Under the Equal Credit Opportunity Act:

Question

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Under the Equal Credit Opportunity Act, if credit is refused, the creditor must disclose the reasons for rejection upon demand. This promotes fairness and transparency in the credit process.

Answer: A 
 Alimony received and child support payments cannot be considered as sources of income under the Equal Credit Opportunity Act. This is to prevent discrimination against those who may rely on such sources of income.

Answer: D 
 The creditor is not required to ask all credit applicants for a statement of marital status under the Equal Credit Opportunity Act. Doing so may result in discrimination on the basis of marital status.

Answer: B and E 
 Both options are incorrect. Under the Equal Credit Opportunity Act, questions about plans for children are not allowed as they may result in discrimination based on familial status. Additionally, a spouse is not required to cosign on a loan irrespective of their creditworthiness. Cosigning is a decision based on the lender's evaluation of the individual's creditworthiness.