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Clean Slate through Repayment Act of 2023

1/22/2024, 7:00 PM

Summary of Bill HR 4635

Bill 118 HR 4635, also known as the Clean Slate through Repayment Act of 2023, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to provide individuals with a pathway to financial stability 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 certain debts, such as medical bills or student loans, be removed from their credit reports once they have been paid off in full. This would allow individuals to start fresh and rebuild their credit history without the burden of past debts weighing them down.

Additionally, the bill includes provisions to ensure that credit reporting agencies are required to promptly update credit reports to reflect the repayment of debts. This would help individuals see the positive impact of their efforts to repay debts in a timely manner. Overall, the Clean Slate through Repayment Act of 2023 aims to provide individuals with a second chance at financial stability by allowing them to have certain debts removed from their credit reports after they have been fully repaid. This could have a significant impact on individuals' ability to access credit and financial opportunities in the future.

Congressional Summary of HR 4635

Clean Slate through Repayment Act of 2023

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.

Current Status of Bill HR 4635

Bill HR 4635 is currently in the status of Bill Introduced since July 13, 2023. Bill HR 4635 was introduced during Congress 118 and was introduced to the House on July 13, 2023.  Bill HR 4635's most recent activity was Referred to the House Committee on Education and the Workforce. as of July 13, 2023

Bipartisan Support of Bill HR 4635

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
14
Democrat Cosponsors
14
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 4635

Primary Policy Focus

Education

Alternate Title(s) of Bill HR 4635

Clean Slate through Repayment Act of 2023
Clean Slate through Repayment Act of 2023
To 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.

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