Final answer:
Under the Equal Credit Opportunity Act (ECOA), there is no specific time period mentioned for retaining ECOA disclosures. It is recommended to keep these records for at least 25 months from the date of the action taken.
Step-by-step explanation:
Under the Equal Credit Opportunity Act (ECOA), there is no specific time period mentioned for retaining ECOA disclosures. However, it is recommended to keep these records for at least 25 months from the date of the action taken.
ECOA disclosures include information related to credit applications, credit scores, loan terms, and other details provided to consumers during the credit application process.
Retaining these disclosures allows lenders to demonstrate compliance with ECOA regulations in case of any legal disputes or audits.