Trying to get a credit card or a loan from a bank and wondering what they can ask you and what rights you have?
Remember, you DO have rights under the Equal Credit Opportunity Act and Truth in Lending Act that protect you when applying for credit with credit card companies, banks, credit unions, finance companies and stores.
We know: Your Credit Rights: a 1-Minute Lesson
The creditor CAN NOT ask:
- about your race, sex, religion or national origin
- about your marital status (unless your applying for a joint account, using your spouse’s income or live in a community property state)
- about your plans to have children
The creditor CAN NOT refuse to consider:
- public assistance, or regular child support and alimony
- income from part-time work
- retirement benefits
You have the RIGHT:
- to get credit in your birth name, or your spouse’s last name, or a combined name
- to know why your credit application was rejected
- to know how much it will cost to borrow money
- to have a co-signer other than your spouse
The Lender MUST provide the following information:
- the TOTAL FINANCE CHARGE, which is a dollar mount that includes all interest and fees that must be paid.
- the ANNUAL PERCENTAGE RATE (APR), which is the rate of interest paid over the term of the loan.