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Retention for Processing Credit Card Applications

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Question: 
We process applications for credit cards issued by a third party, but don't book the accounts in-house. How long do we have to retain records of the denials and approvals and other records pertaining to the credit cards?
Answer: 

These would be subject to Reg B's 25 month record retention requirement. Even though you don't book the loans in-house, you are a creditor participating in the credit decision.

First published on BankersOnline.com 5/1/06

First published on 05/01/2006

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