Which of the following are lenders prohibited from asking on a credit application?
A) The applicant's income
B) If the applicant has a telephone
C) If the applicant has declared bankruptcy in the past
D) How long the applicant has been on the job
E) Lenders are not prohibited from asking any of the above

Question

Quizplus · Accepted Answer

Lenders are prohibited from asking certain personal information, such as race, religion, marital status, and whether or not an applicant has a telephone. Asking about these factors is considered discriminatory and violates the Equal Credit Opportunity Act. However, lenders are allowed to ask about an applicant's income, employment history, and credit history, as these factors are relevant to determining creditworthiness. Additionally, lenders can ask if an applicant has declared bankruptcy in the past, although this information may impact their decision to approve a loan.

Which of the Following Are Lenders Prohibited from Asking on a Credit