Which federal act prohibits discrimination by lenders based on various personal attributes including race and age?

The Equal Credit Opportunity Act is the federal legislation that explicitly prohibits discrimination by lenders on the basis of various personal characteristics, such as race, color, religion, national origin, sex, marital status, age, and receipt of public assistance. Enacted in 1974, this law ensures that all individuals have equal access to credit and that lending decisions are based solely on creditworthiness and not on personal attributes that should not influence a lender's decision.

This act is particularly significant because it aims to eliminate biases in lending practices and enhances fairness in credit transactions. By focusing solely on the applicant's financial credentials without regard to protected characteristics, the Equal Credit Opportunity Act works to foster a more equitable lending environment.

In contrast, the Fair Housing Act primarily addresses discrimination in housing-related transactions, rather than credit specifically. The Lending Act and the Consumer Credit Protection Act do not provide the same level of detail regarding discrimination in lending practices based on personal attributes. Thus, the Equal Credit Opportunity Act stands out as the appropriate answer regarding the prohibition of discrimination by lenders.