February 19th, 2010
The Equal Credit Opportunity Act or most commonly called as the ECOA was formulated to give account holders a leveled field in getting high credit worthiness ratings. This law was passed as a counter measure to the possible biases and inclinations that lenders may have to certain group of people. This law is responsible for the incentive points in the credit scores of individuals at certain age brackets. This law attempts to make every part of the credit worthiness evaluation system more fair and leveled to those who wish to participate.
In line with the aims of this law, ECOA started the segregation of accounts based on the statuses of account holders.
