MyCRA Specialist Credit Repair Lawyers

Tag: bad credit score

  • Federal Government To Announce Increase In GST to 15% – Will See Massive Increase In Unemployment And More Bad Credit Scores

    [fusion_builder_container background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” overlay_opacity=”0.5″ video_mute=”yes” video_loop=”yes” fade=”no” border_size=”0px” border_color=”” border_style=”” padding_top=”20″ padding_bottom=”20″ padding_left=”” padding_right=”” hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=””][fusion_builder_row][fusion_builder_column type=”1_4″ last=”no” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=””][/fusion_builder_column][fusion_builder_column type=”1_2″ last=”no” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=””][fusion_title size=”1″ content_align=”left” style_type=”default” sep_color=”” margin_top=”” margin_bottom=”” class=”” id=””]Federal Government To Announce Increase In GST To 15% – Will See Massive Increase In Unemployment And More Bad Credit Scores[/fusion_title][fusion_title size=”2″ content_align=”left” style_type=”default” sep_color=”” margin_top=”” margin_bottom=”” class=”” id=””]

    Massive Unemployment Spike As 2,087,00 Small Businesses Forced To Lay Off More Staff To Cope With The 50% Increase In GST

    [/fusion_title][fusion_text]I see this increase in GST as potentially disastrous for many Small Businesses, and the increase would need to be immediately passed to the already struggling consumer.

    This morning I read a story in the Qld Courier Mail (Federal Government Offers Deal To Cut State Taxes) which talks about Qld and Vic state governments opposing the proposed increase in GST (up by 50% from its current 10%) to a massive 15%.

    Will Increasing The GST to 15% Give You A Bad Credit Score?
    Will Increasing The GST to 15% Give You A Bad Credit Score?

    Sure, the Federal Government is suggesting a cutting of the Payroll Tax and Stamp duty, but has anyone actually done the numbers to see how it would affect the largest employer in Australia – Small Businesses?

    A small business that turns over say, One Million Dollars ($1,000,000.00) per annum (or less) is unlikely to ever see any real benefit from the cuts in payroll tax or stamp duty but will feel an immediate impact with the GST increasing by 50%.

    If that Small Business was paying 10% GST on all income now, the additional $50,000 it will need to find when the Federal Government hikes up the GST to 15% is equivalent an entire annual salary for another struggling Aussie Family.  If the Small Business does not add the 5o% Tax increase to its’ prices, it’ll likely have to lay off another staff member.

    This means more people hurting, more households living below the poverty line, more credit card bills going unpaid, more bad credit ratings.

    Can someone tell me how this tax will benefit  the country if [fusion_popover title=”2,087,000 Small Businesses In Australia” title_bg_color=”” content=”The latest figures state there are 2,087,000 small businesses in Australia. These are small businesses that go from a single person to 19 employees. This segment employs more than half of all employees in Australia and is the least represented employer group in Australia. ” content_bg_color=”” bordercolor=”” textcolor=”” trigger=”click” placement=”” class=”” id=””]Text[/fusion_popover] small businesses around Australia may each have to lay off a staff member?

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  • How to Avoid Sexually Transmitted Debt

    sexually transmitted debtBeing ‘in love’ is one of the best feelings in the world, but not one of the most practical states to be in. Sometimes personal financial values go out the window and people lose themselves in the process of adding to the ‘relationship’ and creation of ‘us’. But at some point the boring old finance stuff becomes vitally important. We look at what you need to do to prevent STD impacting your credit file.

    By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repair and www.fixmybadcredit.com.au.

    Many people run into trouble by not asking the tough financial questions about their prospective partners early in the relationship. Your financial generosity now could become the very thing that is used against you if the relationship sours. Before you enter into any financial transaction, consider carefully how secure you would be if things did take a turn for the worse.

    What’s your money personality?

    Are you a spender, a risk taker, a saver or a security seeker? There are many different types of money personalities – and you could be combination of both. If you and your partner are different money personalities, this may be the cause of arguments.

    When two different money ‘personalities’ combine, it may be all rosy to begin with, but at some point you are going to disagree about money. Fights can begin and the potential for both of you to be financially damaged is greatly increased.

    According to Relationships Australia, conflict over money is one of the top causes of arguments and relationship breakdowns in Australia.

    When there’s joint finances involved in the split, sometimes you can continue to fall under the financial shortcomings of a partner well after the relationship is over.

    When people take out any credit together, such as loans, utility accounts, homes and rental properties, they become very reliant on the partner to keep up their end of the credit repayments.

    Who is liable for debt?

    Sometimes one partner ends up with a bad credit score, simply because the other person on the account has not kept up with repayments. People can be unaware their partner (or ex-partner) is generating defaults on their credit rating until it is too late.

    The most common type of negative listing is a default, and is placed by the creditor when an account holder fails to make payments past 60 days.

    In many instances it’s not until people apply for credit in their own right that they find out they have a default against their name. The relationship may even have ended years ago and the partner is still paying for it.

    Bad credit history can last for 5-7 years, depending on the listing type.

    Many people come unstuck by not asking the tough financial questions about their prospective partners early in the relationship.

    How to Prevent Relationship Debt

    1. Consider taking a Money Personality test, such as the one at www.TheMoneyCouple.com

    2. Ask about your new partner’s financial past. People will do what they have always done. If they have financial skeletons in the closet it is possible they will continue this behaviour in the future.

    3. Ask what debts they currently have. This will give you an indication of how they feel about money, and how much debt they consider normal to handle. Does this match with yours?

    4. Talk about paying bills. Do they always pay them on time? If not, why not? This will give you a good indication of how this person regards money and credit repayments. Ring any alarm bells yet?

    5. Ask what their financial goals are for the future. Do they match yours? If your new partner wants to blow all of their money on an overseas trip, but you want to save for a home – how will this work long term?

    6. Verify their answers about existing and past debt. Ask them if you can see a copy of their credit file (and versa of course). A copy of your credit report is free every year from one or more of the credit reporting agencies in Australia. It will be sent within 10 working days. You can order your credit report here http://www.mycra.com.au/credit-file-request/.

    If you are unsure of your new partner’s financial compatibility, it could mean finances need to be fairly separate for a significant period of time.

