Summary: H.R.2561 — 113th Congress (2013-2014)All Information (Except Text)

There is one summary for H.R.2561. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (06/27/2013)

Federal Adjustment in Reporting Student Credit Act of 2013 or the FAIR Student Credit Act of 2013 - Amends the Fair Credit Reporting Act, with respect to the responsibilities of furnishers of information to consumer reporting agencies, to provide for the removal of a previously reported default regarding a qualified education loan from a consumer report if the consumer of the loan meets the requirements of a loan rehabilitation program, where the number of consecutive on-time monthly payments are equal to the number of payments specified in a default reduction program under the Higher Education Act of 1965.

Permits a consumer to obtain such rehabilitation benefits only once per loan.

Requires the Comptroller General (GAO) to report on any hurdles borrowers experience with the private loan rehabilitation program.