Celebrating 50 years of Equal Credit Opportunity Act

MINOT, N.D. (KMOT) - It’s been 50 years since women have been able to get loans and credit cards without a man’s signature thanks to the Equal Credit Opportunity Act.

Shirley McMillan applied for a home loan in 1976, two years after the Equal Credit Opportunity Act passed. She said at the time, she didn’t know she had legal protection when the lender attempted to deny her application.

“They said that I would need a man’s signature with it, which really surprised me,” said McMillan.

Karna Taft, vice president retail manager at Town and Country Credit Union, said the Equal Credit Opportunity Act of ‘74 banned the discrimination of denying adults based on sex, race and ethnicity, marital status, age and even religious background.

“Prior to this act, you wouldn’t be able to get any credit; and if you can’t establish credit, that limits your ability to purchase a vehicle, a home, college education,” said Taft.

McMillian said she served in the Air Force for four years and afterward was in the Army Reserves.

During the time she tried to get a home, she had a job.

“I could have gotten my father, but I guess I just crossed my arms and I said you cannot discriminate against a veteran. So it was basically the veteran card that got me through,” said McMillan.

Taft said it’s difficult to imagine the law not being commonplace.

Rianne Kuhn, marketing communications coordinator for Aspire Credit Union, said having a personal credit card can give people options.

“Although debt may be a hindrance for some people, it does provide security and opportunity for those who may need it,” said Kuhn.

Fifty years seems like a while ago.

“I’m still alive and I’m not even 100,” said McMillan.

Taft said it’s not a small feat for a larger population to have fair access to credit.

The official anniversary will be on October 28.

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