August 2016


Credit Discrimination financing illegal.


FROM PAGE 1 What is credit discrimination?


How I can protect myself from credit discrimination


The Office of Fair Lending and Equal Opportunity More resources IT IS ILLEGAL TO: Refuse you credit if you qualify


for it credit


Discourage you from applying for


Offer you credit on terms that are less favorable, like a higher interest rate, than terms offered to someone with similar qualifications


Close your account ON THE BASIS OF: Race or color Religion


enough to enter into a contract) Receipt


public assistance program of income


National origin Sex or Marital status Age (as


long


as you are from


old any


Exercising in good faith your rights under the Consumer Credit Protection Act.


How can I protect myself from credit discrimination?


SIGNS


hidden or even unintentional, which makes it hard to spot. Look for red flags, such as:


You are treated differently in person than on the phone.


WATCH FOR WARNING Credit


discrimination is often


true. sign.


www.hamptonroadsmessenger.com applying for credit.


though you qualify for it. You are


higher rate than the one you applied for, even though you qualify for the lower rate.


given a reason why or told how to find out why.


You are denied credit, but not


Your deal sounds too good to be You feel pushed or pressured to


discriminated


SUBMIT A COMPLAINT If you believe a lender


reason, you can file a complaint. We’ll provide you a way to monitor the status and progress of your complaint.


TELL US YOUR STORY


and create a fairer marketplace even if you don’t want to file a complaint. Tell us about your experience.


lenders


whether to lend money and deciding what features to offer, like the interest rate or the term of the loan.


PROTECT YOURSELF


Learn about the various features and downsides of the credit product you want. Research the current interest rates. Compare products from several lenders.


Talk to your friends and family members about their credit products.


MORE WAYS YOU CAN Do your research. Shop around.


can consider You can help us protect consumers


ASK CFPB Learn more about what factors


in deciding against you for any offered You are You are discouraged from


You hear the lender make negative comments about race, national origin, sex, or other protected groups.


refused credit credit


with


even a


Creditors will make decisions based on your credit history. Be sure there are no mistakes or missing items in your credit reports. Get a free copy of your credit report from each of the three biggest consumer reporting agencies every 12 months. Get your free copy from AnnualCreditReport.com.


Ask questions. Don’t focus only on your monthly payment. Be sure you understand the rates and fees you will pay over the long run. Ask whether the rates and fees quoted to you by your lender are set, or if there are any circumstances


rates and fees could change. Keep in which the quoted Know your credit


The Hampton Roads Messenger 15 history.


asking questions until you are fully satisfied. If a creditor does not want to answer your questions, this could be a bad sign.


shouldn’t make you feel rushed, or unnecessarily


application. Walking


continuing the discussion later, if you so choose, is a good way to control communications with the lender.


that the credit product works for you. Remember, the product that works for you today may not work for you down the road. Make sure you’ve considered both before you sign.


has Get a jump on your competition... Advertise.


Call the Hampton Roads Messenger at 757-575-1863


Don’t sign until you’re satisfied


action on your away


and


Stay in control. Your lender delay


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