    But the most important aspect to the meeting of financial minds is to keep an open dialogue about money. Talking freely and honestly, preferably keeping the emotion out of your discussions may help to avoid surprise bad credit from your partner.

    Image: David Castillo Dominici/ www.FreeDigitalPhotos.net

  • What Is Credit Repair? How you can fix a bad credit rating

    Many people have only a vague idea of what a ‘credit rating’ is or how they get one, until they are banned from credit.

    If you are refused credit because of your credit rating, then you find out quite quickly what that elusive credit file really does, and why a clear credit rating is so important. Lenders or ‘Creditors’ that you have borrowed from have the ability to report about your repayments on a central national database – called your credit file. What Creditors say about you determines whether or not someone else will lend you money or services in the future.  This system is not always accurate. So we look at what happens if you are given a bad credit rating, have a negative listing on your credit file, or also commonly termed a ‘bad credit score’ and how credit repair may be appropriate to fix your bad credit.

    By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

    Recently, A Current Affair ran a story about well-known Australian actor, John Jarratt and his bad experience with fixing his credit rating after a listing was placed incorrectly on his credit file. The story, titled Phone Bill Fiasco demonstrated the difficulty John had in dealing with his Creditor and recovering his good name. John said he wanted to tell his story for all those ‘little guys’ that find it difficult to stand up to these companies over billing mistakes that see them refused credit.

    We look at what John could have done, or anyone else facing a similar situation, could do to resolve those credit listing complaints and fix their bad credit that shouldn’t be there.

    Can a bad credit rating happen to you?

    You’re sitting in front of your mortgage broker, heart in your throat, being told that the house you spent months searching for, the house you paid hundreds for inspections for, the house that your family is head over heels for, is not going to be yours.

    “I’m sorry mate, your credit file shows up with a default listing, and the lender is not willing to lend you the money based on this,” your brokers says.

    “What!” you reply. “I haven’t ever defaulted on my payments, it must be a mistake – what was it for?”

    “Well unfortunately your credit file only gives the amount, an account number and a business, so you will need to research it from there,” your broker explains.

    Once you pick yourself up off the floor, you begin to try to get to the bottom of what’s happened to your credit file.

    You call the credit reporting agency, and they give you a copy of your credit file.

    After what seems like days on hold to the company in question, you have no luck resolving this so-called outstanding account. You feel like you are just going around in circles with no joy – until finally someone from the company tells you to pay the outstanding amount (of which you’re not even sure you owe) and the matter will be settled.

    So you do, of course, expecting the matter to be at an end. Only to find your listing has merely changed to ‘paid’. Your broker says this will probably not change the outcome of your borrowing capacity with the lender.

    So you spend more hours on the phone with your Creditor, before being told that default listings are never actually removed, but can be marked as paid. That is the best they can do.

    For 5 years this listing will haunt your dreams – well your financial dreams anyway – as you are refused not only the home loan, but even a new credit card, a car loan or mobile phone plan.

    What is the solution to bad credit?

    The best solution to fix bad credit is to have it removed from your credit file.

    Contrary to what your creditor may have told you, bad credit can be removed, if it should not be there in the first place. If a listing has been placed unlawfully on your credit file, or it contains errors, then it needs to be removed from your credit file.

    You just need someone on your side, who can give you a hand with all of the legislation mumbo-jumbo, look over your records and see what went wrong, spend time dealing with your creditor for you (which includes knowing who to talk with and how to talk to them the right way so you get the best result), and working on your behalf with all parties – including the credit reporting agencies to give you the best chance of actually having that listing off your credit file permanently. This is what professional credit repairers can do for you.

    I can’t afford a lawyer!

    Many of the more reputable credit repairers will have one or more lawyers on staff, but their services come at a fraction of the cost a Solicitor would. It is a specialised field – we know a whole lot about one aspect of the law – as it applies to credit reporting. This allows us to pass on our knowledge at a fraction of what it would cost you for a Solicitor. We also have a working relationship with most Creditors, and have spent the time to know how to negotiate with them most effectively to get the best outcome for listing removal.

    Some credit repairers work differently to others. At MyCRA Credit Rating Repairs, payments are made in stages. We charge an assessment fee, which is fully refundable, in which we obtain and review your credit file. Next, once we determine you are actually suitable for credit repair, you are charged the next stage of fees – to actually prepare your case for the listing or listings to be removed from your credit file, and present that case to your Creditor and any appropriate higher authorities. As no cases can be absolutely guaranteed, we reserve the final stage of payment for when your listing is actually removed from your credit file. See a schedule of MyCRA’s current costs.

    Where are the savings in using a credit repairer?

    We outlay on average 20 working hours per default. Not only will you save yourself this time, but in comparison to legal costs – at say, $250 per hour (you could be up for about $5,000 per default) you will save money. If you are lucky enough to be successful in having the listing removed, you will also save thousands in interest as you will be able to borrow with a mainstream lender, rather than go into a non-conforming loan at a high interest rate.

    Families with a bad credit rating who enter into a $300,000 loan with a non-conforming lender will be paying a staggering $15,046.57 or more just over the first three years of the loan. This is credit repair saving is calculated based on a standard variable rate of 7% versus a non-conforming interest rate of 9%.

    Why can’t credit repair be guaranteed?

    It would be nice to guarantee every client that they will have their bad credit rating removed. But although we have a previous track record of up to 91.7% of removal in cases we take on, there are people who unfortunately don’t get the outcome we hope for. At rare times, despite our best efforts, and despite sometimes there being moral grounds for removing the listing, there can be found no legal avenue for requesting your Creditor remove the listing from your credit file, or we simply run into a stalemate with our negotiations with your Creditor. Unfortunately despite a whole lot of work on your file, sometimes after a final Management Review we are forced to close it. For this reason, we reserve the final stage of payments for once the listing has actually been removed.

    How long does credit repair take?

