ECOA and Reg B: Record Retention - 12 CFR 1002.12 Flashcards by Hilary Pelican

Q

For consumer credit, how long must applications, notices, written statements be retained for?

A

25 months

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Q

For businesses with gross revenues of more than $1 million, how long must applications and other documentation be kept for?

A

60 days, unless a statement of specific reasons for denial was requested (then it’s 12 months)

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Q

For business with gross revenues of $1 million or less, how long must applications and other documentation be kept for?

A

12 months

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Q

How long must self-tests and their related documentation be retained for?

A

25 months

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Q

How long must a creditor retain records of prescreen offers?

A

25 months after the offer is made

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