You may notice that God did not say he created the earth on the first day...He created 'light' on the fisrt day of the Genesis creation...The earth was already there...And He didn't say how long it's been there...
It did say he created it.
I have come across this interpretation in my studies. This is the one that believes dinosaurs, and other prehistoric life had been created and died before the Genesis acount of creation.
Is that correct?
Yes...And that would not be inconsistant with the Genesis account...And would also solve a lot of evolution/creation problems...