    If we had a crystal ball we could tell you how quickly your Creditor is going to respond to our requests to supply the documentation on your account, or how quickly they will respond to our formal complaint, whether they will dispute the complaint and if so, whether we will need to escalate the complaint to the Creditor’s Ombudsman and also how much legislation we will need to review to formulate your case. Since there are so many unpredictable factors to credit repair cases, we can’t give you a firm time. What we can tell you is that we aim for 45-60 days for our cases. But do understand there is no onus on the Creditor to remove the listing. Most times we give them the best persuasive case so they are encouraged to do so, or we can help encourage the removal via their industry Ombudsman but at times, they can really drag the chain in helping us help you – so do bear that in mind.

    What do I need to do to get started repairing my credit rating?

    We can do it all – from requesting a free copy of your credit file on your behalf, to requesting your account information, to dealing with your Creditor. All you need to do once the listing is removed, is to call the credit reporting agencies and confirm you clear credit file and you are on your way again with a clean slate.

    For a consultation, call us tollfree on 1300 667 218 or visit our main website www.mycra.com.au.

    What we ask from you, is your complete honesty in regards to your case, and the belief that we will do our utmost to make sure you have your financial freedom back again.

    Image 1: photostock / www.FreeDigitalPhotos.net

    Image 2: David Castillo Dominici / www.FreeDigitalPhotos.net

  • Are 177,000 CHILDREN capable of staying safe on Facebook?

    Parents…are your children on Facebook? We look at what this could mean for them, for you and for your credit file.

    By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs and www.fixmybadcredit.com.au.

    An alarming statistic was revealed by a leading West Australian newspaper on Sunday on the possible number of WA children on Facebook who were under 13.

    The Sunday Times revealed in its article “Facebook offers up 150,000 West Australian kids” Perth Now, March 3, 2012 that the Facebook advertising database claims it can reach more than 170,000 children in WA under the age of 13.

    “Facebook allows users access to its database statistics if they’re planning to advertise on their website.

    It says advertisers wanting to target young teens in WA could reach an estimated 177,220 users aged 13 or under.

    Facebook doesn’t let users sign up unless they claim to be over 13. But users often give away their true age by listing information such as the primary school they attend,” the article says.

    This is a global issue. A U.S. Facebook study released in June last year, showed that of the 20 million children on Facebook who actively used the social networking site in the past year, 7.5 million—or more than one-third—were younger than 13 and not supposed to be able to use the site.

    “Among young users, more than 5 million were 10 and under, and their accounts were largely unsupervised by their parents,” the report revealed.

    It also revealed that one million children on Facebook were harassed, threatened, or subjected to other forms of cyber-bullying in the past year.

    So what’s happening with our kids? Are they all accessing Facebook in secret? Or are we simply letting them do it – despite government and even Facebook advice to the contrary?

    Apart from the grave dangers of sexual predators and cyber-bullies for our children – we are become more vulnerable to identity theft and being slapped with a bad credit score as a result.

    Identity crime is the fastest growing crime in Australia, according to the Australian Crime Commission. It was reported by former Attorney General Robert McLelland’s office last year, that identity theft affects one in six Australians in some way.

    It’s time to all get a better understanding of the internet. Those who don’t apply meaningful cyber-security measures at home are putting themselves at risk of identity theft, and simply threatening the family’s good credit rating.

    We cannot let our young children have free reign of the computer, regardless of how ‘tech-savvy’ they are.

    Here’s what can happen to anyone, let alone children:

    We can download viruses, participate in scams, release credit card details and disclose personal information and passwords to criminals which can be used to extract money or take out credit in people’s names.

    This can happen through Facebook, it can happen via email, and it can happen via very legitimate looking websites.

    If millions of Australian parents have been fooled, what chance do these 177,000 children under 13 have? That’s what the cyber-crooks are banking on.

    Don’t know the first thing about the internet? If your child does – you need to get to know about it!

    The amount of personal information that many young people have freely available for viewing on Facebook is frightening. That can be information about them, or it can also be about friends and family.

    We may say it is harmless, but what’s to say fraudsters can’t sit on that information and wait until their victims come of age to commit fraud in their name? In fact, authorities say it is happening – they even have a name, it’s called ‘data warehousing’.

    Superintendant Brian Hay from the Queensland Fraud Squad told Channel 7’s Sunrise Program in October last year, that criminals were targeting the personal information of our young Facebook users. and storing the personal information until they turn 18.

    “We know that the crooks have been data warehousing identity information, we know that they’ve been building search engines to profile and build identities,” he told Sunrise.

    Most identity theft victims have no idea they have given away personal information to fraudsters until it is too late. If identity fraud sees accounts in the victim’s name going undetected and unpaid past 60 days, the parent’s credit file can be ruined for 5-7 years due to defaults.

    It need not be major fraud to be a massive blow to the identity theft victim – leading to a bad credit score. Unpaid accounts for as little as $100 can lead to a bad credit score and have the same impact on getting a loan. So any misuse of someone’s credit file can be extremely significant.

    For parents who want to educate themselves about the risks of cyber-crime, the Government has put together the CyberSmart website, encouraging parents and kids to be aware of the dangers the internet may pose for children. A Cyber Smart fact-sheet for this age group recommends the close monitoring of all children’s internet use.

    And importantly, if young people of any age are on Facebook, educate them and yourself about what that could mean for them and for you.

    If people suspect identity theft has affected their credit file, they can contact MyCRA Credit Rating Repairs www.mycra.com.au or call tollfree on 1300 667 218 for help restoring their good name and clearing their bad credit score following identity theft.

    Image: Clare Bloomfield / FreeDigitalPhotos.net

    Image: Ambro/ FreeDigitalPhotos.net

  • FREE paper shredder and Identity theft kit to all new MyCRA clients

    Identity theft is the fastest growing crime in Australia, and it is one which can DIRECTLY lead to a bad credit score.

    If fraudsters are able to assume someone’s identity, they may be able to take out credit in the victim’s name – leaving them with a long list of defaults they have to PROVE they weren’t responsible for!!!

    It is essential that all credit file holders safeguard their personal information and protect themselves from identity theft, preventing an unnecessary bad credit score.

    For this reason, MyCRA Credit Repairs are GIVING AWAY paper shredders, and with that, an extensive 5-page Identity Theft Kit, plus a quick one-page questionnaire to help clients get up to speed with where they may be lacking in identity theft security.

