The Equal Credit Opportunity Act says that all lenders will apply the same
credit standards to all the consumers no matter what their race, sex,
marital status, national origin, religion, age, or public assistance
program that is involved. This does not say for sure that the loan
approved or credit will be given to you. It will give you an equal chance
to obtain credit. The only good measurement for creditors to use is your
ability to pay the debts that you owe.

Many of the applications will have questions about some of the above
things. However you are not required to answer them on an application for
credit. These may be asked because of the fair housing laws or affirmative
action laws but these are at your discretion. You should not be asked
about your material status, unless your partner will help you secure the
loan. You may be asked your age because of the Equal Credit Opportunity
Act (more…)

A credit score chart is what creditors look at to see if you are in good standing or not. This helps them decide whether or not to lend you money that you need to buy a car, a house or pay for tuition.

Because it does not take into account gender, race, religion, martial status or national origin, it is fair. What they use as basis is your behavior over the past few years. They will look into your credit history to see if you have any debts or outstanding loans, lines of credit and how long have you been given credit.

There is a certain percentage on each of them so if you dont do well in one, there is a chance that (more…)