What does the Equal Credit Opportunity Act (ECOA) ensure?

The Equal Credit Opportunity Act (ECOA) is designed to prohibit discrimination in the credit market, ensuring that all consumers have equal access to credit regardless of race, color, religion, sex, marital status, age, or national origin. The primary purpose of the ECOA is to promote fairness in the lending process and prevent discrimination against individuals in lending transactions.

By ensuring equal credit availability for all consumers, the ECOA mandates that creditors evaluate applicants based on their creditworthiness without bias, thereby fostering a more inclusive financial landscape. This act plays a crucial role in protecting consumer rights and promoting equal treatment in credit transactions, which aligns with the correct choice. The other options do not pertain directly to the primary purpose of the ECOA, as they focus on aspects of credit management and regulation that fall outside the scope of discrimination in lending practices.