MyCRA Specialist Credit Repair Lawyers

Tag: consumer credit advocate

  • Identity theft at their fingertips: Fraudsters and Social Media

    Media Release

    Identity theftIdentity theft at their fingertips:

    Fraudsters and Social Media

    5 June 2014

    As identity theft numbers increase in Australia, a consumer credit advocate shows how easy it can be for fraudsters to commit identity theft using social media, warning there are too many Australians disregarding their personal information, and leaving themselves wide open to identity theft and credit rating misuse.

    Graham Doessel, who is a Non-Legal Director of MyCRA Lawyers, a firm focused on credit dispute, says social media users who don’t opt in and maintain strong Privacy settings are ‘sitting ducks’ for fraudsters.

    “Fraudsters are trolling Social Media and other internet sites right now, looking for those consumers who are free and easy with their personal information,” Mr Doessel warns.

    “If you don’t strengthen your Privacy settings you run a grave risk – it’s not just the risk of having your account hacked, it’s the risk of having your identity stolen and having crime, including credit fraud, committed in your name.”

    Mr Doessel says the reason Facebook and other social media are so tantalising for fraudsters, is because many of the building blocks for identity theft are laid out.

    “If your Privacy settings aren’t secure your personal information is right at the fingertips of fraudsters,” he says.

    In order to obtain a birth certificate in Australia, a full name, date of birth, father’s name, mother’s maiden name, place of birth, and residential address are required.

    Mr Doessel says this can all be freely available on many social media profiles.

    “The other day I went on to a popular social media site, to see how easy it could be to obtain information. The frightening thing is, within five minutes of browsing a ‘random’ name, I was able to get four points of the information required on this person, and have a pretty good guess at the fifth. By simply changing the address, a fraudster could have a red-hot go at obtaining a birth certificate in this person’s name,” he says.

    Mr Doessel says other random browses proved to be similarly forthcoming, particularly amongst men using social media.

    “Women seemed to safeguard their information much better than the men I came across, begging the suggestion that women are much savvier when it comes to social media Privacy,” he says.

    His warnings come as part of Stay Smart Online Awareness Week 2014, a national education campaign aimed at helping Australians using the internet understand the simple steps they can take to protect their personal and financial information online.

    “We are raising awareness of some simple ways Australians can stay smart with their credit rating. Smart Facebook and other social media use have got to be number one,” he says.

    He is urging Australian users of social media to take some simple steps to protect the privacy of their profiles:

    Staying Smart on Facebook

    1. Don’t share too much, remember your personal information is valuable – and often once you’ve posted something online – it’s permanent.

    2. Install and maintain strong Privacy settings on social media.

    3. Change passwords regularly and use different passwords for different sites.

    4. Put a password on your mobile device.

    5. Don’t ‘friend’ someone you don’t know.

    6. Be wary about the type of requests, emails and attachments you click on.

    According to a recent Australian Institute of Criminology Identity crime and misuse survey, identity theft has increased to 1 in 10 Australians affected. 14 per cent of those victims were refused credit as a result.

    “Identity theft can lead to loans or other credit being taken out in the victim’s name, and often the victims don’t even know they’ve succumbed to identity theft until they’re refused credit themselves,” Mr Doessel says.

    He says recovery can be painstaking because the victim needs to prove they didn’t instigate the credit in the first place, but often necessary due to the victim being locked out of credit for between 5 and 7 years.

    “Identity theft can be really hard to prove, especially if the victim has no idea how their personal information was obtained in the first place. Police reports and large amounts of documentary evidence are generally required to substantiate to creditors the case of identity theft, but to those experiencing this, it’s a point worth fighting for,” he says.

    /ENDS.

    Please contact: Graham Doessel – Non-Legal Director MyCRA Lawyers Ph 3124 7133

    Lisa Brewster – Media Liaison MyCRA Lawyers media@mycralawyers.com.au

    www.mycralawyers.com.au www.mycralawyers.com.au/blog  www.mycralawyers.com.au/mediacentre

    MyCRA Lawyers 246 Stafford Rd, STAFFORD Qld Ph 07 3124 7133

    About MyCRA Lawyers: MyCRA Lawyers is an Incorporated Legal Practice focused on credit file consultancy and credit disputes. MyCRA Lawyers means business when it comes to helping those disadvantaged by credit rating mistakes.

    Image: Gualberto107/ www.FreeDigitalPhotos.net

  • The new credit habit EVERY Australian should adopt in 2014

    Media Release

    credit reportThe new credit habit EVERY Australian should adopt in 2014.

    15 January 2014

    New credit history data about Australians is set to be shared with credit providers in March this year, after a 16-month collection period that many consumers have been unaware of – and a consumer credit advocate is warning Australians about the importance of routinely checking their credit rating to make sure their information is accurate.

