(1) from any source prior to March 23,
1977;
(2) from consumer
reporting agencies, an applicant, or others without the specific request
of the creditor; or
(3) As required to monitor compliance with the act and this regulation
or other federal or state statutes or regulations.
(1) Applications. For 25 months (12 months for business credit, except as provided
in paragraph (b)(5) of this section) after the date that a creditor
notifies an applicant of action taken on an application or of incompleteness,
the creditor shall retain in original form or a copy thereof—
(i) any
application that it receives, any information required to be obtained
concerning characteristics of the applicant to monitor compliance
with the act and this regulation or other similar law, and any other
written or recorded information used in evaluating the application
and not returned to the applicant at the applicant’s request;
(ii) a copy of the following
documents if furnished to the applicant in written form (or, if furnished
orally, any notation or memorandum made by the creditor):
(A) the notification
of action taken; and
(B)
the statement of specific reasons for adverse action; and
(iii) any written statement
submitted by the applicant alleging a violation of the act or this
regulation.
(2) Existing accounts. For 25 months
(12 months for business credit except as provided in paragraph (b)(5) of
this section) after the date that a creditor notifies an applicant
of adverse action regarding an existing account, the creditor shall
retain as to that account, in original form or a copy thereof—
(i) any written or recorded information
concerning the adverse action; and
(ii) any written statement submitted
by the applicant alleging a violation of the act or this regulation.
6-058
(3) Other applications. For 25 months (12 months for business credit,
except as provided in paragraph (b)(5) of this section) after the
date that a creditor receives an application for which the creditor
is not required to comply with the notification requirements of section
202.9, the creditor shall retain all written or recorded information
in its possession concerning the applicant, including any notation
of action taken.
(4) Enforcement proceedings and investigations. A creditor shall retain the information beyond 25 months (12 months
for business credit, except as provided in paragraph (b)(5) of this
section) if the creditor has actual notice that it is under investigation
or is subject to an enforcement proceeding for an alleged violation
of the act or this part, by the Attorney General of the United States
or by an enforcement agency charged with monitoring that creditor’s
compliance with the act and this regulation, or if it has been served
with notice of an action filed pursuant to section 706 of the act
and section 202.16 of this part. The creditor shall retain the information
until final disposition of the matter, unless an earlier time is allowed
by order of the agency or court.
6-058.1
(5) Special rule
for certain business-credit applications. With regard to a business
with gross revenues in excess of $1 million in its preceding fiscal
year, or an extension of trade credit, credit incident to a factoring
agreement or other similar types of business credit, the creditor
shall retain records for at least 60 days after notifying the applicant
of the action taken. If within that time period the applicant requests
in writing the reasons for adverse action or that records be retained,
the creditor shall retain records for 12 months.
(6) Self-tests. For 25 months after a self-test (as defined in section 202.15) has
been completed, the creditor shall retain all written or recorded
information about the self-test. A creditor shall retain information
beyond 25 months if it has actual notice that it is under investigation
or is subject to an enforcement proceeding for an alleged violation,
or if it has been served with notice of a civil action. In such cases,
the creditor shall retain the information until final disposition
of the matter, unless an earlier time is allowed by the appropriate
agency or court order.
(7) Prescreened solicitations. For
25 months after the date on which an offer of credit is made to potential
customers (12 months for business credit, except as provided in paragraph
(b)(5) of this section), the creditor shall retain in original form
or a copy thereof—
(i) the text of any prescreened solicitation;
(ii) the list of criteria
the creditor used to select potential recipients of the solicitation;
and
(iii) any correspondence
related to complaints (formal or informal) about the solicitation.
