OCC / FCRA – 23. Must a bank that is a consumer reporting agency remove this obsolete information from its own files after the 7-year and 10-year periods, although it wishes to use the information solely for its own use?

Compliance > FCRA
Q:  Must a bank that is a consumer reporting agency remove this obsolete information from its own files after the 7-year and 10-year periods, although it wishes to use the information solely for its own use?
 
A:  No. It need not remove the information from its files. However, by not removing it, the bank may be exposed to civil liability in the event that prohibited information is negligently released (16 CFR 617).
 
 
This Q&A was obtained from the Comptroller’s Handbook on Fair Credit Reporting that may be found here:  https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/fair-credit-reporting/index-fair-credit-reporting.html
 

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