A bill to provide for the removal of default information from a borrower's credit report with respect to certain rehabilitated education loans.
Federal Adjustment in Reporting Student Credit Act of 2017 or the FAIR Student Credit Act of 2017
This bill amends the Fair Credit Reporting Act to allow a person to request the removal of a previously reported default regarding a qualified education loan from a consumer report if: (1) the lender chooses to offer a loan-rehabilitation program that requires a number of consecutive on-time monthly payments equal to the number of payments specified in a default reduction program under the Higher Education Act of 1965, and (2) the consumer of the loan successfully and voluntarily meets the requirements of that loan-rehabilitation program. A consumer may obtain such rehabilitation benefits only once per loan.
The Government Accountability Office shall report on any hurdles borrowers experience with the private loan-rehabilitation program.
Became Public Law No: 115-174.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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