H.R. 2363 · 114th Congress
FAIR Student Credit Act of 2015
- Stage
- In committee
- Sponsor
- John Carney
- Introduced
- 2015-05-15
- Latest action
- 2015-05-15 · Introduced in House
Summary
Federal Adjustment in Reporting Student Credit Act of 2015 or the FAIR Student Credit Act of 2015
Amends the Fair Credit Reporting Act to allow a consumer to request the removal of a previously reported default regarding a qualified education loan from a consumer report if the consumer meets the requirements of a private loan rehabilitation program in which the number of consecutive on-time monthly payments is 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 Government Accountability Office to report on any challenges borrowers experience with the private loan rehabilitation program.