Once we receive your request, a member of our FinThrive support team will reach out to you to complete the refund process. In order to initiate a refund, please send an email to with your name and best contact information and we will take care of you. Due to the content-rich nature of our applications and content/live events, we are unable to provide refunds once you have logged into KnowledgeSource or FinThrive Learn or accessed the live event. If you have changed your mind for any reason after purchasing any course or application through the FinThrive e-commerce store, you may request a full refund within 7 days after you have made your purchase, provided that for KnowledgeSource or FinThrive Learn-related refunds, you have not logged into KnowledgeSource or FinThrive Learn content/live events within the return window. ![]() The law protects consumers when they apply. Keep in mind, a lot goes into lending decisions, and each lender typically has different criteria.We want you to have peace of mind with any purchase made through the FinThrive e-commerce store. The Equal Credit Opportunity Act (ECOA) ensures that all consumers are given an equal chance to obtain credit. Income: A lender may evaluate your income to see if it meets the minimum requirements for the amount of the loan you’re seeking.Credit scores: A lender may have a minimum credit score range they’ll consider before granting a loan.Debt-to-income ratio: A high debt-to-income (DTI) ratio could indicate to lenders that you may have a hard time making payments.And it’s a good idea to regularly monitor your credit reports for accuracy. Under the Fair Credit Reporting Act (FCRA), you have the right to access your credit file. Credit reports: If a lender denies your loan because of derogatory marks on a credit report, they’re required to disclose that to you and give you the contact information for the particular credit bureau that reported the information.When lenders evaluate credit risk for a loan, they might review the following things: ![]() If they don’t offer any reason, the creditor is required to tell the denied borrower that they have 60 days to request the reason.ĮCOA also has a Valuations Rule where lenders must notify a borrower of their right to receive copies of any appraisals and valuations-and provide a free copy after they’re completed. If the application is rejected, the creditor will give the applicant an adverse action notice explaining the reasons why. Who enforces ECOA?Īccording to ECOA, creditors must give potential borrowers written notice that their completed application was rejected or accepted within 30 days of receiving it. But being divorced can’t factor into any credit decisions. For instance, a mortgage lender can ask a potential borrower whether their income includes alimony from a former spouse. There’s some related information that lenders can use to make credit decisions, though. ![]() And answering the questions is optional for borrowers. However, they can’t use the answers as criteria in any credit decisions or to treat borrowers differently. ![]() Lenders may ask questions about these characteristics on a credit application or in a credit interview in order to help enforce ECOA and other anti-discrimination laws. If a person is exercising consumer protection rights.Whether someone is receiving aid from a public assistance program, such as Social Security Disability Insurance And, finally, in 1974forty years ago this yearthe Senate passed the Equal Credit Opportunity Act, which made it illegal to discriminate against someone based on their gender, race, religion.Age, beyond when someone is legally allowed to apply for a loan.Sex, including gender and sexual orientation.So lenders can look at credit scores, credit history, income and current debt.īut creditors can’t do things like charge higher fees, inflate interest rates, change other loan terms or deny a loan or a credit application based on these factors: Under ECOA, lenders can only use criteria related to an applicant’s creditworthiness-or ability to repay the loan-when it comes to things like making credit decisions and extending credit to borrowers.
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