Regulation B: Credit Applications

The Equal Credit Opportunity Act, enacted through Regulation B, prohibits discrimination in credit transactions. The law is designed to protect applicants from unfair or discriminatory lending practices. There is a wide variety of rules housed within Regulation B and in some form or fashion are there to provide transparency, equal access, and protections to the borrowers. A large portion of those rules related to taking and evaluating applications for credit. In this course we will discuss things you can and cannot do when processing a credit application as well as information you must collect from an applicant.