Thu December 5th, 2019
Sponsor: Rep. Ayanna Pressley — D — MA
Requires the Consumer Financial Protection Agency (CFPB) to establish procedures by which borrowers could rehabilitate their credit if they are delinquent or have defaulted on a private-sector education loan. Under the bill, if a borrower makes at least 9 of 10 consecutive monthly payments on time, after the date of the delinquency or default, consumer reporting agencies (CRAs) could not include adverse information related to that delinquency or default in a consumer report. Payments during the 10-month period could be interrupted and resumed without consequences for members of the U.S. Armed Forces on assignment, people residing in areas affected by disaster, and people demonstrating hardship. Finally, the bill requires the CFPB to issue rules that regulate payment plans between private education lenders and borrowers during credit rehabilitation periods.
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