    The paper shredder, the Identity Kit and the questionnaire will be available to any clients who sign up with us today and pay a mimumum $200 non-refundable payment.

    The full $200 will be credited directly to the client’s credit repairs costs.

    No client should put up with what a bad credit score does to their life if they don’t have to!

    If there are inconsistencies on a person’s credit file there is a good chance they can be removed.

    In the past, MyCRA has achieved up to 91.7% default removal of all cases we take on…could this be you or your client?

    So START NOW and get on board TODAY to receive this unique offer – we are saving a client’s credit file now, as well as the clear credit file they will have in the future.

    Limited numbers apply, and only for a limited time.

    Thanks – Graham Doessel, MyCRA Credit Repairs, www.fixmybadcredit.com.au

    Terms and conditions apply – see us for details.

     

    Image: Chris Sharp / FreeDigitalPhotos.net

    Image: David Castillo Dominici / FreeDigitalPhotos.net

     

     

  • They’re back…..MICROSOFT PHONE SCAM WARNING

    Fraudsters are AGAIN targeting people with home computers and calling with an offer to fix viruses supposedly on their computers. Don’t get caught out! We explain what that scam involves, and how falling for this scam can lead to loss of monies, identity theft and ultimately a bad credit score.

    By Graham Doessel, Founder and CEO of MyCRA Credit Repairs and www.fixmybadcredit.com.au.

    In June last year we warned you about a ‘Microsoft phone scam’ which was rampant in Australia. Fake computer security engineers were contacting people by phone, offering to fix’problems’ they had detected on their computers.

    Callers claiming to be from ‘Windows technical support’, who knew the victim’s name and address were claiming to see problems with the victim’s computer and asking whether the victim had noticed their computer becoming slower recently.

    Then they were asking to take over the machine and fix the problems.

    A warning from the government’s Stay Smart Online alerts today reveals this scam is still continuing to swindle unsuspecting computer owners. The scammers are using legitimate remote access sotftware, such as LogMeIn, TeamView and Ammyy.

    The ACCC’S SCAMwatch website also warned consumers about the dangers of this scam back in June 2010.

    “There are many potential dangers. As well as losing money to the scammer by paying for a service that provides you no benefits, your personal and banking details are also at risk. If you give a scammer remote access to your computer, they can cause all sorts of mischief – including infecting your computer and acquiring your personal information,” the website says.

    When a fraudster is able to access our personal information they can do a host of things with it, including using it to commit identity theft. Creating fake ID, they are then able to take out credit in our name, having no care for the bad credit score they are leaving behind for the victim.

    How it occurs:

    We generally have no knowledge of the identity theft until it is too late, and we have a series of late payments against our name, which ultimately go to default stage.

    Some identity theft victims can have a string of bad credit that shouldn’t be there, but which ruins their financial future – as they show up with a bad credit score. They can’t get a loan, they can’t get a credit card, they can’t even take out a mobile phone plan or get utility account.

    If you do suspect you have been scammed, firstly you should report the potential identity theft to the Police. There is going to be no way of repairing your bad credit score without Police reports.

    Secondly, obtain a copy of your credit file, to ensure you do not already have a bad credit score resulting from identity theft. A copy of your credit file is free once every 12 months from one or more of the credit reporting agencies in Australia.

    It may also be a good idea to more regularly request a copy of your credit file. You can even alert credit reporting agencies, and your financial institution that you may be subject to identity theft, and they can ‘flag’ your accounts to alert you to any suspicious entries.

    If you do find you have a bad credit score due to identity theft, you should contact a professional credit repairer. They can help you recover your good name in the least possible time, with the most knowledge of credit reporting legislation and with the best ability to negotiate with creditors on your behalf.

    What to do to protect yourself from this phone scam

    Microsoft Australia released a statement last year, warning Australians about these fraudsters, who conduct themselves in a professional manner, and sound genuine.

    They gave this advice to Microsoft customers:

    • Be suspicious of unsolicited calls related to a security problem, even if they claim to represent a respected company.
    •Never provide personal information, such as credit card or bank details, to an unsolicited caller.
    •Do not go to a website, type anything into a computer, install software or follow any other instruction from someone who calls out of the blue.
    •Take the caller’s information down and pass it to the authorities.
    •Use up-to-date versions of Windows and application software.
    •Make sure security updates are installed regularly.
    •Use a strong password and change it regularly.
    •Make sure the firewall is turned on and that antivirus software is installed and up to date.

    Visit our website, www.mycra.com.au or call us tollfree on 1300 667 218. MyCRA Credit Repairs is a professional credit repairer that can help with repairing your credit file following identity theft, or give you more information to safeguard your good name.

     

  • Financial hardship biggest reason for complaints to Credit Ombudsman

    Financial hardship cases are reportedly the biggest single cause of complaint to The Credit Ombundsman Service. This is where a consumer claims the creditor has issued defaults for late payment of accounts without considering the consumer’s claim of financial hardship. We look at why this is occurring, and what people can do in circumstances of financial hardship to ensure they do not receive a bad credit score from creditors.

    By Graham Doessel, Founder and CEO of MyCRA Credit Repairs and www.fixmybadcreditcom.au.

    The Credit Ombudsman is continuing to be flooded with complaints. COSL’s annual report for 2011 released early this month showed a 72% increase in complaints from 2010, with financial hardship cases continuing to feature as the single largest source.

    Mr Raj Venga, Credit Ombudsman, attributed the significant spike in complaints received by his office to an increase in consumer awareness, and changes to legislation requiring lenders to enter external dispute resolution processes.

    “Regrettably, 34% of all complaints we receive relate in some way to financial hardship, specifically the failure of a lender to agree to a payment variation on grounds of financial hardship. This level of financial hardship complaints is similar to previous years and we do not anticipate a reduction in the forseeable future,” Mr Venga says.

    “The underlying causes of the financial hardship complaints we see are unemployment or reduced income (30%), cost of living, including other debt (21%), followed closely by illness of the borrower or their family member (19%), business failure (14%), interest rate increases (8%), relationship breakdown (7%) and natural disasters (1%)” observed Mr Venga.

    Broker News featured more on Mr Venga’s take on financial hardship issues, in its story ‘Hardship complaints show no signs of easing’. Venga says some lenders issued defaults too quickly.