    Graham Doessel, Non-Legal Director of MyCRA Lawyers – a firm focusing on credit disputes, says come March, Australia’s credit reporting laws are set for a major overhaul as part of widespread changes to the Privacy Act 1988 (Cth) and a move to more “comprehensive” credit reporting will see much more information available to lenders, including repayment history.

    “Since December 2012 if you have been late making repayments to finance providers on accounts such as credit cards and loans, this information has been collected. From March 2014 this information will be included as part of your credit history and available to potential lenders who perform a credit check,” Mr Doessel explains.

    The other new data sets available to lenders include – the date on which a credit account was opened; the date on which a credit account was closed; the type of credit account opened; and the current limit of each open credit account.

    “It is up to every individual to ensure the information recorded about them is accurate, but unfortunately, the majority of Australians are just not checking their credit rating – I think this is a big worry going forward under these new laws.”

    In September last year, credit reporting agency Veda Advantage published results of a survey showing that a whopping 80 per cent of Australians have never checked their credit history and 53 per cent were not aware that they could ask for a copy of their credit file.(1)

    Mr Doessel says these numbers reflect a nation which is largely unaware of just how important their credit file can be for lenders making financial decisions.

    “There are no class lines, whether rich or poor if your credit file is ‘impaired’ by negative notations, your ability to obtain credit will be affected or the interest rate you are offered will be higher,” he says.

    Up till now, only accounts more than 60 days in arrears were recorded on Australian credit files and listed as ‘defaults’. The new laws add to this, and allow for the 2-year recording of late payments on licenced credit made even one day late, although Mr Doessel says a grace period of 5 days has been proposed to be implemented with a new Credit Reporting Code of Conduct.

    “Five days is still an extremely small window in which to ensure that mistakes or simple oversights on both sides haven’t occurred. It is really essential that Australians keep good paperwork on all credit accounts, and routinely check their credit history,” he says.

    Mr Doessel says it is unknown just what weight lenders will give to this new information they have available to them.

    “It’s up to each lender and their own calculations as to how they treat this new information as well as whether a potential borrower is refused credit or bumped up to a higher interest rate. But I believe late payment notations will impact the individual’s credit score,” he says.

    HOW TO CHECK YOUR CREDIT RATING.

    • It is not well publicised, but under Australian law checking your credit report is free once per year for each individual.

    • It takes about 10 working days from the receipt of your request to send you out your report. This ‘free’ report doesn’t contain any credit score, but does list all of the credit information about you available to any potential lender, as well as all of your personal information.

    • You can apply for a copy of your credit report from credit reporting agencies Veda Advantage, Dun & Bradstreet, Experian and Tasmanian Collection Services (if in Tasmania).

    Or you can apply all in one place at www.freecreditrating.com.au.

    • You can generally pay the credit reporting agencies to be sent an urgent report, or with Veda Advantage, obtain your ‘VedaScore’.

    • If you check your own credit report you do not generate a “credit enquiry” through the agency’s system, whereas if you leave it to a lender, you do. Too many credit enquiries can be detrimental as they are classed as ‘applications’ and potential lenders can assume this notation means you have been refused credit in the past.

    “Thankfully, if there are issues of inaccuracy on credit reports from March – there will be more support for correction within the new legislation, so we are hopeful dispute cases have more chances of success than they’ve had in the past,” Mr Doessel says.

    /ENDS.

    Please contact:

    Graham Doessel – Non-Legal Director MyCRA Lawyers Ph 07 3124 7133

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

    www.mycralawyers.com.au  www.mycralawyers.com.au/blog

    www.mycra.com.au/blog

    MyCRA Lawyers 246 Stafford Rd, STAFFORD Qld Ph 07 3124 7133

    MyCRA Lawyers is an Incorporated Legal Practice, focused on credit file consultancy and credit disputes. We mean business when it comes to helping those disadvantaged by credit rating mistakes.

    Link:

    (1)http://www.veda.com.au/sites/default/files/images/ycai_launch_infographic_final_190913.pdf

     

  • Young people falling into the credit trap.

    Media Release

    falling into credit trapYoung people falling into the credit trap.

    20 June 2013

    A recent national survey revealing a higher rate of financial exclusion amongst 18-24 year olds shows young people are in dire need of more financial education to act as a buffer against the current economic difficulties, according to a consumer credit advocate.

    MyCRA Credit Rating Repair CEO, Graham Doessel says the National Bank of Australia and Centre for Social Impact’s recent report on Financial Exclusion in Australia reveals a real problem with our young people around financial services.

    “The report shows the 18-24 age group has a low rate of mainstream credit,” Mr Doessel says.

    “This age group is either not applying for credit cards and loans, or they’re not meeting the bank’s requirements for these products due to low income, or bad credit habits such as defaults.”

