,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #befa  ,,in ,,the ,,house ,,of  
,,representatives  ,june #bg1 #bjac ,mr4
 ,peters of ,michigan 7for himself1 ,mr4
 ,bachus1 ,mrs4 ,capito1 ,mr4 ,grimm1   
,mrs4 ,carolyn ,b4 ,maloney of ,new     
,york1 ,mr4 ,petri1 ,mr4 ,polis1 ,ms4   
,velzquez1 ,mrs4 ,beatty1 and ,mr4      
,stutzman7 introduced the following     
bill2 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   
rehabilitated education loans4  #a4     
,short title ,this ,act may be cited as 
the ,federal ,adjustment in ,reporting  
,student ,credit ,act of #bjac or the   
,,fair ,student ,credit ,act of #bjac4  
#b4 ,rehabilitation of qualified        
education loans ,section #fbc7;a77#a7 of
 the ,fair ,credit ,reporting ,act 7#ae 
,u4,s4,c4 #afhas-#b7;a77#a77 is amended 
by adding at the end the following3     
7,e7 ,rehabilitation of qualified       

education loans  7i7 ,in general        
,notwithstanding any other provision of 
this section1 a person shall request to 
remove a previously reported default    
regarding a qualified education loan    
from a consumer report1 and such request
 shall not be considered inaccurate1 if 
the consumer of such loan successfully  
and voluntarily meets the requirements  
of a loan rehabilitation program1 where 
the number of consecutive on-time       
monthly payments1 in accordance with the
 terms and conditions of the loans1 or  
any valid and legally binding           
modification thereto1 are equal to the  
number of payments specified under      
section #dbh;,f7a77#a77;,a7 of the      
,higher ,education ,act of #aife 7#bj   
,u4,s4,c4 #ajgh-f7;a77#a77;,a774  7ii7  
,limitation ,a consumer may obtain the  
benefits available under this subsection
 with respect to rehabilitating a loan  
only one time per loan4  7iii7          
,qualified education loan defined ,for  
purposes of this subparagraph1 the term 

qualified education loan has the meaning
 given such term under section #bba7;d7 
of the ,internal ,revenue ,code of      
#aihf4  4  #c4 ,,gao ,study  7a7 ,study 
,the ,comptroller ,general of the       
,united ,states shall carry out a study 
on--  7#a7 the implementation of section
 #fbc7;a77#a77;,e7 of the ,fair ,credit 
,reporting ,act1 as added by section #b2
 and  7#b7 any hurdles borrowers        
experience with the private loan        
rehabilitation program4  7b7 ,report    
,not later than the end of the #ah-month
 period beginning on the date of the    
enactment of this ,act1 the ,comptroller
 ,general shall issue a report to the   
,congress containing all findings and   
determinations made in carrying out the 
study required under subsection 7a74