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Credit Improvement for Private Student Loan Borrowers

This act aims to help individuals who struggled with private student loan repayments improve their credit history. If you make 9 on-time payments within 10 months, negative information about your delinquency or default will be removed from your credit report. This can make it easier to obtain credit in the future.
Key points
Removal of Negative Credit Entries: After making 9 on-time payments within 10 months, information about private student loan delinquencies or defaults will be removed from your credit report.
Grace Periods: The act provides payment breaks for military members on hazardous duty, individuals affected by major disasters, and those facing severe hardship.
Protection from Lawsuits: Lenders cannot sue borrowers during the credit rehabilitation period if they have been notified.
Affordable Payment Plans: Any new payment plans must be reasonable and affordable, as determined by the Bureau of Consumer Financial Protection.
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Additional Information
Print number: 117_HR_4119
Sponsor: Rep. Pressley, Ayanna [D-MA-7]
Process start date: 2021-06-24
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Student Borrower Credit Improvement Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_4119.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-06-24.

What are the main provisions?

Key points include:

  • Removal of Negative Credit Entries: After making 9 on-time payments within 10 months, information about private student loan delinquencies or defaults will be removed from your credit report.
  • Grace Periods: The act provides payment breaks for military members on hazardous duty, individuals affected by major disasters, and those facing severe hardship.
  • Protection from Lawsuits: Lenders cannot sue borrowers during the credit rehabilitation period if they have been notified.
  • Affordable Payment Plans: Any new payment plans must be reasonable and affordable, as determined by the Bureau of Consumer Financial Protection.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Pressley, Ayanna [D-MA-7].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

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