Which of the following statutes is enacted in the U.S., which prohibits creditors from collecting data from applicants, such as national origin, caste, religion etc?
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A. B. C. D.D.
The correct answer is D. The Equal Credit Opportunity Act (ECOA).
The Equal Credit Opportunity Act (ECOA) is a U.S. federal law that was enacted in 1974 to prevent discrimination by creditors against applicants for credit. The ECOA prohibits creditors from collecting certain types of information from applicants, such as national origin, race, color, religion, sex, marital status, or age.
The purpose of the ECOA is to ensure that all applicants for credit are treated fairly and equally, regardless of their personal characteristics. Creditors are not allowed to use any of these factors as a basis for denying credit, setting different terms for credit, or discriminating against an applicant in any way.
For example, a creditor cannot refuse to give a loan to an applicant because of their religion or national origin. They also cannot charge higher interest rates or require a co-signer based on an applicant's race or sex.
The Fair Credit Reporting Act (FCRA) is another federal law that regulates the collection, dissemination, and use of consumer credit information. It requires that consumer reporting agencies maintain accurate and complete credit information, and provides consumers with certain rights, such as the right to obtain a free credit report once a year.
The Privacy Act is a federal law that regulates the collection, use, and dissemination of personal information by federal agencies. It provides individuals with certain rights, such as the right to access and correct their personal information.
The Electronic Communications Privacy Act (ECPA) is a federal law that regulates the interception of electronic communications. It provides protection for wiretapping and electronic eavesdropping, and prohibits unauthorized access to electronic communications.