609 CREDIT VERIFICATION EXPERIMENT PROJECT STEP 1: UNDERSTAND THE LAW | The Pickled Ginger


609 CREDIT VERIFICATION EXPERIMENT PROJECT STEP 1: UNDERSTAND THE LAW

by Colleen Elizabeth    

In my previous post, I summarized the little-known method of removing derogatory credit items from your credit report using the verification inquiries based on laws in the Fair Credit Reporting Act.  Many people on the internet charging a fee for this information refer to this method as “609 Credit Verification” or “609 Credit dispute.”  The name is only partially accurate, but that doesn’t matter.  What matters is that you know why you’re doing what you’re about to do.

The Fair Credit Reporting Act dictates that the credit reporting agencies are to verify all information received from creditors before they put it in your credit file.  The law recognizes proper verification as a contract or application with your signature on it.  When was the last time you actually signed a credit card application?

This law was practical when it was written, as facsimile machines were the technology of the time, and the banks no longer had to snail-mail copies of the contracts into the agencies.  But with the increased use of the internet and electronic data filing, it just became more efficient to use software that electronically pulls your information from the bank database and sends it electronically over to the credit agencies, which they then place into your credit file for all potential creditors to see.  They do this with NO actual verification that you even signed a contract or application!  They are breaking the law!

Additionally, you need to understand that the Fair Credit Reporting Act also states that you have the right to know the information in your credit file pertaining to you, the consumer (not your creditors), but you can only have the right to this information if your request is made in writing and if you can properly verify your identity with a driver’s license and Social Security card.

If you understand these two key points of the law, you can easily get started removing derogatory marks from your credit report and raise your credit score!  Are you ready to begin?  Then let’s get started!

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