New York, NY (PRWEB) September 05, 2013
On July 16, 2013, Jason Alderman published an article in the Biz Times section of THonline.com that brought to light the discrimination of potential borrowers based on personal characteristics despite its prohibition in the Equal Credit Opportunity Act. In response, Finance Acceleration condemns any type of discrimination that is not strictly financial and urges those who have experienced credit discrimination to report the lender at fault.
There are many financial reasons that people can’t get approved for lines of credit. In some instances, people can’t get approved because their credit report was tarnished as a result of their identity being stolen. However, sometimes lenders discriminate based on other characteristics such as religion, sex, age, or race. This practice is in stark contrast to the Equal Credit Opportunity Act that clearly prohibits any type of discrimination that is not strictly on a financial basis.
The effect of credit discrimination can be severe and lessens the likelihood that a Disadvantaged Business Enterprise (DBE) will succeed. Adolphus Pruitt argues in the St. Louis American that African-American owned businesses are greatly affected by credit discrimination. Such discrimination makes it harder for small businesses and minorities to meet their goals.
In the wake of credit discrimination by lenders against borrowers based solely on personal characteristics, Finance Acceleration recommends that potential borrowers be on alert for such discrimination. Things to look out for include being treated differently in person than on the phone, being discouraged from applying for a loan, and negative comments regarding personal characteristics.
According to the Senior Writer of Finance Acceleration, “The bottom line is that when you are denied credit that you clearly qualify for, there is likely credit discrimination at play.” Finance Acceleration urges those who have been wronged by a lender to report the incident of credit discrimination.
In light of recent reports describing incidents of credit discrimination of potential borrowers based on personal characteristics, Finance Acceleration urges those who have been a victim of credit discrimination to report the incident to the Consumer Financial Protection Bureau.
Finance Acceleration is dedicated to helping young couples learn to be fiscally responsible. The website provides expert financial advice that allows couples to accelerate their net worth as quickly as possible.