MyCRA Specialist Credit Repair Lawyers

Tag: Clear-out

  • How your credit rating can be damaged when you move.

    moving houseDid you know, that every time you move house, you run the risk of damaging your credit rating? It happens if loose ends are not tied up on your credit accounts before you leave your old address. We look at some ways you can make sure you don’t risk your good credit rating, and ability to get a loan in the future when moving house.

    By Graham Doessel Founder and Non-Legal Director of MyCRA Lawyers www.mycralawyers.com.au.

    Moving is a time of stress and chaos. All of your important stuff is boxed up and in transit. You’re flat out cleaning the old place on time, let alone tending to those financial loose ends. But to maintain the integrity of your credit rating, it is really important that you have a plan for making a clean break at each residence.

    Time and again we have the situation where clients apply for a home loan and are refused because they have ‘surprise bad credit’, which when we track it back for them is due to the fallout of accounts sent to their previous address. This may not always be your fault.

    We have had plenty of clients who’ve needed help disputing their credit listing, because their Energy Provider could not work out that cancellation of their old account and installation at the new address meant that they had actually moved. Their final account was sent to their old address because they had not specifically provided a forwarding address.

    Not notifying your Credit Provider of your new address when you move can lead to a Serious Credit Infringement or ‘clear-out’ listing being placed on your credit file. This listing is, as the name suggests, much more serious than a default.

    What is a Serious Credit Infringement (SCI)?

    A serious credit infringement is an overdue debt in which the Credit Provider has been unable to contact the individual for 6 months following the overdue debt, despite reasonable attempts by the Credit Provider to do so. A SCI is listed on your credit file for 7 years. If contact is made within that time, and the overdue debt is paid, the listing is then downgraded to a default, which carries only a 5 year term.

    To avoid this, here are 5 tips for keeping your credit rating in check when moving house:

    1. Let all your Credit Providers know you will be moving and give them a forwarding address.

    You are obliged to update your Credit Providers with your forwarding address when you move. When you make that call to your Credit Provider, be sure to make a note of the day, time and person you spoke to about the request.

    Often we have people say they have told their telco or their energy company they are moving, and provided a forwarding address, but mail has still gone amiss and the client has ended up paying for it. If you have specific details of your call – the Creditor may be able to bring up the recording and verify your request.

    2. If ending an account with a Provider, request a final account.

    If you need to cancel your account, such as an Energy or home phone account when you move, make sure you request a final account for services. There may be incidental charges, or pay out fees as well as days accrued in the new bill period. Pay that notice as soon as possible.

    3. Don’t assume your account is finalised until you get it in writing.

    Once you have paid your final account, request a statement be sent in writing verifying the account is at an end. If you don’t receive that notice, chase it up.

    4. Cancel any direct debits.

    Places such as gyms and childcare centres operate payments via a separate direct debit company. If you have any direct debits set up, you should notify the company of the cancellation and of your forwarding address.

    Don’t assume correspondence with your gym is enough to cancel that account. You will have signed a separate contract with the direct debit company, and you are just as obligated to them if you have missed payments, for whatever reason.

    5. Redirect mail.

    Despite providing a forwarding address, and despite your attempts to finalise your accounts, there can be instances where a Credit Provider continues to send mail to your old address.

    Creditors can and do make mistakes, and one common mistake is simple computer or human error with billing systems. To prevent their oversight from costing you your good name through bad credit, consider redirecting mail through Australia Post to your new address.

    If you have just found out you have bad credit, there are many circumstances where you may be able to successfully dispute the credit listing. For help to dispute your default or Clear-Out listing, contact MyCRA Lawyers on 1300 667 218.

    Image: Ambro/www.FreeDigitalPhotos.net

     

  • Aussies “On the Move” need clear strategy to tie up financial loose ends.

    Media Release

    Aussies “On the Move” need clear strategy to tie up financial loose ends.