    “We achieved a satisfactory outcome for the consumer in 46% of the financial hardship cases we closed. This suggests that not all lenders are, before issuing default notices or commencing enforcement action, properly considering the possibility that the borrower may be in financial hardship and whether a change in the borrower’s payment obligations may be appropriate in the circumstances,” Venga said.

    Creditors can be eager to issue defaults, and it is essential there is a system of redress for consumers – particularly when in times of financial hardship their requests are ignored.

    A bad credit score can be debilitating for the consumer for years after the event, with defaults remaining on a person’s credit file for 5 years from the date of listing. People are generally unable to even get a mobile phone plan let alone loans or mortgages.

    Applying for financial hardship

    If a person’s circumstances change due to unemployment, illness or some other reasonable change in circumstances, they should ask their lender for a hardship variation.

    Money Help, a website run by the Victorian State Government offers some help on how to apply for hardship with creditors in the correct way.

    “If you wish to ask for hardship consideration, it is always better to put your request in writing as this means you can keep a copy of the request as a record. It is more difficult to prove the details of a request made by phone. If you entered into your loan agreement after July 1 2010, or if your debt relates to a credit card, then your credit provider must respond to you within 21 days of your application.”

    Money Help advises people to work out what they can afford to pay prior to requesting a hardship variation. They explain the benefits in applying for hardship can range from more affordable payments, to putting a stop on action towards defaulting your credit file.

    Our extra tip is for people to make it clear to the creditor what they are requesting. It would be a good idea to specifically request a ‘financial hardship’ variation to their repayments – in writing, so there is no confusion.

    What about if the creditor refuses to agree to a hardship variation?

    Creditors are legally required to consider a person’s request for variation on payment arrangements, but are not obliged to agree to any hardship variation proposal put forward. This is the grey area that finds complaints being put forward to COSL in more frequency.

    If a lender either refuses or fails to respond to are hardship request within 21 days, (or a shorter time if the situation is urgent) consumers can lodge a complaint with the credit provider’s independent dispute resolution scheme.

    What about if the creditor has already issued a default?

    If a default has been issued which consumers believe is unjust, unfair, in error or shouldn’t be there, people have the right under Australian credit reporting legislation to have the inconsistency rectified.

    The problem with seeking redress as an individual is two-fold. Firstly, without extensive knowledge of credit reporting legislation it can be difficult to enforce ruling that creditors are bound with without knowledge of what the rules are.

    Secondly, people negotiating on their own behalf can be problematic in many cases. People have often attempted to remove the default themselves, and have been told defaults DONT EVER get removed. The best they can do is mark the listing as paid (if it’s been paid).

    This may be both unfair for the consumer and is generally insufficient to ensure credit is obtained with some lenders.

    Alternatively, a professional credit repairer works with creditors to negotiate on the consumer’s behalf and work for the best outcome based on the creditor’s compliancy with the current legislation. They will also look at any other extenuating circumstances to determine if there is an avenue that can be investigated which results in having the listing removed.

    Contact us for more information at www.mycra.com.au or tollfree on 1300 667 218 for consultation with a professional credit repairer.

  • Protect your credit file when co-borrowing for a home

    Got some savings, want to start in property but can’t afford a home loan on your own? You are part of a growing trend of Australians who are seeking out home buying ‘partnerships’ to get into the property market. We look at how this is happening, and what you should be aware of to protect your clear credit file when entering into this type of joint debt arrangement.

    By Graham Doessel, Founder and CEO of MyCRA Credit Repairs and www.fixmybadcredit.com.au.

    In Broker News yesterday, it was noted there has been an increase in the number of first homebuyers partnering up to buy property. BN reported research from Mortgage Choice revealing up to two-thirds of first homebuyers will be planning to buy with someone else. De facto couples, friends, relatives and even work colleagues have been entering into home buying partnerships  to be able to afford property:

    “Sharing a home loan commitment with one or more people provides borrowers with the opportunity to split the cost of the property and the associated expenses, so that loan repayments are noticeably less than what they would be if they were buying solo. Another benefit is if the combined funds equate to a deposit of 20% or more of the purchase price, it will negate the need for lenders’ mortgage insurance,” company spokesperson Belinda Williamson said.

    But with those benefits come some things to be wary of. Some of us are great with money and some of us aren’t. If one of each type get together – the potential for both to be financially damaged is greatly increased. As credit rating repairers, every day we meet people who need help with fixing credit rating issues due to the financial shortcomings of a partner.

    De-facto couples

    When de-facto couples decide to take out a home loan together, as with married couples there can be many ways that joint debt can go wrong. Living together can increase the risk of credit file damage, just through the sheer volume of credit accounts that one or the other or both needs to be responsible for. The lines can get blurred, and if things go bad, joint debt can be difficult to fix. Very often one partner ends up with a bad credit score, simply because the other person on the account has not made repayments to the account. Often people are unaware their partner is generating defaults on their credit rating until it is too late. They apply for credit in their own right and are refused.

    Relatives

    Family joint debt can go really well, or really badly. There is generally a large element of trust. But as with de-facto couples emotion can get in the way of good business sense. People can make promises out of love without official documentation. If things go badly, it can not only damage the financial futures of the parties involved, but break down the family.

    Friends and work colleagues

    If the financial relationship is ‘strictly business’, it may be easier to separate the home loan from all other credit the individuals may possess. This is especially true if the property is purely an investment and neither person is living in the property.

    What happens if it all goes wrong?

    When we take out a home loan with someone else, and even rates, utility and phone accounts, we are very reliant on the partner to keep up their end of the credit repayments.

    A bad credit score due to a default (late payment of account past 60 days) lasts for 5 years, a ‘clearout’ listing is 7 years. During this time it is near to impossible to get another home loan, or credit card, or even a mobile phone plan while this negative entry appears on your credit report.

    So many times we hear clients say “I’m not sure how this happened – how can my clear credit file be damaged by something someone else did?”

    Unfortunately with any joint debt, both credit files are at risk if repayments aren’t made.

    How can I cover myself and my credit file?

