consumer credit

(redirected from Credit Discrimination)
Also found in: Dictionary, Thesaurus, Legal, Encyclopedia.

Consumer credit

Credit a firm grants to consumers for the purchase of goods or services. Also called retail credit.

Consumer Credit

Any loan or line of credit that a borrower uses to purchase goods and services at the retail level. Typically, consumer credit finances any asset that depreciates quickly and is not used for investment purposes. Credit cards are a common example of consumer credit because one pays for ordinary expenses such as groceries or gasoline with a credit card; one ordinarily would not purchase stock with a credit card. Loans for education and cars are also examples of consumer credit. However, consumer credit expressly excludes loans for real estate.

consumer credit

LOANS made available to buyers of products to assist them in financing purchases. Consumer credit facilities include HIRE PURCHASE, INSTALMENT CREDIT, BANK LOANS and CREDIT CARDS.
References in periodicals archive ?
In contrast to the banking agencies' practice of examining all banks for evidence of credit discrimination, the federal employment and housing agencies do not employ routine examinations to enforce antidiscrimination statutes.
The retention of these records is intended to allow the systematic review and analysis of creditors' possible use of race, age, national origin, and other prohibited bases of credit discrimination in connection with prescreened solicitations.
Over the past four years, the Federal Reserve investigated approximately 2,574 complaints involving credit transactions--most of which involved issues other than credit discrimination. A very small number involved business or agricultural loans.
In the meantime, the Federal Reserve has referred ten complaints that allege mortgage credit discrimination to the Department of Housing and Urban Development under an interagency cooperation agreement signed last year.
The emphasis on consumer education stems, at least in part, from our concern about the very small number of complaints that we and our sister agencies have received over the years alleging illegal credit discrimination. in an effort to make our work in investigating and responding to such complaints more visible, we have written to several hundred fair housing and civil rights-oriented groups to reacquiaint them with our role in enforcing the legal protections afforded loan applicants, and to seek their cooperation in referring complainants to us.