H.R. 2561 · 113th Congress
FAIR Student Credit Act of 2013
- Stage
- In committee
- Sponsor
- Gary Peters
- Introduced
- 2013-06-27
- Latest action
- 2013-06-27 · Introduced in House
Summary
Federal Adjustment in Reporting Student Credit Act of 2013 or the FAIR Student Credit Act of 2013 - Amends the Fair Credit Reporting Act, with respect to the responsibilities of furnishers of information to consumer reporting agencies, to provide for the removal of a previously reported default regarding a qualified education loan from a consumer report if the consumer of the loan meets the requirements of a loan rehabilitation program, where the number of consecutive on-time monthly payments are equal to the number of payments specified in a default reduction program under the Higher Education Act of 1965.
Permits a consumer to obtain such rehabilitation benefits only once per loan.
Requires the Comptroller General (GAO) to report on any hurdles borrowers experience with the private loan rehabilitation program.