Schoolchildren in South Florida have been known to circulate a rumor to the effect that, if you say “Bloody Mary” to your reflection in the mirror three times in a dark room, a vengeful ghost by that name will appear and commit horrific acts. Anyone who has tried to do this found that the result is only that they felt a little uneasy, but it didn’t stop them from continuing to spread the rumor in the hopes that their classmates might try it and get more impressively scary results. It is helpful to think of the 609 credit score loophole in a similar light, namely that it is an urban legend. There is such a thing as a 609 letter, but it does not magically raise your credit score. The way to raise your credit score is not by finding the right magic words to say to the credit bureau, but rather to implement one or more long-term credit repair strategies with the help of a Jupiter credit repair lawyer.
What Is a 609 Letter, and Can It Really Erase Your Debts?
Pursuant to the Fair Credit Reporting Act, you have the right to dispute any incorrect information that appears on your credit report. To do this, you must notify the credit bureau in writing of the error, documenting the correct information that the credit report should bear. A 609 letter is the letter that you write to notify credit reporting bureaus that you no longer live at an address listed on your credit report. It is nothing more and nothing less than a letter updating your address.
Now for the urban legend. According to an Internet rumor, if you send a 609 letter and get an old address removed from your credit report, all of the debts associated with the address will immediately disappear, thus boosting your credit score. In reality, this rarely works, because the only way a debt would disappear from your credit report as soon as you removed an old address would be if the address were the only piece of information connecting the debt to you. With most debts, it is possible to identify the borrower by their social security number, birthdate, or some other piece of identifying information in addition to their address. Trying to erase your debts with 609 letters is like trying to convince creditors that you don’t really owe them money because the U.S. dollar is a fiat currency.
There Are Better Ways to Improve Your Credit Score?
There are plenty of better ways to improve your credit score without sending 609 letters. Paying down your debts is the most obvious one, but no one said it is easy; it may require you to consolidate your debt with a low-interest loan, or even declare bankruptcy. If you are trying to rebuild your credit after filing for bankruptcy, a secured credit card is a good place to start.
Start Repairing Your Credit Now
A credit repair lawyer can help you take the first steps to rebuild your credit. Contact Nowack & Olson, PLLC in Jupiter, Florida to discuss your case.
Resource:
wcpo.com/blogs/savings/should-you-use-the-so-called-609-credit-repair-loophole
By Nowack & Olson, PLLC | Posted on November 12, 2021
FAQs
It is helpful to think of the 609 credit score loophole in a similar light, namely that it is an urban legend. There is such a thing as a 609 letter, but it does not magically raise your credit score.
What is a 609 letter to remove closed accounts? ›
A 609 dispute letter, also known as a credit dispute letter, is a written request to credit bureaus to remove incorrect, negative information from your credit report.
What is the 11 word phrase from credit Secrets? ›
Are debt collectors persistently trying to get you to pay what you owe them? Use this 11-word phrase to stop debt collectors: “Please cease and desist all calls and contact with me immediately.” You can use this phrase over the phone, in an email or letter, or both.
Can you get a car loan with a 609 credit score? ›
There's no specific minimum credit score required to qualify for a car loan. Still, if you have poor credit, it could be difficult to get approved for a car loan. Even with the best auto loans for poor credit, watch out for high interest rates, which can make it very expensive to borrow money.
What is a 623 letter? ›
A 623 dispute letter is a written communication submitted to a credit bureau, typically by a consumer, to dispute inaccuracies or discrepancies in their credit report.
What is a goodwill letter to creditor to remove closed account? ›
A goodwill letter is a formal request asking the credit bureau to remove a closed account from your credit report as a courtesy. Politely ask the credit bureaus to remove the account to improve your credit score.
Can closed accounts be deleted from credit report? ›
Even if closed credit accounts are on your report, it might not be a bad thing. Closed accounts can sometimes be removed from your credit report. Even better, you might not need to worry about having closed accounts on your credit report, particularly if those accounts were in good standing when closed.
What is a 611 dispute letter? ›
The 611 credit dispute letter is a follow-up letter when a credit agency replies that they have verified the mentioned information. It requests the agency's verification method of the disputed information and refers to 611 Section of the Fair Credit Reporting Act.
What is credit repair loophole 609? ›
"The 609 loophole is a section of the Fair Credit Reporting Act that says that if something is incorrect on your credit report, you have the right to write a letter disputing it," said Robin Saks Frankel, a personal finance expert with Forbes Advisor.
What is a pay for delete letter? ›
A pay for delete letter is a negotiation tool intended to get negative information removed from your credit report. It's most commonly used when a person still owes a balance on a negative account. Essentially, it entails asking a creditor to remove the negative information in exchange for paying the balance.
The truth is that there are no magic words to stop a debt collector from collecting the debt. In case you are wondering what the 11 word phrase to stop debt collectors is supposed to be its “Please cease and desist all calls and contact with me immediately.”
What not to say to debt collectors? ›
Don't provide personal or sensitive financial information
Never give out or confirm personal or sensitive financial information – such as your bank account, credit card, or full Social Security number – unless you know the company or person you are talking with is a real debt collector.
What is ghost credit? ›
Someone who lacks a credit history with one of the nationwide credit reporting companies is considered "credit invisible" or a credit ghost. "Unscored" consumers have a credit file, but the data is too sparse or too old to produce a credit score.
What loan can I get with a 609 credit score? ›
What Does a 609 Credit Score Get You?
| Type of Credit | Do You Qualify? |
|---|
| Unsecured Credit Card | YES |
| Home Loan | YES (FHA Loan) |
| Personal Loan | MAYBE |
| Auto Loan | MAYBE |
1 more rowA FICO® Score of 609 places you within a population of consumers whose credit may be seen as Fair. Your 609 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.
How to get charge offs removed from credit report? ›
If you need to remove an illegitimate charge-off or any incorrect information, you must file a dispute with the credit bureau that produced the report with the erroneous item. You can also file a dispute directly with the creditor.
