I 
113TH CONGRESS 
1ST SESSION H. R. 2561 
To provide for the removal of default information from a borrower’s credit 
report with respect to certain rehabilitated education loans. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 27, 2013 
Mr. PETERS of Michigan (for himself, Mr. BACHUS, Mrs. CAPITO, Mr. GRIMM, 
Mrs. CAROLYN B. MALONEY of New York, Mr. PETRI, Mr. POLIS, Ms. 
VELA´ZQUEZ, Mrs. BEATTY, and Mr. STUTZMAN) 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. 
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 2013’’ or the ‘‘FAIR 
Student Credit Act of 2013’’. 
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SEC. 
2. 
REHABILITATION 
OF 
QUALIFIED 
EDUCATION 
LOANS. 
Section 623(a)(1) of the Fair Credit Reporting Act 
(15 U.S.C. 1681s–2(a)(1)) is amended by adding at the 
end the following: 
‘‘(E) 
REHABILITATION
OF
QUALIFIED 
EDUCATION LOANS.— 
‘‘(i) IN
GENERAL.—Notwithstanding 
any other provision of this section, a per-
son shall request to remove a previously re-
ported default regarding a qualified edu-
cation loan from a consumer report, and 
such request shall not be considered inac-
curate, if the consumer of such loan suc-
cessfully and voluntarily meets the require-
ments of a loan rehabilitation program, 
where the number of consecutive on-time 
monthly payments, in accordance with the 
terms and conditions of the loans, or any 
valid and legally binding modification 
thereto, are equal to the number of pay-
ments 
specified 
under 
section 
428F(a)(1)(A) of the Higher Education 
Act of 1965 (20 U.S.C. 1078–6(a)(1)(A)). 
‘‘(ii) LIMITATION.—A consumer may 
obtain the benefits available under this 
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subsection with respect to rehabilitating a 
loan only one time per loan. 
‘‘(iii) QUALIFIED
EDUCATION
LOAN 
DEFINED.—For purposes of this subpara-
graph, 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 hurdles 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 all findings and determinations 
made in carrying out the study required under subsection 
(a). 
Æ 
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