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.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2017-05-08 | IntroReferral | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. | Senate |
| 2017-05-08 | IntroReferral | Introduced in Senate | Library of Congress |