The Equal Credit Opportunity Act (ECOA) is a United States law (codified at 15 U.S.C. § 1691 et seq.) that states that creditors must evaluate candidates based on credit worthiness only, not on factors that have nothing to do with their ability to repay the debt. The law applies to any creditor who regularly extends credit to consumers, including banks, retailers, bankcard companies, finance companies, and credit unions.
