Value Loan Company extends credit to consumers. Value Loan applies a variety of requirements to determine applicants' qualifications for credit, the amount, the interest rate, and other terms. Under the Equal Credit Opportunity Act, the lender cannot base its credit decisions on an applicant's

Question

Quizplus · Accepted Answer

The Equal Credit Opportunity Act prohibits discrimination based on gender (among other factors) in any aspect of a credit transaction. This means lenders cannot make credit decisions—such as determining eligibility, setting terms, or deciding on interest rates—based on the applicant's gender.

Value Loan Company Extends Credit to Consumers