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The information must be kept by the retailer for ten years, after that there are no records.
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Others have addressed the correction in length of time. I will also say that the records go to an ATF warehouse if the FFL closes or if the FFL purges records older than those required to be kept. The "records" are never allowed to be discarded or destroyed. It's my understanding (from a friend who is ATF) that the warehouse records cannot be digitally cataloged because of the law prohibiting registries, and a record must be searched for by hand. Needless to say, ATF gun traces on such records are quite slow. It may take longer than 6 weeks.