[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2363 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 2363

  To provide for the removal of default information from a borrower's 
 credit report with respect to certain rehabilitated education loans, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 15, 2015

Mr. Carney (for himself and Mr. Fincher) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To provide for the removal of default information from a borrower's 
 credit report with respect to certain rehabilitated education loans, 
                        and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Adjustment in Reporting 
Student Credit Act of 2015'' or the ``FAIR Student Credit Act of 
2015''.

SEC. 2. REHABILITATION OF QUALIFIED EDUCATION LOANS.

    Section 623(a) of the Fair Credit Reporting Act (15 U.S.C. 1681s-
2(a)(1)) is amended by adding at the end the following:
            ``(10) Rehabilitation of qualified education loans.--
                    ``(A) In general.--Notwithstanding any other 
                provision of this section, a consumer may request to 
                remove a previously reported default regarding a 
                qualified education loan from the consumer report 
                relating to the consumer, and such request shall not be 
                considered inaccurate, if the consumer to whom such 
                loan relates successfully and voluntarily meets the 
                requirements of a private loan rehabilitation program 
                in which the number of consecutive on-time monthly 
                payments (in accordance with the terms and conditions 
                of the loan or any valid and legally binding 
                modification thereto) is equal to the number of 
                payments specified under section 428F(a)(1)(A) of the 
                Higher Education Act of 1965 (20 U.S.C. 1078-
                6(a)(1)(A)).
                    ``(B) Limitation.--A consumer may obtain the 
                benefits available under this subsection with respect 
                to rehabilitating a loan only one time per loan.
                    ``(C) Qualified education loan defined.--For 
                purposes of this subparagraph, the term `qualified 
                education loan' has the meaning given such term under 
                section 221(d) of the Internal Revenue Code of 1986.''.

SEC. 3. GAO STUDY.

    (a) Study.--The Comptroller General of the United States shall 
carry out a study on--
            (1) the implementation of section 623(a)(1)(E) of the Fair 
        Credit Reporting Act, as added by section 2; and
            (2) any challenges borrowers experience with the private 
        loan rehabilitation program.
    (b) Report.--Not later than the end of the 18-month period 
beginning on the date of the enactment of this Act, the Comptroller 
General shall issue a report to the Congress containing the findings 
and determinations made in carrying out the study required under 
subsection (a).
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