MyCRA Specialist Credit Repair Lawyers

Tag: Australia Day

  • Australia Day: Migrants to the ‘lucky country’ walk a rocky road to financial success.

    Australia DayMedia Release

    Australia Day: Migrants to the ‘lucky country’ walk a rocky road to financial success.

    21 January 2013

    Australia Day is the time when thousands of new Australians are welcomed, but an advocate for accurate credit reporting says some migrants are running into trouble with Australia’s credit reporting system, and are getting banned from credit and set back on the road to financial success.

    CEO of MyCRA Credit Rating Repair, Graham Doessel says migrants have unique issues with Australia’s credit system, and often the origins for unfair defaults and other credit notations come from mistakes during identity establishment.

    “Some of our migrant clients are finding issues coming from incorrect names placed on their credit files – resulting in the wrong person ending up with the default or other credit listing.”

    “It may be easy to track down and correctly list ‘John Smith’ but some nationalities have three or four names which can be presented in a different order in their country of origin. Even our migrants themselves can be unsure how to present that name correctly for identity establishment in this country,” Mr Doessel says.

    He says apart from identity establishment and identification issues, there is also a lack of education for migrants on the types of credit available, and what type is safest and easiest to manage.

    “Migrants may choose lenders with high interest rates and terms that are not user-friendly, ultimately setting them on a path of overdue payments and debt,” he says.

    Mr Doessel suggests that new Australians make a point of ensuring continuity with their name on any credit they take out and requesting changes to any bills or documentation which are incorrect.

    He also says many do not know they should be checking their credit file regularly to make sure it is accurate and free from unfair or incorrect listings.

    “It’s actually not just new Aussies who are kept in the dark. Many Australian-born Aussies are unaware they are responsible for checking their credit file, and that they can obtain a credit report every 12 months at no charge,” Mr Doessel says.

    7 Credit Tips for New Australians

    1. Do use credit – Having no credit history means there is nothing to calculate and the risk appears high to lenders. Start by borrowing something small and make repayments consistently.

    2. Make repayments on time – Repay any bills by the due date to avoid incurring a late payment notation on your credit file. If a bill is greater than 60 days late you will be listed with a default. Both notations may hinder your ability to obtain credit. If you are having trouble paying a bill by the due date, contact the creditor as they may be able to work out a payment plan as preference to listing your overdue account on your credit rating.

    3. A stable address – Lenders like to see stability and this can be reflected in your address. Once you have credit, make sure you update your address whenever you move. Defaults can happen when bills are sent to the wrong address.

    4. Do your research – A competitive interest rate can save you thousands – so double check you are getting the best deal for you and your circumstances before committing.

    5. Apply for credit with care – Only apply for credit you have a very good chance of being approved for. Likewise, only apply for credit you have full intention of pursuing. Every application is noted on your credit file as an enquiry, it does not stipulate whether credit was approved or not.

    6. Check your credit file regularly – Check your credit file before you apply for credit. Make sure all your details are accurate.

    7. Don’t leave defaults too late – If your credit file does show defaults and you feel they are incorrect, unjust or just shouldn’t be there – don’t put up with them for 5 years – it is possible to dispute a credit listing you believe is inaccurate.

    “We should use Australia Day to help our fellow Aussies, and raise awareness of the problems our new migrants face, so we can all experience financial success,” he says.

    People can contact MyCRA Credit Rating Repair on 1300 667 218 for help to obtain a copy of their credit report.

    /ENDS.

    Please contact:

    Graham Doessel – Director Ph 3124 7133

    Lisa Brewster – Media Relations media@mycra.com.au

    http://www.mycra.com.au/ 246 Stafford Road, STAFFORD QLD. Ph: 07 3124 7133

    MyCRA Credit Repair is Australia’s leader in credit rating repairs. We permanently remove defaults from credit files.

  • Australia Day – New Australians left in the dark over credit system

    Media Release

    New Australians left in the dark over credit system

    24 January 2012
    Australia Day is the time when thousands of new Australians are welcomed into the country’s dynamic multi-cultural society, but a national credit repairer says the road to financial success in Australia can be a harsh one for new migrants.
    He says new Australians don’t get enough help to make the most of their finances, and to ensure they are never blacklisted once they become credit-active.
    MyCRA’s CEO, Graham Doessel says he deals first-hand with many new migrants who have struggled to come to terms with a credit system which is far different to the one they are used to, and ultimately their Australian credit rating can suffer.
    “I am seeing more new Australians caught out with the system here, being banned from new credit – can’t get a home or car loan and often from fairly small amounts in arrears on their credit accounts,” Mr Doessel says.
    Australia’s credit reporting system is fairly unique in the fact that it is currently a negative reporting system. There is no way of balancing out a bad credit report with good repayments, and any negative listing remains on a person’s credit file for 5-7 years.
    Once an individual is 18 and is credit-active, they have a credit file issued in their name. It is even at this early stage where some new migrants come unstuck. Sometimes in those early stages the credit file can be issued under the wrong name.
    “Creditors have been known to mix up names or put someone’s last name as their first name. This could potentially open up a can of worms in terms of correct listing,” he says.
    Creditors can also place a default on the wrong person’s file.
    “We have a case at the moment where a lady had a default listing placed on her file which was for a male with a similar name. It wasn’t until our client applied for a loan that she found out about the default placed on her file from someone else’s account,” he says.
    It is suggested that new Australians make a point of ensuring continuity with their name on any credit they take out and requesting changes to any bills or documentation which come back incorrect.
    They should also check their credit file to make sure everything reads correctly.
    “It’s actually not just new Aussies who are kept in the dark. Many Australian-born Aussies are unaware they should be checking their credit file regularly and that they can obtain a credit report for free every 12 months,” Mr Doessel says.
    Many people are unaware that once an account goes past 60 days in arrears, it will be listed as a default on the person’s credit file for 5 years.
    A common reason people can have defaults go unnoticed is after they move house or when they go overseas for extended holidays. They fail to divert their mail, and do not receive the written notification of either the late account, or the creditor’s intention to list the late payment as a default on the person’s credit file.
    “Identity theft is a major problem in this country, and many new migrants are not aware of the frequency of attacks, or the need to safeguard their personal information. They end up with their identities stolen, and credit taken out in their name,” Mr Doessel says.
    Sometimes migrants can become victims of identity theft before they even get on the plane. In December, 2010 Immigration Minister, Chris Bowen warned new migrants of online scams that often leave them without a visa and at a loss for the money they have spent. (2)
    “It is vital that people are aware of fraudsters’ tricks before handing over money for immigration assistance which is never provided,” Mr Bowen said.
    Mr Doessel is offering new migrants free information on using credit in Australia, and how they can best keep their credit file clean. Contact info@mycra.com.au or call tollfree 1300 667 218 for more information.
    “We should use Australia Day to help our fellow Aussies, and raise awareness of the problems our new migrants face, so we can all experience financial success,” he says.
    /ENDS.
    Please contact:

    Lisa Brewster – Media Relations   Mob: 0450 554 007     media@mycra.com.au
    Graham Doessel – Director Ph 07 3124 7133

    www.mycra.com.au     www.mycra.com.au/blog 246 Stafford Rd, STAFFORD Qld

    MyCRA Credit Repairs is Australia’s leader in credit rating repairs. We permanently remove defaults from credit files.