Answer:
The general rule is 25 months, although this is technically only required on consumer loan requests. Technically, small business (gross revenues of $1 million or less) credit information need only be retained for 12 months. Large business (gross revenues in excess of $1 million) need only be retained for 60 days. Refer to Section 202.12(b)(1) and (b)(5).
First published on BankersOnline.com 10/15/07
print
share