Which of the Following Statements Is Incorrect in Relation to the ECOA

question 3

Multiple Choice

Which of the following statements is incorrect in relation to the ECOA?

• A) non-discriminatory firms will attain a competitive advantage
• B) lenders are engaged in little discrimination
• C) the ECOA has had a significant impact on making credit available
• D) the ECOA is a valuable statement about principles of fair lending practices

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Definitions:

Promoted Within Firm

The advancement of an employee's rank or position in a company, typically as a result of recognition for their work performance or achievements within the same organization.

Transferring Department

The act of changing one's official workplace or area of responsibility within the same organization to a different division or department.

Cover Letter

A document sent alongside a resume that introduces the applicant, highlights qualifications, and expresses interest in an open position.

Résumé

A document summarizing an individual's work experience, education, skills, and achievements, commonly used for job applications.