Before 1974: Prior to the ECOA, banks and lenders could legally discriminate against women based on their sex or marital status, often requiring single, divorced, or widowed women to have a male co-signer (like a father or husband) to obtain a credit card or loan.
The Equal Credit Opportunity Act (ECOA): Passed in 1974, this landmark legislation made it illegal for creditors to discriminate based on sex or marital status, among other factors, when evaluating credit applications.
Impact: The ECOA was a crucial step towards financial independence for women, allowing them to establish their own credit history and access financial products like credit cards and loans without needing male co-signers.
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Yeah? And how well has THAT worked out for you, America? The girl that works in my office has $33,000 in credit card debt and is losing her apartment. She lost her car last year.
ReplyDeleteAAAaaaa, The good old days...
ReplyDeleteMy wife and I remember the ECOA. We had just graduated, both PhD chemists in 1973. Both good jobs (a real lucky hit at the time, it was a terrible time for scientific employment). Bank offered me a credit card. Not her, unless I countersigned. That particular bank, and card, has never seen a penny of the literal millions of business we have since done with other credit cards.
ReplyDelete