PUBLIC LAW 99-498—OCT. 17, 1986
100 STAT. 1446
s and the Secretary shall apportion any sums collected on such notes or obligations (less an amount not to exceed 30 percent of any such sums collected to cover that Secretary's collection costs) among other institutions in accordance with section 462; "(7) provide that, notwithstanding any other provision of law,
- i^ the Secretary will provide to the institution any information
with respect to the names and addresses of borrowers or other r relevant information which is available to the Secretary, from
whatever source such information may be derived; feii "(8) provide assurances that the institution will comply with the provisions of section 463A; "(9) provide that the institution of higher education will make loans first to students with exceptional need; and "(10) include such other reasonable provisions as may be necessary to protect the United States from unreasonable risk of loss and as are agreed to by the Secretary and the institution. "(b) ADMINISTRATIVE EXPENSES.—An institution which has entered into an agreement under subsection (a) shall be entitled, for each fiscal year during which it makes student loans from a student loan fund established under such agreement, to a payment in lieu of reimbursement for its expenses in administering its student loan program under this part during such year. Such payment shall be made in accordance with section 485. "(c) COOPERATIVE AGREEMENTS WITH CREDIT BUREAU ORGANIZA-
TIONS.—(1) For the purpose of promoting responsible repayment of loans made pursuant to this part, the Secretary shall enter into cooperative agreements with credit bureau organizations to provide for the exchange of information concerning student borrowers concerning whom the Secretary has received a referral pursuant to section 467. "(2) Each cooperative agreement made pursuant to paragraph (1) shall be made in accordance with the requirements of section 430A except that such agreement shall provide for the disclosure by the Secretary to such organizations, with respect to any loan for which the Secretary is responsible, of— "(A) the date of disbursement and the amount of any such loan; "(B) information concerning collection of any such loan, including information concerning the status of any defaulted loan; and "(C) the date of cancellation of the note upon completion of repayment by the borrower of any such loan. "(3) Notwithstanding paragraphs (4) and (6) 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 regarding the status of a borrower's account on a loan made under this part until— "(A) 7 years from the date on which the Secretary accepted an assignment or referral of a loan, or "(B) 7 years from the date the Secretary first reports the t account to a consumer reporting agency, if that account has not been previously reported by any other holder of the note. STUDENT LOAN INFORMATION BY ELIGIBLE INSTITUTIONS
20 USC 1087CC-1.
463A. (a) DISCLOSURE REQUIRED PRIOR TO DISBURSEMENT.— Each institution of higher education, in order to carry out the "SEC.
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