    Here are some ways we can enjoy the benefits of getting into a home loan partnership without the pitfalls that could crop up for our credit file:

    1. Know about your new financial partner’s past credit history. People will do what they have always done. If they have financial skeletons in the closet we should be wary about leaving our credit rating at risk.

    2. Ask what debts they currently have. This will give you an indication of how they feel about money, and how much debt they consider normal to handle. Does this match with yours?

    3. Talk about paying bills. Do they always pay them on time? If not, why not? This will give you a good indication of how this person regards money and credit repayments.

    4. Ask what their financial goals are for the future. Do they match yours? If you intend to hold on to the property whilst the partner intends to sell in a few years to repurchase, are you prepared to pay them out? Will anyone be living in the property? How will you divide expenses on the property?

    5. Verify their answers about existing and past debt. Ask them if you can see a copy of their credit file. A copy of your credit report is free every year from one or more of the credit reporting agencies in Australia. It will be sent within 10 working days.

    6. Get all agreements in writing. Consider getting a solicitor to draft something up if necessary.

    “Clearly putting the ground rules in place from the start, preferably with the assistance of a solicitor drawing up a formal agreement, will go a long way to ensure all parties acknowledge their responsibilities and agree on unexpected contingencies,” Mortgage Choice’s Ms Williamson said.

    7. Leave emotion out of it. As much as you may be friendly with or even love the person you are buying the property with – people fall out. As much as possible try and detach your emotions while entering into the ‘business transaction’ you are making, so that if something does go wrong between you, your clear credit files remain intact.

    For more information on fixing bad credit or protecting your credit file, contact us at MyCRA Credit Repairs on 1300 667 218 or visit the main website www.mycra.com.au.

    Image: savit keawtavee / FreeDigitalPhotos.net

  • Valentine’s Day blues. What you need to know about your credit rating when love goes bad

    There are many people on Valentine’s Day who are falling out of love, not in love. If you are going through a divorce or separation, we provide 10 steps to financial separation and show you how to keep your clear credit file from being dumped along with the relationship.

    By Graham Doessel, Founder and CEO of MyCRA Credit Repairs and www.fixmybadcredit.com.au.

    Savingsguide.com.au had a fantastic Valentine’s Day article titled Post-Relationship Credit, about what to do with your finances when you divorce or separate. It inspired us to let you know how that separation can affect your credit rating.

    If you are in the middle of a separation, it is essential to look forward into the future to ensure that it does not impact on your credit rating and lead to a bad credit score.

    Emotions are running high – and sometimes tempers as well. People often use financial ties to deliberately hurt one another.

    The most important and sensible decision the two of you can make during the separation is to cut all financial ties and as early in the separation as possible.

    Don’t hold on to joint accounts and assets ‘just in case’ you reconcile. Even the most amicable of separations can potentially turn sour down the track. The sooner you make the break, the better off your future will be – even if you do decide to get back together in the future.

    As far as creditors are concerned if the debt is in both names, then you are both responsible for it regardless of who accrued it.

    For them, there is no such thing as a broken heart, just a broke person. Your aim should be to clear that debt and repair your credit rating as soon as possible.

    10 Steps for financial separation

    If you have just left your partner or spouse, here are 10 steps to financial separation you should take as early as possible in the break-up to keep your clear credit file. If these steps can be accomplished together, you can both get on with your lives as individuals without a bad credit score:

    1. Cancel joint bank accounts. You could use the money from these accounts to go towards paying off any debts you may have together.

    2. Pay off and cancel joint credit cards. If the debt on the card/s can’t be paid off, inform the creditor that you have separated and ask them to put a stop on the account so there may be no more transactions. They could possibly make arrangements to transfer the repayments to two separate accounts.

    3. Resolve the mortgage debt. Sell the home and divide the proceedings, or sell your share of the home to your ex-spouse or vice-versa. Before this takes place, notify the bank you have separated. Make sure no further amount can be redrawn on the loan and that you receive separate statements whilst you are separated and both still own the property.

    4. Transfer names on other accounts. Phones, electricity accounts, rental properties, rates, car loans and store credit should all be transferred to one name as appropriate.

    5. Pay any unpaid accounts. No matter who has accrued these debts, the creditors will still see you as responsible. Ensure all accounts are paid on time while they are in both names.

    6. Keep a record of all undertakings. Keep good paperwork and notes related to the separation, including cancellation or changes to any accounts for future reference.

    7. Employ a good family solicitor. Legal advice is important as it relates to children, family businesses and property. Also if anything runs off course with division of debt, they can give good advice on the next course of action.

    8. Notify credit reporting agencies. Let Veda Advantage, Dun & Bradstreet, or Tasmanian Collection Agency know of your separation and any steps you have taken to separate accounts to date.

    9. Check your credit score. Request a copy of your credit report and check each entry.  A free copy of your credit file is available every 12 months from one or more of the credit reporting agencies in Australia. This is essential particularly if settlement is drawn out over a number of years.

    10. Seek help from a professional credit repairer for any defaults, writs or judgements. Once outstanding accounts accrued by your spouse are paid, there is the issue of the bad credit score which needs to be cleared so you may have the opportunity to borrow again in the future. However, dealing directly with creditors could be problematic, they will tell you that defaults are never removed but can be marked as paid. However, at the moment even ‘paid’ black marks against your name can be enough for credit refusal, particularly if you are trying to buy a new property on one income.

    A professional credit repairer can check the creditor’s process of listing defaults for legislative and or compliance errors, any such errors could deem the credit file default listing unlawful, advising the creditor to remove the default.

    For help with fixing credit problems following your divorce or separation, contact MyCRA Credit Repairs tollfree on 1300 667 218 or visit our main website www.mycra.com.au.

  • Job and employment scam: Identity theft revealed at Shock Entertainment

    Music company Shock Entertainment’s new GM, Scot Crawford has revealed today he has been a victim of identity theft and has warned readers scammers are trying to steal personal information under the guise of employment for the company. We look at the details of this scam, how to recognise job and employment scams and how falling for them can lead to identity fraud and potentially a bad credit score for years to come.

