What is the main goal of ECOA?

The main goal of the Equal Credit Opportunity Act (ECOA) is to ensure that all consumers have equal access to credit without facing discrimination based on race, color, religion, national origin, sex, marital status, or age. This legislation was enacted to promote fairness in credit transactions and to prevent discriminatory practices that historically have hindered certain groups from obtaining credit. By reinforcing the principle that credit decisions should be based solely on an individual's creditworthiness and ability to repay rather than personal characteristics, ECOA aims to create a level playing field in the lending process. This cornerstone of consumer protection helps to promote economic equality and access to financial resources, making it unjustly difficult for disadvantaged groups to secure loans or credit.

The other options do not capture the essence of ECOA's primary focus, which is on eliminating discrimination in lending practices, rather than directing financial support, managing risks, or developing scoring models.