I am looking for guidance on purging credit card records for accounts that have been closed and/or charged off for more than 1 year. We are a VISA issuing Financial Institution, and I am also looking on VISA Online for guidance as well.
I know there are rules regarding statements for charged off accounts, if the borrower begins to make payments toward the charged off credit card.
Essentially, we are looking for guidance on the following:
1. What are the rules around purging credit cards that are closed with no balance?
2. What are the rules around purging credit cards that are charged off?