Released: October 29, 2024

Celebrating 50 years of Equal Credit Opportunity

Source: Benet J. Wilson, Bankrate Monitor

• Women and minorities faced credit discrimination for decades.
• The Equal Credit Opportunity Act of 1974 made it easier for both groups to obtain credit cards and loans.
• The act includes rights and protections for consumers applying for credit.

The Equal Credit Opportunity Act of 1974 (ECOA), signed by President Gerald Ford 50 years ago on Oct. 28, 1974, changed that. It prevented creditors from discriminating against an applicant because of race, color, religion, national origin, sex, marital status, age or participation in public assistance programs.

In 2021, the Consumer Financial Protection Bureau’s (CFPB) Regulation B added protection for sexual orientation and gender identity discrimination. That has leveled the playing field for everyone with full access to the U.S. credit industry.

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