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No, there is no federal law that specifically requires disclosure of annual income on credit applications. However, lenders typically request this information to assess creditworthiness and determine the borrower's ability to repay the loan. It is common practice for lenders to ask for details about income, employment, and financial information on credit applications.

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5mo ago
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13y ago

No. I recently refused to fill out the line that states annual income on a Nordstrom credit application. (I felt my 802 FICO spoke for itself). I was told by the credit department 3 times by 3 different people there was a Federal Law requiring this information, which they refer to as the " Consumer Credit Protection Act" of February 2010. I researched the Act and there is no requirement to state annual income on a credit application. In fact, that Act is to protect the consumer from credit card companies, not the other way around. After speaking with a supervisor, and waiting on hold for him to research, he admitted there was no law, just a rule from "somewhere" that requires them to "gather information on the applicants ability to pay". Pulling up the applicants credit history is sufficient information to issue credit.

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Q: Is there a federal law requiring your annual income on credit application?
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