what is the equal credit opportunity act ecoa 
the equal credit opportunity act ecoa is a federal civil rights law designed to ensure fair lending practices it prohibits lenders from discriminating against loan applicants with the sole exception being their ability to repay the loan specifically ecoa protects consumers from discrimination based on race color religion national origin sex marital status age eligibility for public assistance or the exercise of any rights under the consumer credit protection act this legislation serves as a vital safeguard against unfair lending practices and aims to promote equal access to credit opportunities for all individuals 