Regulations under the Fair and Accurate Credit Transactions Act (FACT Act) prohibits businesses from keeping consumer information on file more than 90 days in an effort to protect privacy.

Question

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The regulations under the Fair and Accurate Credit Transactions Act (FACT Act) do not have a specific requirement for businesses to only keep consumer information on file for 90 days. However, the act does require businesses to have reasonable procedures in place to protect consumer information from unauthorized access, use, or disclosure.

Regulations Under the Fair and Accurate Credit Transactions Act (FACT