In which areas does the Equal Credit Opportunity Act prohibit discrimination?

The Equal Credit Opportunity Act (ECOA) prohibits discrimination in various credit-related practices to ensure that all individuals are treated fairly when applying for credit. The correct answer encompasses a broad range of credit types, specifically mortgages, auto loans, credit cards, and business loans. This comprehensive enforcement means that lenders cannot discriminate based on race, color, religion, national origin, sex, marital status, age, or because the applicant receives public assistance.

By including various forms of credit, the ECOA ensures that protections are in place across multiple financing avenues, which is critical for consumers seeking equal access to credit. This is particularly important because different types of loans cater to varying financial needs, and the act aims to eliminate barriers that might disproportionately affect specific groups.

Other options are too narrow in scope. For instance, by stating that discrimination is prohibited only for credit card applications or personal loans, those options overlook significant areas where discrimination can occur. Additionally, while retail transactions might involve credit, they are generally governed by different consumer protection laws rather than ECOA specifically, further demonstrating why the broader scope of the correct answer is essential for understanding the act's intent and reach.