Which act prohibits creditors from denying credit based on gender, age, race, national origin, religion, or marital status?

The Equal Credit Opportunity Act (ECOA) is the legislation that prohibits creditors from denying credit based on factors such as gender, age, race, national origin, religion, or marital status. This act was established to ensure equity in lending practices and to promote fairness in the credit marketplace. By protecting consumers from discrimination, the ECOA helps to ensure that all individuals have a fair chance to obtain credit for personal and business needs.

The act requires creditors to evaluate creditworthiness based on reliable financial criteria rather than social or demographic characteristics. This helps to create a level playing field where individuals are judged solely on their ability to repay debts, fostering inclusiveness and equal access to financial resources.

While the other options pertain to aspects of consumer credit and protections, they do not address the specific prohibitions on discrimination that the ECOA enforces. For instance, the Credit Repair Organizations Act focuses on regulating the practices of credit repair companies, the Fair Debt Collection Practices Act deals with the behavior of debt collectors to protect consumers from abusive practices during debt collection, and the Consumer Credit Protection Act is a broader act that encompasses various regulations but does not specifically address discrimination in credit decisions.