    Australian residents are as mobile as ever, according to a recent Australian Bureau of Statistics report, but an advocate for accurate credit reporting warns every time Australians move, they run the risk of damaging their credit rating by not tying up loose ends on their accounts.

    CEO of MyCRA Credit Rating Repair, Graham Doessel says it is vitally important that consumers have a strategy for making a clean break at each residence to maintain the integrity of their credit rating.

    “Time and again we have the situation where clients apply for a home loan and are refused because they have ‘surprise bad credit’, which when we track it back for them is due to the fallout of accounts sent to their previous address,” Mr Doessel explains.

    The recent ABS report ‘Still on the Move’ examines internal migration across Australia between 2006 and 2011 censuses. The report revealed that 41.7% of Australian residents had moved in the five years prior to the August 9 2011 Census night.[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][i]

    Mr Doessel says the rate of Aussies on the move is reflected in the volume of moving-related credit issues, and these are not always the fault of the consumer.

    “For example, we had a client who needed their credit rating repaired because their Energy Provider could not work out that cancellation of their old account and installation at the new address meant that they had actually moved. Their final account was sent to their old address because they had not specifically provided a forwarding address,” he says.

    Mr Doessel provides 5 tips for keeping your credit rating in check when moving house:

    1. Let all your Creditors know you will be moving and give them a forwarding address.

    You are obliged to update your Creditors with your forwarding address when you move. When you make that call to your Credit Provider, be sure to make a note of the day, time and person you spoke to about the request.

    “Often we have people say they have told their telco or their energy company they are moving, and provided a forwarding address, but mail has still gone amiss and the client has ended up paying for it. If you have specific details of your call – the Creditor may be able to bring up the recording and verify your request,” Mr Doessel says.

    2. If ending an account with a Provider, request a final account.

    If you need to cancel your account, such as an Energy or home phone account when you move, make sure you request a final account for services. There may be incidental charges, or pay out fees as well as days accrued in the new bill period. Pay that notice as soon as possible.

    3. Don’t assume your account is finalised until you get it in writing.

    Once you have paid your final account, request a statement be sent in writing verifying the account is at an end. If you don’t receive that notice, chase it up.

    4. Cancel any direct debits.

    Places such as gyms and childcare centres operate payments via a separate direct debit company. If you have any direct debits set up, you should notify the company of the cancellation and of your forwarding address.

    Mr Doessel explains, “Don’t assume correspondence with your gym is enough to cancel that account. You will have signed a separate contract with the direct debit company, and you are just as obligated to them if you have missed payments, for whatever reason.”

    5. Redirect mail.

    Despite providing a forwarding address, and despite your attempts to finalise your accounts, there can be instances where a Credit Provider continues to send mail to your old address.

    “Creditors can and do make mistakes, and one common mistake is simple computer or human error with billing systems. To prevent their oversight from costing you your good name through bad credit, consider redirecting mail through Australia Post to your new address,” he says.

    Mr Doessel says Australians who have moved and have now been lumbered with surprise bad credit need not put up with it for 5 or even 7 years.

    “If your Creditor has an incorrect address for you and they have placed a default or Clear-out on your credit file then you should dispute your credit listing and insist your credit file reads accurately,” he says.

    /ENDS.

    Please contact:

    Graham Doessel – Ph 3124 7133

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

    Ph 07 3124 7133 www.mycra.com.au www.mycra.com.au/blog 246 Stafford Rd, STAFFORD Qld

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

     
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    [i] http://www.abs.gov.au/websitedbs/censushome.nsf/home/CO-68[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • What Does Your Credit File Say About You?

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    Our credit file is like a mirror on our finances. How healthy are you looking? Here’s a back to basics look at the ins and outs of taking on credit in Australia, and why it’s important to look your best when applying for credit by having a clean credit history.

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

    When you apply for credit, the lender will, after assessing your savings history, your income and your debts – order a credit check on you. This involves contacting one or more of Australia’s credit reporting agencies, to order a credit report from your credit file.

