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#2282458 - 03/21/23 04:27 PM Purging Credit Card Records
msbent Offline
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Joined: Mar 2023
Posts: 2
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?

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#2282461 - 03/21/23 04:44 PM Re: Purging Credit Card Records msbent
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
Purging from what?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2282480 - 03/22/23 12:37 PM Re: Purging Credit Card Records msbent
msbent Offline
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Joined: Mar 2023
Posts: 2
Looking to purge of our credit card database, meaning the card records would be deleted permanently. Essentially, our core.

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#2282486 - 03/22/23 01:57 PM Re: Purging Credit Card Records msbent
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
Loan/credit file retention is a State law issue, but such records are usually maintained for 5 to 7 years. You need to be talking to your legal counsel
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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