally obliged to pay his debts over a playboy that happens to have decent income atrepparttar 147262 moment.

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