    What the lender sees on your credit file can reflect your assets, your good history, but it can also reveal your financial shortcomings. It can be a reflection of your inability to stick with something, your disregard for repayments, or the financial potholes that are sometimes impossible to climb out of. Let’s look at what a lender might see about you on your credit file, and how you can make sure it looks squeaky clean.

    Your Credit File

    Is a collation of your credit history. As soon as you become credit active, you have a file opened in your name. This file is then attached to you as long as you apply, use and unfortunately abuse credit – it will follow you everywhere in Australia.

    If you have applied to borrow money, or have established an account for services you are considered credit active.

    Every creditor inputs information about you to one or more of the credit reporting agencies in Australasia. Australia’s CRA’S include: Equifax (Formerly Veda Advantage), Dun & Bradstreet, Experian & Tasmanian Collection Services (TASCOL) if in Tasmania.

    What a credit file contains

    – Your credit file includes identity information – such as your full name, date of birth, gender, driver’s licence details, addresses and employer information.

    It also includes other information about your credit and repayment of credit history:

    -Any current active credit and details of current credit providers, for instance mortgages, personal loans and credit cards.
    – Any overdue credit accounts – these may be reported as either a ‘payment default’ or a ‘clearout’.

    How long will I have bad credit?

    Credit Reporting Body Equifax reports these time periods for holding information on your credit file:

    How long is the information held on my credit file?
    • Credit applications and enquiries and overdue accounts are held on your file for five years
    • Overdue accounts listed as a payment default are held for five years
    • Overdue accounts listed as a Clearout are held for seven years
    • Bankruptcy Act Information is held on your file for seven years (prior to January 1998, Bankruptcy Act Information was held for five years)
    • Court Judgments are held for five years
    • Writs & Summons are held for four years
    • Identity information, which includes name, date of birth, sex, drivers license, address history, and linked names (if any) are held for the life of the credit file. This information is used to distinguish the credit file from others held in the database
    • Purge dates are calculated on the date the information was added to the file, and are based on the time limits provided in the Privacy Act 1988
    • Files are scanned each month and out of date information is automatically purged to ensure the files are accurate.

    NB: Even when an overdue account or clearout has been brought up to date or paid in full, it will not be removed from your file.

    All payment default listings remain on file for five years from the date of listing. All clearout listings remain on file for seven years. The fact that an account has become overdue, and then been paid becomes part of your credit history.

    Your credit report

    As the credit file holder, you are legally able to obtain a copy of your credit report for free from all of the credit reporting agencies in Australia every 12 months – and a written copy of your credit file will be provided within 10 days from your written request.

    Every credit active person should obtain a copy of their credit report annually  – regardless of whether or not they think they have a bad credit rating. It is important that when checking your credit file, you obtain reports from all possible credit reporting agencies.

    Definition of a ‘bad’ credit rating

    If you don’t already know you have bad credit, you would be notified at the time of credit application, when the credit provider obtains a copy of your credit file.

    In broad terms, any credit defaults, court actions or writs, external administrations and bankruptcy are all recorded on your credit file and would be considered ‘bad’ credit history by most credit providers.

    In this current economic climate even too many credit applications are often considered to be ‘black marks’ on your credit file.

    Impact of a bad credit rating

    If you discover you have a negative listing on your credit file, you will find it very difficult to obtain mainstream credit in the future, generally for the term of the listing (5 -7 years).

    You will likely be refused a home loan with most lenders and possibly be refused credit of many kinds from credit cards to phone plans right through the term of the listing.

    Too many credit enquiries on your credit file may also stop you from getting major credit with most lenders.

    Most times the loan options available to bad credit clients are at significantly higher interest rates in order to cover the risks associated with taking on someone with bad credit.

    Can you change what is said about you on your credit report?

