S. 1309 · 114th Congress
FAIR Student Credit Act of 2015
- Stage
- In committee
- Sponsor
- Gary Peters
- Introduced
- 2015-05-12
- Latest action
- 2015-05-12 · Introduced in Senate
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 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 such loan successfully and voluntarily meets the requirements of that loan rehabilitation program.
Permits a consumer to obtain such rehabilitation benefits only once per loan.
Requires the Government Accountability Office to report on any hurdles borrowers experience with the private loan rehabilitation program.