I 
114TH CONGRESS 
1ST SESSION H. R. 2363 
To provide for the removal of default information from a borrower’s credit 
report with respect to certain rehabilitated education loans, and for 
other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 15, 2015 
Mr. CARNEY (for himself and Mr. FINCHER) introduced the following bill; 
which was referred to the Committee on Financial Services 
A BILL 
To provide for the removal of default information from a 
borrower’s credit report with respect to certain rehabili-
tated education loans, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Federal Adjustment 
in Reporting Student Credit Act of 2015’’ or the ‘‘FAIR 
Student Credit Act of 2015’’. 
VerDate Sep 11 2014 
01:30 May 22, 2015
Jkt 049200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H2363.IH
H2363
rfrederick on DSK6VPTVN1PROD with BILLS
SEC. 
2. 
REHABILITATION 
OF 
QUALIFIED 
EDUCATION 
LOANS. 
Section 623(a) of the Fair Credit Reporting Act (15 
U.S.C. 1681s–2(a)(1)) is amended by adding at the end 
the following: 
‘‘(10) REHABILITATION
OF
QUALIFIED
EDU-
CATION LOANS.— 
‘‘(A) IN GENERAL.—Notwithstanding any 
other provision of this section, a consumer may 
request to remove a previously reported default 
regarding a qualified education loan from the 
consumer report relating to the consumer, and 
such request shall not be considered inaccurate, 
if the consumer to whom such loan relates suc-
cessfully and voluntarily meets the requirements 
of a private loan rehabilitation program in 
which the number of consecutive on-time 
monthly payments (in accordance with the 
terms and conditions of the loan or any valid 
and legally binding modification thereto) is 
equal to the number of payments specified 
under section 428F(a)(1)(A) of the Higher 
Education Act of 1965 (20 U.S.C. 1078– 
6(a)(1)(A)). 
‘‘(B) LIMITATION.—A consumer may ob-
tain the benefits available under this subsection 
VerDate Sep 11 2014 
01:30 May 22, 2015
Jkt 049200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H2363.IH
H2363
rfrederick on DSK6VPTVN1PROD with BILLS
with respect to rehabilitating a loan only one 
time per loan. 
‘‘(C) QUALIFIED
EDUCATION
LOAN
DE-
FINED.—For purposes of this subparagraph, 
the term ‘qualified education loan’ has the 
meaning given such term under section 221(d) 
of the Internal Revenue Code of 1986.’’. 
SEC. 3. GAO STUDY. 
(a) STUDY.—The Comptroller General of the United 
States shall carry out a study on— 
(1) the implementation of section 623(a)(1)(E) 
of the Fair Credit Reporting Act, as added by sec-
tion 2; and 
(2) any challenges borrowers experience with 
the private loan rehabilitation program. 
(b) REPORT.—Not later than the end of the 18- 
month period beginning on the date of the enactment of 
this Act, the Comptroller General shall issue a report to 
the Congress containing the findings and determinations 
made in carrying out the study required under subsection 
(a). 
Æ 
VerDate Sep 11 2014 
01:30 May 22, 2015
Jkt 049200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6301
E:\BILLS\H2363.IH
H2363
rfrederick on DSK6VPTVN1PROD with BILLS