Hey there, Yusheeka Gray here with DIY Credit, and I want to talk to you about three federal statutes that can be used to add 200 plus points to your credit scores, okay. Now I want to be respectful of your time, so I'm not going to, um, go over all three in this one video. Instead, I'm going to create three separate videos to dive into each one in more detail so that by the end of each video you will have a much better understanding of which statute to use, what sections and what they cover, okay. So, the first one we're going to talk about right now in this video is the Fair Credit Reporting Act, also known as the FCRA and it governs credit bureaus, creditors, and a little bit of collection agencies as well.
We're going to talk about three sections of that. The first section is section 609, which requires data furnishers to verify via a physical signed contract, the validity of the account and/or your obligation to pay it, okay? If they can't prove it, then they have to remove it. That's our saying. The second one is section 611. Which requires credit bureaus to respond to your disputes within 30 calendar days. If they can't do that, then they have to remove the items that you're disputing. And the third section is section 623, which requires creditors to actually update your account status to “in dispute” whenever you dispute an item. And if they don't do that, then you can request that item be removed or automatically corrected or repaired. That same section also requires credit bureaus to correct any inaccurate items once they receive proof of the inaccuracy. So those are just to name a few. Keep and look out for the other videos, were covering the other statutes.
I hope this has been helpful. I hope you learn something new. And if you have any questions about your credit or for a free victory consultation, click the link below or give us a call at (803) 240-8344 or (803) 784-8100. Thank you so much for watching, and bye for now.
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