RE: It Looks Like Your Client Might Have Lied to You…
Have you ever had a situation where you’ve asked your client a questiononly to have been lied to? How much of your time did they waste? What if you had a set of better questions to avoid this? (see below)
Just a few hours ago we got a call from a broker that’s lodged an application with a prime lender only to be told the client had 4 defaults.
2 x Council Court Judgments.
1 x Amex Default
1 x Citibank Credit Card
This is AFTER the broker had asked the client if their credit was “in good order”, to which the client stated “YES”. Naturally it was declined and now to the question of Serviceability and Suitability. Hmmm, do you think it might be an issue?
What if this broker had a simple 3 step process to avoid wasted time and get more approvals…
Step 1.
Ask your client Specifically if they’ve had trouble paying any bills on time in the last 4 years because studies show most people with bad credit don’t know it.
Step 2.
Grab a copy of their and Credit files (regardless of what they tell you) BEFORE you lodge their application, so you can see their credit health for yourself.
Step 3.
Call MyCRA Lawyers on 1300-667-218 ASAP to discuss their scenario and learn if they’ll be the next 18 minute removal (Call us while you’re with them) so they can see and feel you have their best interests at heart.
Keep reading to see why it’s so important to you and your clients…
If your client has had any trouble paying their bills in the last 4 years, there is a chance that they may have bad credit, and this should be a red flag that can alert you to avoiding a possible decline.
If you BEFORE you lodge, then that perfect lender is not made aware of any possibly unlawful credit listings. Thus removing a possible hurdle.
Even when MyCRA Lawyers expert team are successful in removing your clients defaults, if your perfect lender has already seen a copy of their credit file before we remove your clients default, they may still find reason to decline. (Better we fix the issue BEFORE the lender sees it.)
Then you call my team or I on 1300-667-218 immediately, and we can walk you, and your client through of the legal credit repair process, so you can see how easy it is when you’ve got MyCRA Lawyers in your corner. Sounds good doesn’t it…
I look forward to hearing from you.
With warm regard, MyCRA Lawyers | Armstrong Doessel Stevenson Lawyers (and introducing)
Your Budget Now
Graham Doessel
Chief Executive Officer
Non-Legal Director
Tel: 1300-667-218
P.S. Remember to reply to this email if you’d like to be one of the first to receive your Accredited Referrer website Badge and start receiving the additional rewards associated with it.
P.P.S. Have you checked out the latest MyCRA Lawyers Innovation. Check Out YBN now…
Your Budget Now – Providing You With, Bill Paying | Budgeting | Savings Plan Solutions
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RE: Thomason, Michael J. Loan Declined.
For more approvals, you might want to follow these three simple steps.
Step 1.
Ask your client if they’ve had trouble paying any bills on time in the last 4 years because studies show most people with bad credit don’t know it.
Step 2.
Grab a copy of their and Credit files (regardless of what they tell you) BEFORE you lodge their application, so you can see their credit health for yourself.
Step 3.
Call MyCRA Lawyers on 1300-667-218 ASAP to discuss their scenario and learn if they’ll be the next 18 minute removal (while you’re with them is perfect too) so they can see and feel you have their best interests at heart.
Keep reading to see why it’s so important to you and your clients…
If your client has had any trouble paying their bills in the last 4 years, there is a chance that they may have bad credit, and this should be a red flag that can alert you to avoiding a possible decline.
If you BEFORE you lodge, then that perfect lender is not made aware of any possibly unlawful credit listings. Thus removing a possible hurdle.
Even when MyCRA Lawyers expert team are successful in removing your clients defaults, if your perfect lender has already seen a copy of their credit file before we remove your clients default, they may still find reason to decline. (Better we fix the issue BEFORE the lender sees it.)
Then you call my team or I on 1300-667-218 immediately, and we can walk you, and your client through of the legal credit repair process, so you can see how easy it is when you’ve got MyCRA Lawyers in your corner. Sounds good doesn’t it…
With warm regard, MyCRA Lawyers | Armstrong Doessel Stevenson Lawyers (and introducing) |
Your Budget Now
Graham Doessel
Chief Executive Officer
Non-Legal Director
Tel: 1300-667-218
P.S. Remember to reply to this email if you’d like to be one of the first to receive your Accredited Referrer website Badge and start receiving the additional rewards associated with it.
Your Budget Now – Providing You With, Bill Paying | Budgeting | Savings Plan Solutions
For someone who is locked out of mainstream credit because of their credit rating, their finance options become limited. But there are options, and in Australia, it may not always be entering into a “bad credit” loan. There are alternatives, depending on whether the credit file holder has grounds to dispute the bad credit tarnishing their credit file. We examine the ins and outs of bad credit loans in Australia, and the instances where it may be both fairer and cheaper to examine compliance with a credit repairer instead.
A bad credit report is a deal breaker with most mainstream Credit Providers. Bad credit can include defaults, writs, Judgments, Bankruptcies and even excess credit enquiries. From March 2014 it will also include payments more than 5 days late to licenced Credit Providers (loans, credit cards etc).
Bad credit impacts most people for between 5 and 7 years – and 2 years for repayment history. Most mainstream Credit Providers will refuse credit – particularly in the current economic climate. Often people can’t even get a mobile phone plan.
Despite this, many alternative loans are available out there for people who are on the outer due to bad credit defaults and other credit listings. But these bad credit (non-conforming) loans generally come at a much higher interest rate, which can cost people tens of thousands more in interest just over the first three years of the loan. This is in order to cover the risks associated with taking on someone with bad credit. For example, on a loan of say $300,000, the difference in 2% from the standard variable rate of say 7% to a bad credit loan rate of say 9% could mean a family is paying as much as $15,046.57 more over those first three years just in interest.
