FAIR Student Credit Act of 2015
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (May 12, 2015)
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.
What just happenedMay 12, 2015
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Who’s behind it
- Introduced in SenateMay 12, 2015
- May 12, 2015IntroReferral
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Banking, Housing, and Urban Affairs Committee - May 12, 2015IntroReferral10000
Introduced in Senate