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S 1066 115th 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 2017

Introduced: May 8, 2017 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 8, 2017
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 8, 2017
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now May 8, 2017

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

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1