ECOA Exam Review Questions and
answers. VERIFIED/
A.Factors that can not be used to discriminate - -1.Race
2.Color
3.Religion
4.Sex
5.National Origin
6.Marital Status
7.Age
8. Receipt of income from public assistance
9.History of exercised rights under Consumer Protection Credit Act (Cre...
ECOA Exam Review Questions and answers. VERIFIED/ A.Factors that can not be use d to discriminate - ✅✅ -1.Race 2.Color 3.Religion 4.Sex 5.National Origin 6.Marital Status 7.Age 8. Receipt of income from public assistance 9.History of exercised rights under Consumer Protection Credit Act (Credit counseling services) B. Notifying borrower of action taken - ✅✅ -Within 30 days lenders must notify consumers of action taken in writing. -If Adverse Action must provide statement of reasons and include statement that ECOA prohibits discrimination. -Must include info on credit agency, name address, and name of agency that enforces lenders compliance. -If due to credit info on credit agency needs to be listed. C. General permissible acts under the Equal Credit Opportunity Act - ✅✅ -Questions about applicant's immigration status and permanent residency. -Applicants credit history -PT income, annuity, pension or other forms of retirement pay. Can refuse to lend on a basis of a protected class ECOA, if under 18. D. Circumstances when it is acceptable to deny credit/loan - ✅✅ --Immig ration status -Permanent residency -Credit history - Late payments -Part time income -Annuity -Pension or other forms of retirement payment -If critical information is missing form application. (A 'material fact' being withheld. Any fact or piece of data t hat can change the outcome of the loan.) E. Components of a "notice of adverse action" - ✅✅ --Reason for denial. -Name and address of creditor and agency that
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Terryl. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