    By Graham Doessel, Founder and CEO of MyCRA Credit Repars and www.fixmybadcredit.com.au.

    themusic.com.au reports:

    Shock sent out a media release today alerting that despite a lot of changes in the music company recently, “the current emails circulating from newly appointed General Manager Scot Crawford offering $1500 a month for a few hours work a day is an unfortunate case of on-line identity theft.”

    The emails are coming from a bogus gmail account – by an individual pretending to be the General Manager.

    The emails read, “This is Scot Crawford from Shock Entertainment, you have recently bought an item from us. I am recruiting a few people, from our recent customers for a payment processing team in Australia. The average income is around $1500 per month. Drop me a line if you’re interested and available 1 – 2 hours per day.”

    The offer seems – and is – too good to be true.

    The emails were circulating over the weekend and Shock have advised that police have been informed about them.

    Crawford said today, “It’s a pretty lousy situation to be in, but is being addressed by the police and we are expect a speedy resolution.”

    How job and employment scams operate:

    The ACCC’s SCAMWatch website warns against job and employment scams:

    “Job and employment scams target people looking for a new job or a change of job. They often promise a lot of income (sometimes they even guarantee it) for not a lot of work.

    You should be very careful of someone who uses spam email or ads posted in the street to employ people. They are often only interested in earning money from you!”

    SCAMWatch encourage job seekers to do their homework before responding to an advertisement guaranteeing employment or a certain income:

    “ask yourself why somebody would use spam emails to recruit people? Is the company reputable and well-known? Could the offer be part of a scam?   Very few, if any, reputable businesses offer guaranteed jobs or income through spam emails. Any job offer you receive through a spam email is likely to be a scam. For other types of advertising, you should still be very careful.”

    They also warn job hunters to do their homework on even seemingly legitimate job advertisements:

    Find out what the job actually involves and what evidence they have to support their claim that you are guaranteed a certain level of income. You should check with your fair trading agency who might be able to help you decide if the offer is legitimate.”

    Job and employment scams – how falling for them can damage your clear credit file:

    When a person falls for a job and employment scam, they have generally answered a ‘job ad’ possibly giving over a resume containing a significant amount of personal information to fraudsters – including potentially the victim’s full name, date of birth, address and past employment history.

    Personal information which could allow fraudsters to commit identity theft. There is no telling how much credit the fraudster could then take out in the victim’s name.

    For any damage to a person’s credit rating, whether instigated by the credit file holder themselves through late payments or a bad credit score from identity fraud, recovering a clear credit file and fixing credit problems is never easy for the individual to undertake.

    The identity theft victim’s clear credit file is even more difficult to restore, simply because there is the burden of proof. First the victim has to prove they didn’t initiate the credit themselves. This would require documentary evidence and Police reports. But the identity theft victim would be virtually banned from obtaining credit until they are able to wade through the mess that has been created for them on their credit report, and clear their good name.  Until such time they are unable to take out a home loan, get a credit card or even take out a mobile phone plan. A bad credit score can be very debilitating on top of all the other dangers and costs associated with fraudsters committing identity theft.

    If you have been a victim of a job and employment scam and suspect identity theft, it is important to contact Police immediately. It is also important to alert your financial institutions and even the credit reporting agencies so they can ‘flag’ your credit file and bank accounts and be alert to any suspicious activity.

    If you find out your credit rating has been affected, get professional credit repair. You may do more harm than good to your case trying to fix credit problems without a good strong knowledge of credit reporting law and procedures.

    Contact MyCRA Credit Repairs on 1300 667 218 or visit the main website www.mycra.com.au, we can review your credit report, help in negotiations with creditors and get you on your way to a clear credit file once again.

    Image: Dan / FreeDigitalPhotos.net

  • Keep your head when you follow your heart this Valentine’s Day

    Happy Valentine’s Day for tommorow, 14th February everyone…hoping cupid’s bow meets its target this Valentine’s Day and sends you someone special. If it does – and you are about to take the commitment road, here’s some important points you need to know about joint debt to prevent a bad credit score.

    By Graham Doessel Founder and CEO of MyCRA Credit Repairs and www.fixmybadcredit.com.au.

    Being in love and in particular new love can be the best feeling in the world. But let’s be honest, it’s not the most practical of states to be in. Sometimes our standards go out the window and we lose ourselves in the process of adding to our ‘relationship’ and creating an ‘us’. In this process it is important to remind ourselves of the important things about ourselves that should not change no matter who we’re with. Now going deep into that is probably another blog altogether. But let’s just concentrate on our finances and how we can maintain our good name and our clear credit file when we take our relationship to the next level of commitment with joint debt.

    Some of us are great with money and some of us aren’t. If one of each type get together – the potential for both to be financially damaged is greatly increased.

    As credit rating repairers, every day we meet people who need help with fixing credit rating issues due to no fault of their own really, but they have fallen under the financial shortcomings of a partner.

    When we take out any credit together, such as loans, utility accounts, homes and rental properties, we become very reliant on our partner to keep up their end of the credit repayments. Very often one partner ends up with a bad credit score, simply because the other person on the account has not made repayments to the account. Often people are unaware their partner is generating defaults on their credit rating until it is too late. They apply for credit in their own right and are unable to proceed due to debts and bad credit their partner has initiated. The relationship may even have ended years ago. A bad credit score due to a default lasts for 5 years, a ‘clearout’ listing is 7 years.

    So many times we hear clients say “I’m not sure how this happened – how can my clear credit file be damaged by something my partner did?” Unfortunately when couples go into joint debt, both credit files are at risk if repayments aren’t made.

    So how do people protect themselves, their assets and their good credit rating, BEFORE they marry or move in together and create joint debt?

    Many people come unstuck by not asking the tough financial questions about their prospective partners early in the relationship:

    1. Ask about your new partner’s financial past. People will do what they have always done. If they have financial skeletons in the closet we should be wary about leaving our credit rating at risk.

    2. Ask what debts they currently have. This will give you an indication of how they feel about money, and how much debt they consider normal to handle. Does this match with yours?

    3. Talk about paying bills. Do they always pay them on time? If not, why not? This will give you a good indication of how this person regards money and credit repayments. Ring any alarm bells yet?

    4. Ask what their financial goals are for the future. Do they match yours? If your new partner wants to blow all of their money on an overseas trip, but you want to save for a home – how will this work long term?

