Regulators Slam Dodgy Credit Repairer¹

After an exhaustive enquiry into complaints of misleading and deceptive conduct, regulators have acted to fine a Dodgy credit repairer 500 Penalty Units ($90,000).²

The types of practices investigated have been widely discussed by organisations including the Consumer Action Law Centre, the Credit Repair Industry Association of Australasia and the Credit & Investments Ombudsman.

If you feel like you are in Bad Credit Rating prison, call MyCRA Lawyers on 1300-667-218 for help now.

This is the type of headline I have wanted to see for a very long time.  Unfortunately, it hasn’t happened yet and the business of ‘Credit Repair’ is one that is for all intention purposes ‘Unregulated’.  I am disgusted to hear of people just like you, or your clients, still being ‘ripped off’ every day.

The ‘Credit Repair’ industry is plagued with stories, reports, articles and complaints of dodgy shonks, taking the vulnerable consumer ‘for a ride’ at a time they are most in need of genuine, professional assistance.

One credit repairer was even named a winner in the Choice Magazine 2013 Shonky Awards ‘hall of shame‘.³  

There have also been concerns of other credit repair firms being run or managed, by individuals with very dodgy, undisclosed backgrounds, or even serious criminal convictions.

I know people can make mistakes, heck, I too have made my fair share.  I have learnt from these mistakes and have for many years, openly published and discussed the fact I have been bankrupt.

My bankruptcy was in fact, the reason I got into the business of helping those consumers (every day Mums and Dads) with bad credit, Avoid The Mistakes I Made almost 20 years ago. I’m not proud of what happened, but I refuse to hide it to deceive people.

Where to from here?

I believe there needs to be much tighter regulation and supervision on any person giving advice on something as important as your financial reputation.

Many of these ‘credit repairers’ are not even legally trained, let alone qualified Lawyers, and are interpreting legislation, advising clients based on that interpretation, completing documents for the court proceedings and making recommendations to clients on what and how to proceed.

Yes, we are an Incorporated Legal Practice and these comments may sound self-serving, and I suppose in a way they are.  However, this article is not about more business for MyCRA Lawyers as there are far too many people out there right now that need MyCRA Lawyers help.  This article is about the unsavory predatory practices engaged in by a number of businesses in an unregulated ‘industry’.  CONSUMERS BEWARE!

With Equifax (formerly Veda Advantage) reporting more than 16.5 million credit files alone, and given that Choice conducted a survey evidencing that as many of those credit files may have mistakes. That’s mistakes on more than 5 million credit files.  Possibly your credit file. (We believe as many as 1 in 5 Australian Adults [or up to 3 million] may have a Bad Credit Issue that (1) they don’t know about, and (2) may require the services of MyCRA Lawyers.)

Some of those mistakes may be as simple as a name spelled incorrectly (though that alone can lead to serious issues with someone else’s bad credit default listing being applied to your credit file), or an incorrect address and many of these smaller issues are very easy to correct yourself with a simple call to the credit reporting body.

Many other mistakes may be much harder to correct.  This is where you may choose to engage MyCRA Lawyers.

In theory, there is no credit repair action that MyCRA Lawyers can help you with that you can’t do yourself.  This fact is pushed heavily by many reputable bodies like those previously mentioned in the opening paragraph of this article.

The reality however, is very different.  Just like you can defend yourself in other complex legal matters, in and out of court, most consumers do not have the time, the knowledge, the research skills or ability to achieve the result they are after.  Even those that do have the ability, often simply choose to hand over all of their stresses and worries to MyCRA Lawyers, and let a Law Firm experienced in this specific area of law handle everything for you.

The Ombudsman bodies do offer dispute resolution services and for the most part, do an amazing job.  However, you may discover when you utilise these services, that there can be lengthy delays before your file even has a case manager appointed.

I have also noticed that MyCRA Lawyers has had bad credit default listings removed, that had previously been through one or more ombudsman services, only to be told by those services that the default listings would remain. (see Belinda’s story on Youtube)

MyCRA Lawyers does an intensive in-depth, audit style analysis of the creditors records, looking for evidence of any legislative non-compliance or other breach that may have limited the individuals rights, which may in-turn, deem the bad credit default listing unlawful, and require it’s immediate removal.

Please understand at this point, that ONLY the default listings that have been proven to have been placed in error can be removed.

You deserve the best representation you can afford.

MyCRA Lawyers are your Experts In Credit Restoration.

MyCRA lawyers Legal Practitioner Director, Ms Adrienne Soo, oversees and supervises all paralegals and administration staff to ensure the level of Credit Report Restoration expertise is at a standard which we believe to be the highest in Australia.

Given my personal background as a Mortgage Broker for 13 years (1997 to 2010) and as the Founder and non-Legal Director of MyCRA Lawyers, I believe, I know, when you choose MyCRA Lawyers to investigate you/your clients Credit Rating Black Marks, you are making the right decision.

MyCRA Lawyers is regulated by the Legal Professions Act 2007 (QLD) and conforms to the highest standards of Trust Accounting, Legal Practice, Independent Audits, Years of Professional Legal Training, Ongoing Legal Training and research, all to protect your rights as a consumer and to ensure you have a choice that is better than being sucked in by the shonks that call themselves ‘credit repairers’.

For an obligation free no cost chat about your specific circumstances, please pick up the telephone right now and call MyCRA Lawyers on 1300-667-218 or pop in and visit us in our Australian Head Office at 246 Stafford Road, Stafford, Queensland.

Unfortunately, we may not tell you what you want to hear, but we will tell you the truth.  You can then make an educated decision on the best way for you to move forward.