Clean Slate through Repayment Act of 2022

12/30/2022, 4:18 AM

Clean Slate through Repayment Act of 2022

This bill provides for the removal of any adverse credit history related to a defaulted federal student loan from a borrower's credit history once the borrower has repaid in full the amount due on the loan.

Bill 117 HR 6749, also known as the Clean Slate through Repayment Act of 2022, is a piece of legislation introduced in the US Congress. The main goal of this bill is to provide individuals with a pathway to financial recovery by allowing them to have certain debts removed from their credit reports after they have been fully repaid.

The bill outlines a process by which individuals can request that debts, such as medical bills, student loans, and credit card debt, be removed from their credit reports once they have been paid off in full. This would allow individuals to rebuild their credit and improve their financial standing.

Additionally, the Clean Slate through Repayment Act of 2022 includes provisions to ensure that credit reporting agencies comply with the requirements of the bill and do not unfairly penalize individuals who have successfully repaid their debts. Overall, this legislation aims to provide individuals with a second chance at financial stability by giving them the opportunity to have certain debts removed from their credit reports after they have been fully repaid.
Congress
117
Number
HR - 6749
Introduced on
2022-02-15
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

2/15/2022
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Clean Slate through Repayment Act of 2022

This bill provides for the removal of any adverse credit history related to a defaulted federal student loan from a borrower's credit history once the borrower has repaid in full the amount due on the loan.

Bill 117 HR 6749, also known as the Clean Slate through Repayment Act of 2022, is a piece of legislation introduced in the US Congress. The main goal of this bill is to provide individuals with a pathway to financial recovery by allowing them to have certain debts removed from their credit reports after they have been fully repaid.

The bill outlines a process by which individuals can request that debts, such as medical bills, student loans, and credit card debt, be removed from their credit reports once they have been paid off in full. This would allow individuals to rebuild their credit and improve their financial standing.

Additionally, the Clean Slate through Repayment Act of 2022 includes provisions to ensure that credit reporting agencies comply with the requirements of the bill and do not unfairly penalize individuals who have successfully repaid their debts. Overall, this legislation aims to provide individuals with a second chance at financial stability by giving them the opportunity to have certain debts removed from their credit reports after they have been fully repaid.
Alternative Names
Official Title as IntroducedTo amend the Higher Education Act of 1965 to remove the record of default on a loan made, insured, or guaranteed under title IV from a borrower's credit history upon repayment of the full amount due on such loan.
Policy Areas
Education

Comments

Related

Member:  Eleanor Holmes Norton
Member:  Kathy E. Manning
Member:  Lucille Roybal-Allard
Member:  Diana DeGette
Committee:  Education and the Workforce

Recent Activity

Latest Summary2/28/2022

Clean Slate through Repayment Act of 2022

This bill provides for the removal of any adverse credit history related to a defaulted federal student loan from a borrower's credit history once the borrower has repaid in...

Latest Action2/15/2022
Referred to the House Committee on Education and Labor.