Summary: H.R.2363 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for H.R.2363. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (05/15/2015)

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 consumer to request the removal of a previously reported default regarding a qualified education loan from a consumer report if the consumer meets the requirements of a private loan rehabilitation program in which the number of consecutive on-time monthly payments is 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 Government Accountability Office to report on any challenges borrowers experience with the private loan rehabilitation program.