For the purpose of promoting responsible repayment of loans covered by Federal loan insurance pursuant to this part or covered by a guaranty agreement pursuant to section 1078 of this title, the Secretary and each guaranty agency, eligible lender, and subsequent holder shall enter into an agreement with each consumer reporting agency to exchange information concerning student borrowers, in accordance with the requirements of this section. For the purpose of assisting such consumer reporting agencies in complying with the Fair Credit Reporting Act [15 U.S.C. 1681 et seq.], such agreements may provide for timely response by the Secretary (concerning loans covered by Federal loan insurance) or by a guaranty agency, eligible lender, or subsequent holder (concerning loans covered by a guaranty agreement), or to requests from such consumer reporting agencies for responses to objections raised by borrowers. Subject to the requirements of subsection (c), such agreements shall require the Secretary or the guaranty agency, eligible lender, or subsequent holder, as appropriate, to disclose to such consumer reporting agencies, with respect to any loan under this part that has not been repaid by the borrower-
Such agreements may also provide for the disclosure by such consumer reporting agencies to the Secretary or a guaranty agency, whichever insures or guarantees a loan, upon receipt of a notice under subsection (a)(4) that such a loan is in default, of information concerning the borrower's location or other information which may assist the Secretary, the guaranty agency, the eligible lender, or the subsequent holder in collecting the loan.
Agreements entered into pursuant to this section shall contain such provisions as may be necessary to ensure that-
A guaranty agency, eligible lender, or subsequent holder or consumer reporting agency which discloses or receives information under this section shall not be considered a Government contractor within the meaning of section 552a of title 5.
The Secretary and each guaranty agency, eligible lender, and subsequent holder of a loan are authorized to disclose information described in subsections (a) and (b) concerning student borrowers to the eligible institutions such borrowers attend or previously attended. To further the purpose of this section, an eligible institution may enter into an arrangement with any or all of the holders of delinquent loans made to borrowers who attend or previously attended such institution for the purpose of providing current information regarding the borrower's location or employment or for the purpose of assisting the holder in contacting and influencing borrowers to avoid default.
Notwithstanding paragraphs (4) and (5) of subsection (a) of section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)(4), (a)(5)), a consumer reporting agency may make a report containing information received from the Secretary or a guaranty agency, eligible lender, or subsequent holder regarding the status of a borrower's defaulted account on a loan guaranteed under this part until-
20 U.S.C. § 1080a
EDITORIAL NOTES
REFERENCES IN TEXTThe Fair Credit Reporting Act, referred to in subsec. (a), is title VI of Pub. L. 90-321, as added by Pub. L. 91-508, title VI, §601, Oct. 26, 1970, 84 Stat. 1127, which is classified generally to subchapter III (§1681 et seq.) of chapter 41 of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title note set out under section 1601 of Title 15 and Tables.
PRIOR PROVISIONSA prior section 1080a, Pub. L. 89-329, title IV, §430A, as added Pub. L. 99-272, title XVI, §16023, Apr. 7, 1986, 100 Stat. 349; amended Pub. L. 99-320, §2(c), May 23, 1986, 100 Stat. 491, related to reports to credit bureaus and institutions of higher education, prior to the general revision of this part by Pub. L. 99-498.
AMENDMENTS2009-Subsec. (f). Pub. L. 111-39, in introductory provisions, substituted "and (5)" for "and (6)" and "(a)(5)" for "(a)(6)".2008- Pub. L. 110-315, §432(a)(1), substituted "consumer reporting agencies" for "credit bureaus" in section catchline.Subsec. (a). Pub. L. 110-315, §432(a)(2)(B)-(D), added pars. (1) and (3) and redesignated former pars. (1), (2) and (3) as (2), (4) and (5), respectively.Pub. L. 110-315, §432(a)(2)(A), in introductory provisions, substituted "the Secretary and" for "the Secretary," and "an agreement with each consumer reporting agency" for "agreements with credit bureau organizations" in first sentence, "such consumer reporting agencies" for "such organizations" in two places and "insurance) or by" for "insurance), by" in second sentence, and "Secretary or" for "Secretary," and "consumer reporting agencies" for "organizations" in third sentence.Subsec. (b). Pub. L. 110-315, §432(a)(3), substituted "consumer reporting agencies" for "organizations" and "subsection (a)(4)" for "subsection (a)(2)". Subsec. (c)(2). Pub. L. 110-315, §432(a)(4)(A), substituted "consumer reporting agencies" for "organizations".Subsec. (c)(4). Pub. L. 110-315, §432(a)(4)(B)(i), substituted "subsection (a)(4)" for "subsection (a)(2)".Subsec. (c)(4)(A). Pub. L. 110-315, §432(a)(4)(B) (ii), substituted "consumer reporting agencies" for "credit bureau organizations".Subsec. (d). Pub. L. 110-315, §432(a)(5), substituted "consumer reporting agency" for "credit bureau organization".1993-Subsec. (f)(1). Pub. L. 103-208 substituted a semicolon for the comma at end. 1992-Subsec. (f). Pub. L. 102-325 struck out "or" at end of par. (1), added pars. (2) and (3), and struck out former par. (2) which read as follows: "with regard to an account on a loan on which the Secretary or the guaranty agency has paid a claim but not reported the account to a consumer reporting agency on or before October 1, 1985, 7 years from that date."1987-Subsec. (e). Pub. L. 100-50 inserted sentence at end permitting an eligible institution to enter into arrangements with holders of delinquent loans made to borrowers for purpose of providing current information on borrower's location or employment or to assist holder in contacting and influencing borrower to avoid default.
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 2009 AMENDMENT Amendment by Pub. L. 111-39 effective as if enacted on the date of enactment of Pub. L. 110-315 (Aug. 14, 2008), see section 3 of Pub. L. 111-39, set out as a note under section 1001 of this title.
EFFECTIVE DATE OF 1993 AMENDMENT Amendment by Pub. L. 103-208 effective as if included in the Higher Education Amendments of 1992, Pub. L. 102-325 except as otherwise provided, see section 5(a) of Pub. L. 103-208, set out as a note under section 1051 of this title.
EFFECTIVE DATE OF 1987 AMENDMENT Amendment by Pub. L. 100-50 effective as if enacted as part of the Higher Education Amendments of 1986, Pub. L. 99-498, see section 27 of Pub. L. 100-50, set out as a note under section 1001 of this title.