A credit card lender that prescreens consumers must retain a record of the criteria used for at least how many months?

The requirement for a credit card lender to retain a record of the prescreening criteria for consumers for 25 months is rooted in compliance with the Fair Credit Reporting Act (FCRA). This regulation mandates that lenders document and maintain records of prescreening criteria to ensure transparency and accountability in the credit offer process. By retaining this information for 25 months, lenders can demonstrate compliance with regulatory requirements and facilitate any necessary audits or investigations regarding their credit practices.

The longer retention period also helps in addressing potential disputes or inquiries from consumers, allowing lenders to provide evidence of how particular criteria were used in credit decisions. Overall, this practice aims to protect consumer rights and ensure fair lending practices.