S. 1066 · 115th Congress
FAIR Student Credit Act of 2017
- Stage
- In committee
- Sponsor
- Gary Peters
- Introduced
- 2017-05-08
- Latest action
- 2017-05-08 · Introduced in Senate
Summary
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.