Are you looking for a job, housing, or insurance?
If so, you’re probably aware your credit impacts your ability to get them, and how much you’ll pay for it.
The Federal Trade Commission wants to send a reminder about some rights related to credit and discrimination.
Under federal law, it is illegal for banks, credit unions, retailers, and other companies that extend credit to discriminate.
The FTC says creditors must not consider your race, sex, sexual orientation, or gender identity during the application process or when making a credit decision.
However, a creditor may ask you to reveal that information because it helps federal agencies enforce anti-discrimination laws.
After you’ve finished an application, you have the right to know whether it was accepted or rejected within 30 days of filing.
And if you’ve been rejected, the lender must give you a specific reason why.
For example, “You have not been employed long enough.”
Different agencies, including the FTC, share enforcement responsibility for discrimination laws.
If you’ve been denied credit, the creditor must give you the name and address of the agency to contact in your denial notice.
If you suspect credit discrimination, tell the FTC at ReportFraud.FTC.gov.