Under the Equal Credit Opportunity Act (ECOA), lenders and other entities
that extend credit are prohibited from basing its credit decisions on
characteristics including, but not limited to, age, race, color, gender,
and marital status. Creditors may ask for most of this information in
certain situations, but they may not use it when making their decision
whether to grant or extend credit or when setting the terms of credit.
The ECOA provides protections when consumers interact or do business with
any organizations or individuals that regularly extend credit, including
banks, credit unions, finance companies, retail and department stores,
credit card companies, and even real estate brokers who arrange financing
for buyers. Any party that participates in the decision to grant credit
or in establishing the terms of that particular credit must comply with the ECOA.
If a consumer is harmed by the creditor’s violation of the ECOA,
whether due to discrimination or a notice violation, a cause of action
may exist to sue the creditor. If successful, the court may award regular
damages, up to $10,000 in punitive damages, and attorneys’ fees.
If the credit discrimination relates to housing, a lawsuit may be brought
based on violations of the Fair Housing Act, which also provides for damages
and attorneys’ fees for prevailing parties. A successful lawsuit
based on violations of the Fair Credit Reporting Act may also result in
damages and attorneys’ fees.
The cost of debt collection defense with
Loan Lawyers is an affordable option for anyone. We are experienced debt collection
defense attorneys who act expediently while keeping our clients fully
Loan Lawyers, our South Florida consumer rights and debt defense
attorneys help individuals with financial problems that cause hardship. The experienced
South Florida defense
attorneys at Loan Lawyers are here to explain and review your potential solutions for reorganizing
and repaying debts. To schedule a free consultation at any of our three
conveniently located offices, contact
Loan Lawyers today by calling (888) FIGHT-13 (344-4813).