Regulations Allows Private Student loan Individuals to eliminate Standard out of Credit score immediately following Series of Costs

Regulations Allows Private Student loan Individuals to eliminate Standard out of Credit score immediately following Series of Costs

Arizona, DC – U.S. Senators Gary Peters (MI) and Shelley Moore Capito (WV) today reintroduced bipartisan legislation to help private student loan borrowers who default on their loans. The Federal Variations during the Reporting (FAIR) Student Borrowing from the bank Act would allow a borrower who has successfully completed a series of on-time payments to remove the student loan default from their credit report.

“Defaulting on a $255 payday loans online same day West Virginia private student loan can have long-term economic effects, making it harder for a borrower to find a job, rent an apartment, or buy a car,” said Senator Peters. “This commonsense legislation will make sure borrowers who defaulted on their private student loans have the same opportunity as individuals with public loans to get back on their feet financially and help build a strong, vibrant economy in Michigan and across the country.”

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