Certified Regulatory Compliance Manager (CRCM) — Question 82

Creditors must retain for 25 months after the date that an offer of credit is made (12 months for business applicants with gross revenues of $1 million or less) the following items EXCEPT:

Answer options

• A. The text of any prescreened solicitation
• B. All other written information concerning the applicant
• C. The list of criteria used to select recipients
• D. Any record of complaints regarding the solicitation

Correct answer: B

Explanation

The correct answer is B because creditors are not required to retain all written information about the applicant, while they must keep the other listed items. The prescreened solicitation text, selection criteria, and records of complaints are all necessary for compliance with regulations.