HR 8361
Clean Slate through Rehabilitation Act
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Bill overview
The Clean Slate through Rehabilitation Act aims to improve access to credit for borrowers who have successfully rehabilitated defaulted student loans. It modifies the Higher Education Act to ensure that a borrower’s credit history no longer reflects a defaulted loan after they have completed a rehabilitation program. This would allow individuals to rebuild their credit more easily following loan rehabilitation.
Key provisions
- Removes defaulted loan records from a borrower’s credit history.
- Removes adverse information related to rehabilitated loans from a borrower’s credit history.
- Amends Section 428F of the Higher Education Act.
- Focuses on student loans under the Higher Education Act.
Who is affected
- Student loan borrowers
- Individuals with defaulted student loans
- Credit reporting agencies
Notable changes
- Provides a mechanism for removing negative credit history related to student loan defaults.
- Alters how credit reporting agencies handle information about rehabilitated loans.
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119th CONGRESS — 2d Session
H. R. 8361
IN THE HOUSE OF REPRESENTATIVES
A BILL
To amend the Higher Education Act of 1965 to remove all adverse credit history related to a loan from the credit history of a borrower who has rehabilitated the loan.
This Act may be cited as the Clean Slate through Rehabilitation Act
.
Section 428F(a)(1)(C) of the Higher Education Act of 1965 (20 U.S.C. 1078–6(a)(1)(C)) is amended by striking to remove the record of the default from the borrower’s credit history
and inserting to remove any adverse information relating to such loan from the borrower’s credit history
.