The "rules and regulations" basis is not, as stated by others, accurate, in that the FCRA requires only that what is reported cannot knowingly be inaccurate. FCRA 623(a)(1).
However, once information has been reported, the CRAs consider deletion to be contrary to the interests of the system, in that it results in incomplete credit histories.
Thus, the basis is more corrrectly that they are bound by their credit reporting agreements with the CRAs, who incorporate that policy into their credit reporting manual and reporting agreements.
Policies are established by many furnishers based on their credit reporting agreements that they not grant such deletions.
Some employees may incorrectly infer that their internal policy is based on a statutory or regulatory prohibition, or may state as such simply to blow off such requests.
That an OC is not in violation if they delete is not determinative, as deletion is still voluntary, and no reason need be given.
Pointing them to the prohibition in their credit reporting agreements rather than a prohibition in statute or regs would not likely be basis for their grant of deletion.
