20 U.S.C. § 1080a : US Code - Section 1080A: Reports to consumer reporting agencies and institutions of higher education

    (a) Agreements to exchange information
      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) of this section, 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 - 
        (1) that the loan is an education loan (as such term is defined
      in section 1019 of this title);
        (2) the total amount of loans made to any borrower under this
      part and the remaining balance of the loans;
        (3) information concerning the repayment status of the loan for
      inclusion in the file of the borrower, except that nothing in
      this subsection shall be construed to affect any otherwise
      applicable provision of the Fair Credit Reporting Act (15 U.S.C.
      1681 et seq.);
        (4) information concerning the date of any default on the loan
      and the collection of the loan, including information concerning
      the repayment status of any defaulted loan on which the Secretary
      has made a payment pursuant to section 1080(a) of this title or
      the guaranty agency has made a payment to the previous holder of
      the loan; and
        (5) the date of cancellation of the note upon completion of
      repayment by the borrower of the loan or payment by the Secretary
      pursuant to section 1087 of this title.
    (b) Additional information
      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) of this section 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.
    (c) Contents of agreements
      Agreements entered into pursuant to this section shall contain
    such provisions as may be necessary to ensure that - 
        (1) no information is disclosed by the Secretary or the
      guaranty agency, eligible lender, or subsequent holder unless its
      accuracy and completeness have been verified and the Secretary or
      the guaranty agency has determined that disclosure would
      accomplish the purpose of this section;
        (2) as to any information so disclosed, such consumer reporting
      agencies will be promptly notified of, and will promptly record,
      any change submitted by the Secretary, the guaranty agency,
      eligible lender, or subsequent holder with respect to such
      information, or any objections by the borrower with respect to
      any such information, as required by section 611 of the Fair
      Credit Reporting Act (15 U.S.C. 1681i);
        (3) no use will be made of any such information which would
      result in the use of collection practices with respect to such a
      borrower that are not fair and reasonable or that involve
      harassment, intimidation, false or misleading representations, or
      unnecessary communication concerning the existence of such loan
      or concerning any such information; and
        (4) with regard to notices of default under subsection (a)(4)
      of this section, except for disclosures made to obtain the
      borrower's location, the Secretary, or the guaranty agency,
      eligible lender, or subsequent holder whichever is applicable (A)
      shall not disclose any such information until the borrower has
      been notified that such information will be disclosed to consumer
      reporting agencies unless the borrower enters into repayment of
      his or her loan, but (B) shall, if the borrower has not entered
      into repayment within a reasonable period of time, but not less
      than 30 days, from the date such notice has been sent to the
      borrower, disclose the information required by this subsection.
    (d) Contractor status of participants
      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.
    (e) Disclosure to institutions
      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) of this section 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.
    (f) Duration of authority
      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 - 
        (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.