Which credit-related material may the Delaware Commissioner use under section 2417?
Correct Answer
B) Personal history and experience information including independent credit reports obtained from a consumer reporting agency described in FCRA section 603(p)
Delaware section 2417 identifies personal history and experience information, including independent credit reports obtained from a consumer reporting agency described in FCRA section 603(p).
Why This Is the Correct Answer
Delaware section 2417 identifies personal history and experience information, including independent credit reports obtained from a consumer reporting agency described in FCRA section 603(p).
Why the Other Options Are Wrong
Option A: Only a borrower’s credit report from a closed loan file
The authority is not limited to borrower credit reports from closed files.
Option C: Only the applicant’s self-written credit summary
A self-written summary is not the independent credit report category in the statute.
Option D: No credit-related information at all
The statute expressly includes credit-related information.
Memory Technique
DE-C039 -> Delaware-prohibited-acts-and-enforcement
Exam Tip
Credit reports appear both in application standards and exam authority.
Common Mistakes to Avoid
- -Importing another state requirement into Delaware
- -Confusing NMLS baseline requirements with Delaware-specific rules
- -Treating operational assumptions as legal authority
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