The Equal Credit Opportunity Act is the solution. The property management must adhere to the Equal Credit Opportunity Act's (ECOA) guidelines and be fair when assessing the financial information on rental applications because a lease is an extension of credit.
Credit is the trust that enables one party to give resources (such as money) to another party, with the understanding that the second party will not immediately pay back the first party for the resources (thereby creating a debt), but will instead promise to pay back or return the resources (or other materials of equivalent value) at a later time. Credit, then, is a strategy for formalizing reciprocity, making it enforceable by law, and extending it to a sizable number of unrelated parties. The resources offered could be material—such as money—or they could be immaterial—such as goods or services. All postponed payments are included in credit. A debtor, often referred to as a borrower, receives credit from a creditor, also known as a lender.
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