Prior to branching out into credit repair, I ran a successful non-conforming brokerage helping people who were refused mainstream credit. But with many people – when I heard about the circumstances around their bad credit – I often felt they had been dealt an unfair blow – forced to pay thousands more in interest when the bad credit possibly shouldn’t have been there in the first place.
This is why, the first port of call when someone is faced with bad credit, should be to determine the accuracy of the credit listing.
It features some pertinent advice about choosing a loan after being refused credit with a mainstream lender. It goes through the steps you may need to take to secure finance in Australia, and includes some final tips for securing a loan. The central tip is, prior to committing to a loan attempt to fix your bad credit issues first.
“Loans for people with bad credit should really be a last resort, as opposed to the only option. See what you can do to repair your credit rating beforehand and hopefully begin looking for loans just as anyone else would,” Savingsguide.com.au’s Alex Wilson says.
Australians should not put up with bad credit if it shouldn’t be there. Any credit listings which the individuals believe are inconsistent, unfair, or incorrect should be disputed. Credit rating errors could be anything from the credit listing placed by the Credit Provider on the wrong credit file; to the basis of the credit listing being unfounded; to incorrect notices being provided; right through to system errors and incorrect spelling, to name a few examples.
Creditors are bound by a large volume of legislation and codes of conduct to do with placing information on consumer credit files. These laws are in place to protect consumers from unfair and damaging credit reporting.
Credit repair is a lengthy process, involving the review of all documentation from an individual – including the credit file and all the circumstances surrounding the default, writ or Judgment.
The credit repairer will conduct an audit-like investigation of the circumstances surrounding the credit listing, noting any compliance issues which would deem the credit listing unlawful and require its removal from the credit file. If the credit listing has been placed unlawfully, then it should be removed.
When an inconsistent credit listing is removed, it generally means the consumer is able to apply for mainstream credit – provided bad credit was the only item preventing finance approval.
If you would like an assessment for your suitability for credit repair, talk to a consultant at MyCRA Credit Rating Repair on 1300 667 218 – they can assess how you might fare in removing bad credit before you commit to any bad credit loan in Australia. Do bear in mind – there are some credit listings which MyCRA cannot remove from your credit file, including Bankruptcies.
When brokers meet clients many times they find that all the finances stack up well for approval, until a credit check is performed and it reveals some defaults that will not get the deal over the line. GRAHAM DOESSEL was a broker with his own company ‘MORTGAGE NOW’ before founding his credit rating repair company MY CRA.
He nominates bad credit ratings as being the number one frustration for many brokers. “Often times the clients don’t even know they have a bad credit rating. It’s only once the credit check is done that these problems arise – and sometimes unpaid bills for as little as $200 can kill the deal”.
“A loan with a non-conforming lender is not always viable. Also sometimes the clients aren’t willing to pay the higher interest rates for this type of loan” he says. Sometimes a non-conforming lender is not the only option to take to rescue a bad deal.
A credit rating repairer works by negotiating on behalf of the client to remove defaults from their credit file; thus clearing the file for any future borrowing. Here’s how a credit rating repairer can benefit these clients and your brokerage.
Saves time Turnaround can be slowed down because the credit file is not perfectly clear. Or if a client really needs to repair their credit rating to get approval, they have two options. They can have the default removed by a credit repairer, or they can take out a series of smaller loans and repay those in order to improve their rating. The latter can take months or years to improve someone’s rating, yet employing the services of a reputable credit repairer may only take a few days – depending on the nature of the default. “In some cases, brokers have recommended My CRA and we have cleared the credit file all within the finance clause of the house contract” Mr DOESSEL says. The credit repairer negotiates on behalf of the client to have the default/s removed from their file. This is due to professional knowledge of creditors, processes and current legislation.
Saves clients It could be possible to rescue those hundreds of clients per year who would not qualify for any loan due to crippling defaults. Although not every client is eligible for credit repair due to the nature of their default –for those who are eligible the success rate is high. The first step is to refer that client to a credit repairer who will assess their situation. “We have a 97.1% success rate in removal for every case we take on” he says.
Saves money Credit rating repair allows brokers to get a better deal for their client. Instead of referring people to a non-conforming lender at a high interest rate (of which they will switch in time and possibly pay exit fees to do so) the client can save thousands by having their credit file cleared. This would allow them to go with a lender at a lower interest rate. The fee they pay the credit repairer is miniscule compared with the thousands they will save on interest and exit fees.
Creates trust In business if someone is willing to really help clients with the best thing for them, they will reap the long term rewards. Sometimes the best thing for people is to start fresh with a clean slate. If brokers are able to offer people the best long term deal for them, then they may have that client for the long term and will be seen as their trusted advisor for life.
Creates referrals Clients will tell others how well they were looked after by not only the credit rating repair company but the broker who referred them in the first place. All business is sent back to the referring broker once the credit file is cleared.
Creates financial freedom A clear record can allow clients to take out not only first mortgages, but can be the catalyst that sets them on the road to borrowing for investment properties; business ventures etc – all using their familiar and trusted mortgage broker.
Educates and empowers If brokers were to recommend a credit check at their first meeting – it could save lots of heartache for the client and time for the broker. “More needs to be done to educate people on their credit rating, how easy it is to get a default slapped on their file and the ramifications of this before they are sitting opposite a broker applying for a home loan” “I tell people they should check their credit file every 12 months, much like they do with their super or bank statements to make sure everything is in order. This will pick up any errors straight away” Mr DOESSEL says.
For more information on credit repair and testimonials from brokers, please visit http://www.mycra.com.au/
