Higher Education Act

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http://www.ed.gov/policy/highered/leg/hea98/HR6.pdf

 

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Notwithstanding paragraphs (4) and (6) (FOOTNOTE 1) of subsection (a) of section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)(4), (a)(6)), 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 -

 

 

 

(1) 7 years from the date on which the Secretary or the agency

 

paid a claim to the holder on the guaranty;

 

(2) 7 years from the date the Secretary, guaranty agency,

 

eligible lender, or subsequent holder first reported the account

 

to the consumer reporting agency; or

 

(3) in the case of a borrower who reenters repayment after

 

defaulting on a loan and subsequently goes into default on such

 

loan, 7 years from the date the loan entered default such

 

subsequent time.