(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 part
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 or otherwise provided for in subpart
B of this part) 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 part or other similar law, any information obtained
pursuant to section 1002.5(a)(4), 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
part.
(2) Existing accounts. For 25 months (12 months
for business credit, except as provided in paragraph (b)(5) of this
section or otherwise provided for in subpart B of this part) 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 part.
6-5058
(3) Other applications. For 25 months (12 months
for business credit, except as provided in paragraph (b)(5) of this
section or otherwise provided for in subpart B of this part) after
the date that a creditor receives an application for which the creditor
is not required to comply with the notification requirements of section
1002.9, 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 or otherwise provided for in subpart B) 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 part, or if it has been served with notice of an action
filed pursuant to section 706 of the Act and section 1002.16 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.
6-5058.1
(5) Special rule for certain business credit applications. With regard to a business that had 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, except as otherwise provided for in subpart B, 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 1002.15) 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 or
otherwise provided for in subpart B), 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.
