1. Short title This Act may be cited as the Student Borrower Credit Improvement Act . 2. Findings Congress finds the following: (1) The October 2014 report of the Consumer Financial Protection Bureau titled Annual Report of the CFPB Student Loan Ombudsman noted many private education loan borrowers, who sought to negotiate a modified repayment plan when they were experiencing a period of financial distress, were unable to get assistance from their loan holders, which often resulting in them defaulting on their loans. This pattern resembles the difficulty that a significant number of mortgage loan borrowers experienced when they sought to take responsible steps to work with their mortgage loan servicer to avoid foreclosure during the Great Recession. (2) Although private student loan holders may allow a borrower to postpone payments while enrolled in school full-time, many limit this option to a certain time period, usually 48 to 66 months. This limited time period may not be sufficient for those who need additional time to obtain their degree or who want to continue their education by pursing a graduate or professional degree. The Consumer Bureau found that borrowers who were unable to make payments often defaulted or had their accounts sent to collections before they were even able to graduate. 3. Removes adverse information for certain defaulted or delinquent private education loan borrowers who demonstrate a history of loan repayment (a) In general The Fair Credit Reporting Act ( 15 U.S.C. 1681 et seq.) is amended by inserting after section 605B the following new section: 605C. Credit rehabilitation for distressed private education loan borrowers who demonstrate a history of loan repayment (a) In general A consumer reporting agency may not furnish any consumer report containing any adverse item of information relating to a delinquent or defaulted private education loan of a borrower if the borrower has rehabilitated the borrower’s credit with respect to such loan by making 9 on-time monthly payments (in