Credit Discrimination- Still Present and Still Unfair
Dec. 21, 2015
In a perfect world, everyone would abide by the rules in place, and discrimination of any kind would be a thing of the past. We all know all too well that this is far from our reality. One area where discrimination can really impact lives is that of credit discrimination. What do we mean when we use the term "credit discrimination?" According to the National Consumer Law Center, " Every day, countless individuals and families are denied access to mainstream credit because they are not white or because they are women, seniors, or disabled." This type of discrimination is pervasive. This type of discrimination is wrong. This type of discrimination is incredibly harmful to all, especially to those it works against. This behavior and way of thinking continue discrimination that should long be gone from our society. It can also hurt individuals by limiting their access to helpful resources. Without fair means of obtaining credit, entire groups can be left out of opportunities to purchase homes and cars or to earn college educations. Even if individuals are eventually able to obtain credit, interest rates are often unreasonable and inflated. This unfair behavior, in turn, continues the cycle of poverty and discrimination. We know how to spot this wrongful behavior.
There are steps that you can take to guard against discriminatory conduct of big banks, credit agencies, and others in the financial services industry. First, you can protect yourself by knowing your rights. A basic internet or Google search using the terms "consumer credit protections act summary" or "fair lending laws" will yield some excellent starting points. You can browse resources to learn some basic points.
You can read more about specific acts and areas of credit discrimination. For example, on the subject of Auto Lending Discrimination, the Consumer Financial Protection Bureau will hold banks and lenders accountable for discriminatory auto loans. Mortgage lending must reflect fair housing practices, as required by regulations. The HUD program analyzed the issue of credit discrimination, and The National Housing Law Project proposed that there needs to be equal access to HUD housing, regardless of one's sexual identity or gender identity. You can read more here.
Your ability to gain access to credit should not be determined or limited by your race, gender, sexual orientation, etc… If you feel this is the case, your first step should be to contact us here at Wolfe Law Office. We can and will assist you in assessing your legal options. If you or your loved one are in need of assistance with debt or dealing with credit issues, or feel you have been treated unfairly or been discriminated against while trying to obtain credit, contact Wolfe Law Office for a free consultation at 304-245-9097.
Sources:
https://www.nclc.org/issues/credit-discrimination.html
https://www.nclc.org/images/prCFPBautodfinancediscrimin_32213.pdf
https://www.nclc.org/images/pdf/credit_discrimination/fair-housing-brief.pdf
https://www.nclc.org/images/pdf/credit_discrimination/comments-hud-lgbt.pdf
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.