H.R.2561 - FAIR Student Credit Act of 2013113th Congress (2013-2014)
|Sponsor:||Rep. Peters, Gary C. [D-MI-14] (Introduced 06/27/2013)|
|Committees:||House - Financial Services|
|Latest Action:||06/27/2013 Referred to the House Committee on Financial Services. (All Actions)|
This bill has the status Introduced
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Summary: H.R.2561 — 113th Congress (2013-2014)All Bill Information (Except Text)
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.