ID Theft Red Flags FAQ I1 – Do the Red Flags Rules, Card Issuers’ Rules, or Address Discrepancy Rules contain record retention requirements?

Compliance > Lending > FCRA
Q:  Do the Red Flags Rules, Card Issuers’ Rules, or Address Discrepancy Rules contain record retention requirements?
 
A:  These three Rules do not contain specific record retention requirements.  However, financial institutions and creditors must be able to demonstrate that they have complied with the requirements of the Red Flags and Card Issuers’ Rules, and users of consumer reports must be able to demonstrate that they have complied with the requirements of the Address Discrepancy Rules, in addition to any other applicable record retention requirements.
 
 
ADDITIONAL INFORMATION:
This information was obtained from the Interagency FAQs for Identity Theft Red Flags and Address Discrepancies - https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20090611a1.pdf
 

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