    5. Verify their answers about existing and past debt. Ask them if you can see a copy of their credit file (and versa of course). A copy of your credit report is free every year from one or more of the credit reporting agencies in Australia. It will be sent within 10 working days.

    If some of the answers to these 5 questions don’t leave you running out the door, but leave you wondering whether you are on different planets when it comes to money, it could mean you need to keep your finances separate for a significant period of time. For instance, just because you have bought a home together doesn’t mean you can’t keep other bank accounts, credit card and previous homes you own in your name only.

    It might also be a good idea to be the one responsible for all joint debt accounts, and to check those statements regularly for any issues.

    It is also important long term to order a copy of your credit file regularly. This will notify you of any problems before you apply for credit in the future.

    Just remember that as high as emotions can run, they can also get just as low. Your financial generosity now could become the very thing that is used against you if the relationship sours. Before you enter into any financial transaction, consider carefully how secure you would be if things did take a turn for the worse. Then you can relax and enjoy the buzz of falling in love.

    For help with fixing credit rating or listing errors, contact MyCRA Credit Repairs on 1300 667 218 or visit our website www.mycra.com.au.

  • The dead not protected from identity theft

    Even in grief identity theft can strike us and affect our credit file and the clear credit file of those we leave behind. Grieving relatives may need to protect themselves and their loved one’s good name against this fraud, following a recent spate of identity theft of deceased individuals.

    By Graham Doessel, Founder and CEO of MyCRA Credit Repairs and www.fixmybadcredit.com.au.

    There are so many things to think about when someone dies and it is very unfair that grieving relatives need to think about possible identity fraud on top of everything else, but the fact is it may be necessary to protect not only their memory, but the good credit file of the living.

    Last year a Sydney court sentenced a man and a woman to two years jail for identity theft.

    The Courier Mail ran details of the story in September last year, in which the court heard the couple “spent nine years trawling cemeteries across Australia collecting the details of dead people, with Queensland targets including a disabled man and a baby less than two days old.”

    “The couple created fake “identity kits” using the details of the deceased, including bogus passports, Medicare cards, drivers’ licences and bank accounts, which they sold to criminals for up to $30,000 each”, the story said.

    In October, The Australian ran a story ‘Backlog of births, death records prone to identity theft’, detailing the possible prevalence of these instances of ID Theft. It told of data processing backlogs at some government birth, deaths and marriages registries that have left the door open for fraudsters to assume the identities of dead Australians.

    The fixing of the identity loophole had been delayed by a dispute with developer UXC, whose contract with the NSW Registry was terminated in 2009. The registry said it had received $2.9 million in damages as a result.

    A new contract had now been negotiated with Objective Consulting for $11.4m, with the first release of a new registry due in June next year.

    Queensland too is yet to digitise its birth, death and marriages records to enable automatic cross-checking between births and deaths data.

    “The project is currently in the final stages of contract negotiation with digitisation currently scheduled to run from early 2012 to 2014,” a Queensland Births, Deaths and Marriages Registry spokeswoman said.

    Queensland’s 2009-10 budget had allocated $20.8m for digitisation of records.

    The spokeswoman said when digitised, its operators would be required to complete an electronic search of Queensland death records before releasing a birth certificate.

    Software developer John Doolan, who has worked with birth, deaths and marriages registries across the Australian eastern seaboard for more than 20 years, said the enormous backlog in unmatched birth and death records was a headache.

    “We are aware of cases of false identities that have been created and stolen,” said Mr Doolan, the chief executive of KE Software, which has different versions of its software operating in Queensland, NSW, Victoria and Tasmania.

    The ability of a person involved in immigration fraud, tax evasion, social security rorts and even terrorism to obtain a legitimate birth certificate by using a dead person’s identity is still possible at these registries.

    While states are rushing to digitise this process, relatives should be aware of how a deceased person’s personal information could be compromised, and act quickly to protect their  credit file and good name in death.

    – Relatives can start by obtaining several copies of their loved one’s death certificate, and providing one to each credit reporting agency in Australia. The credit reporting agency can then ‘flag’ the credit file so that no future credit is issued in that name.

    – Also pay particular attention to how much information is given away in the obituary. As in life, in death, personal information is a valuable commodity. Restrict the publication of any details which could allow fraudsters to piece together details to create a false identity.

    – It is also important to provide a death certificate to financial institutions and notify all other credit facilities of the death, particularly where joint accounts may be involved. This could prevent the other person attached to the joint account of the deceased having their clear credit file compromised by possible identity theft.

    If fraudsters gain access to someone’s good name – living or dead they may be able to drain bank accounts, or open new lines of credit in the person’s name.

    Often people don’t find out about the identity fraud until they attempt to take out credit and then find out they have a bad credit score due to a series of defaults they have no knowledge of. It was reported that in the case heard by the Sydney courts, the names of the deceased were used to create false Medicare cards, birth certificates, drivers’ licences, bank accounts and credit cards. Forged documentation and identities were sold to criminals, including members of the Lone Wolf bikie gang, so they could apply for passports.

    Any kind of credit account (from mortgages and credit cards through to mobile phone accounts) which remains unpaid past 60 days can be listed as a default by creditors on the victim’s credit rating, and those defaults remain there for 5 years.

    Relatives left with the task of trying to repair the credit file of their deceased, particularly the credit files of joint account owners can find the task a difficult one. To restore the clear credit file the identity theft victim needs to prove to creditors they did not initiate the credit. Not only are victims generally required to produce police reports, but large amounts of documentary evidence to substantiate to creditors the case of identity theft.

    If people need help credit rebuilding and restoring credit activeness following identity theft, please contact MyCRA Credit Repairs tollfree on 1300 667 218 or visit the main website www.mycra.com.au

    Credit rebuilding is not easy for anyone to undertake themselves, particularly those who are facing grief. Many times when restoring credit individuals will be told that listings can be marked as paid, but this does not give the victim a clear credit file.

    Using a credit repairer skilled in credit reporting legislation will help to enforce rules creditors are bound to comply with, and coupled with negotiations will ensure the best chance at a clear credit file.

    Image: Arvind Balaraman / FreeDigitalPhotos.net