    It depends if the information on your credit report is accurate or not. If your address or other personal details are inaccurate, you may want to contact the credit reporting agencies to have this rectified. But you should also consider why. Do you think it’s possible that there are inconsistencies on your report? If you also have defaults or other credit listings which you feel shouldn’t be there, you should pursue the matter through making a claim with the Creditor to dispute and remove any listings which should not be there.

    Any credit listings which you feel are unfair, incorrect or just shouldn’t be there should be addressed well before you need to apply for credit. The impact of bad credit is pretty severe – and can haunt you for a long time. Spend the time to make sure everything is correct on your credit report.

    You may only get one chance at clearing your credit file – so it’s important to give yourself the best chance of having any inconsistencies removed from your report by using a professional credit repairer.

    Sometimes individuals can attempt to deal with creditors to remove the credit rating default themselves and can do more harm than good by not understanding the legislation.

    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.

    Then the credit repairer negotiates with the creditor who initiated the listing on your behalf to remove the default.
    This can also often involve lengthy requests and submissions of documentation until an agreement is reached by the creditor and the repairer to remove the offending black mark.

    Not every credit file is suitable for credit repair. The credit repair company can review your situation and determine whether your case is worthy of pursuing.

    For advice about whether your adverse listing may be suitable for credit repair, contact a Credit Repair Advisor on 1300 667 218 or visit our website for more information www.mycralawyers.com.au.

    Once your credit file is restored and your bad credit is removed, you will be looking great to the lender, and ultimately feeling great when you have access to the best credit you can, at the best rates.

    Image: Stuart Miles/ www.FreeDigitalPhotos.net

    Image 2: imagerymajestic/ www.FreeDigitalPhotos.net

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  • 5 Loan Solutions For Bad Credit

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    MyCRA Expert Credit Repair Lawyers Can Fix Your Bad Credit So You Can Be Approved!
    MyCRA Expert Credit Repair Lawyers Can Fix Your Bad Credit So You Can Be Approved!

    If you have a default, Clear-Out, Judgment, or Writ noted on your credit file – then you have one of the 4 common types of ‘bad credit’ which show up on Australian credit reports every day. It may be something you have been aware of since your Creditor put it there, or it could be something that slaps you in the face right when you are applying for a loan for a house, car or credit card. But if the question you really want answered is…’How can I get a loan with bad credit?’ we show you 5 ways you might still qualify for a loan while you have a black mark on your credit report.

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

    1. Apply with a lender who does not use credit scoring

    Recently Your Mortgage magazine published the Six ways to get a loan with bad credit, written by Smartline Mortgage Adviser, Kim Wight. Here is her first piece of advice on applying for credit:

    Most lenders use a computer-based system called credit scoring to assess your home loan application, says Ms Wight.

    “This means that the data collected in your application is given a rating or score and if the computer scores you as a bad risk, the application is declined before a real person has a chance to look at the application or hear your story as to why you have had credit problems in the past. In other words, ‘computer says no’,” she explains.

    “By applying with a lender who does not use credit scoring, your application – and the reason for your past credit problems – will be assessed by a real person, who can evaluate your personal situation past and present and use this information to make their decision on your application; it can be a case of, ‘human says yes’.”

    2. Apply with a non-conforming lender

    A non-conforming lender specialises in loan products for higher risk clients. These lenders are an alternative for those people who do not meet the lending criteria of traditional institutions for a variety of reasons, which includes bad credit clients, limited documentation, and low or no deposit clients. With the higher risk also comes a higher interest rate – usually 1% to 3% more than the standard interest rate.

    On the downside, this may add thousands of dollars over the life of the loan. Also non-conforming home loans lenders will require stricter repayment conditions and may penalise late or irregular payments. On the other hand if the payments are consistent and on time for a period of 1 or 2 years some may reward borrowers with interest rate cuts.

    If non-conforming home loans borrowers make regular repayments over 3 years they may be able to refinance their home loan with a standard variable interest rate home loan.

    But this type of loan should really be a last resort for borrowers – and we show you why.

