S. 1309
Referred to CommitteeFAIR Student Credit Act of 2015
Latest Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
5/12/2015 • Senate
Summary
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.
Introduced in Senate • 5/12/2015
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Sponsor & Cosponsors (3)
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Sponsor
Cosponsors (2)
Bill Journey
Originated in the Senate
Introduced
May 12, 2015
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law