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S 1309 114th Congress Senate Finance and Financial Sector Congressional oversight Consumer credit Government studies and investigations Higher education Student aid and college costs

FAIR Student Credit Act of 2015

Introduced: May 12, 2015 Introduced by: Peters, Gary C. Democratic · Michigan See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 12, 2015
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 12, 2015
Introduced in Senate
 Plain-English summary Congressional Research Service

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's happening now May 12, 2015

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Republican 2