    Norm is looking at a $300,000 loan. The interest rate with the non-conforming lender is 9%. There is a difference of 2% from the standard variable rate of 7% on the loan he was applying for before he found out he had bad credit.

    Norm and his family will pay $15,046.57 more in interest alone with the non-conforming loan just over those first three years prior to refinancing. Use our credit repair savings calculator to find out what it could cost you.

    But how do you apply with a mainstream lender if you have bad credit?

    3. Save more deposit and avoid mortgage insurance

    If you save over 20% deposit, plus your stamp duty and legal costs, you may be exempt from mortgage insurance. The mortgage insurance covers the lender in case you don’t repay the loan. If you can provide the bank with an ample deposit, their approval may be all that is necessary to secure the loan. If your financials stack up, and you have a great deposit, the bank may decide to approve you despite that black mark on your credit file.

    4. Prove to the bank that you can repay the debt

    Your Mortgage also says it is necessary to show a good repayment history if you wish to be considered for a loan while you have bad credit. And this makes sense. If you can’t demonstrate you have moved past those previous problems, by paying your accounts on time – the bank will probably wish to decline your application – whether that be with a mainstream lender or an alternative lender.

    “If you have had problems in the past, you need to show that you are now back on track by ensuring all current financial commitments are being paid on time,” Wight says.

    “This includes not only your loans and credit cards but your rent and utilities as well. Evidence of regular savings will also strengthen your application.”

    The other very essential thing to remember is that honesty is always the best policy when applying for credit. The worst thing you can do when you attempt to look into a loan with bad credit is pretend you don’t have it and hope that mainstream lenders don’t notice. Ah…they will – and this indiscretion will severely hurt your chances of obtaining credit.

    5. Determine whether the bad credit should really be on your credit file

    Sometimes bad credit history is legitimate. It is put there because we haven’t paid our bills on time, and the creditor, having done all the right things, has been left with no choice but to note it on our credit file.

    But in other cases our credit listing shouldn’t be there – because it was issued to our credit file unlawfully. Here are a few quick examples of how bad credit history may be unlawful:

    The listing is unfair (you don’t deserve to have the default in the first place); the creditor has defaulted the wrong credit file (eg system mistake or identity theft); the creditor has not given correct notification prior to the default – just to name a few.

    In these cases and many more, it is in your best interests to check whether you might be able to have the bad credit listing removed from your credit file, so that you can apply with a mainstream lender. If in doubt – get it checked out.

    You should repair your bad credit through a professional for a number of reasons…

    1. Most creditors will tell you they can’t remove the listing.

    2. You need to provide legislative evidence in order to prove the listing was placed unlawfully.

    3. Negotiating with creditors in the wrong way could lead to a fight on your hands and/or documents and client notes ‘disappearing’.

    The best way to see if you may be suitable for credit repair is by contacting a specialist credit repair company or a lawyer.

    You can contact a MyCRA Expert Credit Repair Lawyers Credit Repair Advisor on 1300 667 218 or visit our main site for more information www.mycralawyers.com.au.

    Image: Stuart Miles/ www.FreeDigitalPhotos.net

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  • Bad Credit Loans In Australia – Are They Right For You?

    After seeing a broker or bank – you find out you’ve got bad credit! After picking yourself up off the floor – you decide to proceed with that home or business loan anyway. But is your only option to seek out one of the many “bad credit” loans in Australia at a much higher interest rate? There could be an alternative for you…determining whether you have grounds to remove the bad credit tarnishing your credit file with the help of a professional credit repair firm. We have provided a basic credit repair suitability test in this post which you can use to find out whether it could be a better option for you than a bad credit loan.

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

    A bad credit report is a big deal. For between 5 and 7 years, you are generally refused mainstream credit with most lenders – especially in the current economic climate. Often people can’t even get a mobile phone plan.

