I applied for a student loan but my lender denied my application. I think that the lender discriminated against me. What are my rights under the law?
Under the Equal Credit Opportunity Act, it is illegal for a creditor (lender) to discriminate in any credit transaction against any applicant because of:
- National origin
- Sex (Gender)
- Marital status
- Age (if the applicant is old enough to enter into a contract)
- Receipt of income from any public assistance program
- Exercising in good faith a right under the Consumer Credit Protection Act, which includes consumer protection statutes relating to credit.
State or local law may prohibit discrimination on additional grounds.
This means that a creditor may not use any of the above grounds as a reason to:
- Refuse you credit if you qualify for it
- Discourage you from applying for credit
- Provide you credit on terms that are different from the terms given to someone else who is similarly situated to you, such as having similar creditworthiness
- Close your existing account.
If you believe that you were discriminated against on any of these grounds, you can file an official complaint or tell us about your experience.