    The report, Measuring Financial Exclusion in Australia released late last week, shows on the whole more than three million Australians don’t have a basic transaction account, a moderate amount of credit, or don’t have general insurance.[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]

    The report shows the problem of financial exclusion is growing – with the percentage of the Australian population excluded from these services rising from 15.6% to 17.7% over the past two years.

    But credit take up in the 18-24 year age group was worst, at only 11.2%, compared with 56.5% in the 50-64 age group.

    “Although demand for credit and insurance may be slightly lower amongst the segment of the population aged 18-24, their lack of access to mainstream products makes this group vulnerable to predatory lending products and to the loss of uninsured assets.”

    “It also appears that once consumers have gained access to credit or insurance, they keep it…It is possible that difficulties in entering the financial services market have a greater impact on financial exclusion than difficulties in maintaining products,” the report states.[ii]

    Mr Doessel says quality education is paramount to bridging the gap and ensuring the young people of today have access to mainstream credit in the future.

    “We need to consider the massive changes that have and are taking place in our finance systems in Australia and address whether we are successfully educating our school children and young adults in how to best work within that system,” he argues.

    He says young people should not have to learn the hard way how to be credit savvy.

    “Most young people don’t understand the ramifications of having basic credit such as mobile phone plans and electricity accounts, and that mistakes with this type of credit can see them blacklisted for five years from credit cards and home loans,” he says.

    He says the importance of better credit education for young people is two-fold.

    “With the current first home buyer figures low in comparison with other portions of the population there could be a link between the low rate of mainstream credit and subsequent low first home buyer figures,” he purports.

    “If young people start using high interest or payday loans they can end up being locked into this type of credit, through mainstream lenders avoiding this type of borrower, or through being unable to pay back the loan under difficult terms.”

    The Measuring Financial Exclusion in Australia survey found that while there are a range of initiatives relating to basic banking, matched savings, access to credit and financial literacy available in Australia, many of these programs are relatively modest in terms of scale, and all programs are subject to funding and sustainability pressures.

    “Overall, the efforts to address financial exclusion in Australia appear to be dwarfed by the scale of the problem. Alternative and innovative approaches to microfinance products, distribution and support services need to be investigated to meet the growing levels of financial exclusion, in a way that is sustainable,” the report states.

    Financial education was rolled out as a trial in secondary schools in January this year, but Mr Doessel says it is a case of too little too late for the young people trying to navigate the credit system today.[iii]

    “This program should have been implemented ten years ago. It could also go much further, including basic legal responsibilities and requirements for obtaining credit and smart choices around choosing credit,” 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.auwww.mycra.com.au/blog246 Stafford Rd, STAFFORD Qld

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

     

    ——————————————————————————–

    [i] http://www.csi.edu.au/news/Growing_numbers_unable_to_access_basic_financial_services257.aspx

    [ii] http://www.csi.edu.au/assets/assetdoc/b572b6e2676cc726/FIN%20EXCLUSION%202013_FINAL%20WEB.pdf

    [iii] http://www.dailytelegraph.com.au/money/money-matters/schools-to-run-finance-classes/story-fn300aev-1226557978782

    Image: Stuart Miles/ www.FreeDigitalPhotos.net[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • When love goes bad…Graham the ‘Credit Corrector’ shows how to prevent relationship debt.

    Media Release

    When love goes bad…Graham the ‘Credit Corrector‘ shows how to prevent relationship debt.

    Being ‘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 a leading consumer credit advocate, Graham Doessel warns it is important to think practically about joint finances for people to maintain their good name and their clear credit file when they take their relationship to the next level of commitment.

    The former award winning broker and now CEO of MyCRA Credit Rating Repairs says when two different money ‘personalities’ combine, the potential for both to be financially damaged is greatly increased.

    “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,” Mr Doessel explains.

    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.

    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 is generating defaults on their credit rating until it is too late.

    “In many instances it’s not until people apply for credit in their own right that they find out about the credit problems their partner has initiated. The relationship may even have ended years ago and the partner is still paying for it,” Mr Doessel says.

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

    “Time and again we see people who have ended relationships but still have joint commitments together. These people find themselves in financial strife, unable to get home loans, credit cards or phones because they didn’t continue to take responsibility for the joint credit until such time are their names were removed from the account,” he says.

    Mr Doessel says 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. 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.

    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.

    Mr Doessel suggests if people are unsure of their new partner’s financial compatibility, it could mean finances need to be fairly separate for a significant period of time.

    “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,” he says.

    /ENDS.

    Please contact:

    Graham Doessel – Director Ph 3124 7133

    Lisa Brewster – Media Relations Ph 3124 7133 media@mycra.com.au

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

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

    Image: Idea go/ www.FreeDigitalPhotos.net