    Despite this, many bad credit loans are available out there for people who are on the outer due to bad credit defaults and other credit listings. But do bear in mind, bad credit (non-conforming) loans generally come at a much higher interest rate, which could cost you tens of thousands more in interest just over the first three years of the loan. For example, on a standard $300,000 loan the difference in 2% from the standard variable rate of say 7% to a bad credit loan rate of say 9% could mean your family is paying as much as $15,046.57 more over those first three years just in interest. Use our credit repair savings calculator to find out what it could cost you.

    Recently savingsguide.com.au published a great article titled A Guide To Loans For People With Bad Credit. 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…contrary to what a Creditor may tell you, bad credit in Australia can be removed from your credit file if it was listed unlawfully.

    If you’re not sure whether you would qualify for credit repair, take a glance at this suitability test. If even one of these 6 questions seems to fit your circumstances, you would be a good candidate for assessment for credit repair by a professional.

     

    Credit Repair Suitability Test

    1. Is the credit listing on your credit file unfair?

    If you believe the Default, Clear-out, Writ or Judgment on your credit file has been unfairly placed then you may have grounds to dispute the credit listing with your Creditor. A professional credit repair firm will build a case for its removal based on credit reporting legislation and also legislation pertaining directly to the Creditor’s industry and your specific circumstances.

    2. Is the credit listing on your credit file a result of identity theft?

    If you have been a victim of identity theft, the onus will still be on you to prove you didn’t initiate the credit. A professional credit repair firm can talk you through the steps to take once you have contacted Police which will help you to recover your good credit rating once again. The process will involve proving to Creditors that you didn’t initiate the credit in your name. It’s not always easy, but it’s a point worth fighting for.

    3. Have you been given the required notification of the credit listing prior to it being placed on your credit file?

    Creditors are bound by strict legislation when it comes to listing defaults, writs and Judgments on credit files. If you suspect you may not have been given the right notice by your Creditor, you may have grounds to dispute the listing and request its removal. It is essential that listings are placed accurately on Australian credit files, and we believe Creditors should adhere to Australian law at all times when placing listings on credit files. If you’re not sure it would be well worth calling a professional credit repair firm to assess your credit file for you.

    4. Does your credit report reflect that the Creditor has the wrong contact information for you despite you notifying them otherwise?

    If you have moved, sometimes bills get sent to your old address. Wrong addresses and phone numbers listed on your credit file can often mean the Creditor has not given you the appropriate notice or warning letters prior to the credit listing. If you think this has happened to you, then this mistake could mean the listing has been placed unlawfully on your credit file.

    5.  Is there an out and out mistake on your credit file?

    Creditors undergo system errors and issues all the time which can sometimes lead to credit listing mistakes. Human error is also a common reason for mistakes on credit files. Sometimes the wrong account can be attributed to you because of a similar name or mistakes with billing amounts or billing addresses can lead to debts you shouldn’t have. If you suspect a creditor may have made a mistake on your credit file, or you’re just not sure, contact a professional credit repair firm who can verify that for you and build a case for the credit listing’s removal from your credit file. It doesn’t have to be a big mistake to constitute an unlawful listing.

    6. Were you undergoing some kind of unusual hardship circumstances which you believe the Creditor has ignored prior to placing the default, writ or Judgment on your credit file?

    If you have told your Creditor you were undergoing financial hardship, then they are generally bound to help you make better payment arrangements as a solution to this hardship rather than immediately placing a credit listing on your credit file. If your credit report reflects this issue, a professional credit repair firm might be able to help you have this unfair listing removed.

     

    There are many more reasons why you might be suitable for credit repair based on your individual circumstances. If you would like an assessment for your suitability for credit repair, talk to a consultant at MyCRA Credit Rating Repairs who can assess how you might fare in removing bad credit before you commit to any bad credit loan in Australia.

    Image 1: Stuart Miles/ www.FreeDigitalPhotos.net

    Image 2: Master isolated images/ www.FreeDigitalPhotos.net