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Credit Discrimination
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Written by Steven Daily   
Last Updated August 14, 2008
In 2007, Fair Isaac announced that its newest version of the FICO score, FICO 08, would disregard any credit history developed as a result of being an "authorized user" on a credit account. An authorized user is someone who is able to use an account but who is not contractually liable for any of the balance. This posed a problem for lenders, who are required by ECOA to take into account the credit history of accounts which both spouses are permitted to use.  Lenders relying on the FICO 08 score might be making decisions without the benefit of all of the necessary information.  On July 31, FICO announced that is reversing course, and will include credit history of authorized buyers in the FICO 08 score.
 
Credit Discrimination
Credit is used by millions of consumers to finance an education or a house, remodel a home, or get a small business loan. The Equal Credit Opportunity Act (ECOA) ensures that all consumers are given an equal chance to obtain credit. This doesn't mean all consumers who apply for credit get it: Factors such as income, expenses, debt, and credit history are considerations for creditworthiness.

The law protects you when you deal with any creditor who regularly extends credit, including banks, small loan and finance companies, retail and department stores, credit card companies, and credit unions. Anyone involved in granting credit, such as real estate brokers who arrange financing, is covered by the law. Businesses applying for credit also are protected by the law.

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