The Great Record Retention Race: From 2 Years to 5!
Up until April 2024, the TSR mandated telemarketers to retain specific records for a period of 24 months. This included:
All substantially different advertising materials, brochures, and telemarketing scripts.
Information on prize recipients (for prizes valued at $25 or more) and customers who purchased goods or services.
Records demonstrating express informed consent for telemarketing calls.
However, an update to the TSR in April 2024 significantly Cambodia Phone Number changed the record retention game. Now, telemarketers are required to hold onto these records for a whopping five years from the date the record is created.
Why the Record Retention Revamp?
The FTC aims to achieve several goals with this extended record retention period:
Stronger Enforcement: Easier access to past records allows the FTC to investigate potential violations of the TSR more effectively.
Consumer Protection: A longer retention period ensures evidence of past telemarketing practices is readily available to address consumer complaints.
Improved Compliance: By requiring telemarketers to hold onto records for a longer period, the FTC hopes to incentivize better compliance with the TSR overall.
What Does This Mean for Telemarketers?
This change necessitates adjustments for telemarketers:
Storage Solutions: Companies need to implement robust record-keeping systems to handle the increased storage needs for a five-year retention period.
Data Management: Processes for organizing, managing, and securely storing electronic records become crucial.
Record Retention Policy Review: Existing data retention policies may need to be revised to comply with the updated TSR requirements.