MyCRA Specialist Credit Repair Lawyers

Tag: credit disputes

  • Protect your credit file campaign fights identity theft

    Media Release

    Identity theft‘Protect your credit file’ campaign fights identity theft.

    16 May, 2014

    As the Attorney-General announces rates have ballooned to 1 in 5 Australians affected by identity theft, a credit reporting advocate is running an awareness campaign aimed at reducing the numbers affected by this terrible crime.

    Graham Doessel, who is Non-Legal Director of MyCRA Lawyers, a firm focused on credit disputes, says identity theft can have devastating effects, including damaging the victim’s credit rating.

    “Some identity theft victims can wind up banned from mainstream credit for years because a fraudster has stolen their good name,” Mr Doessel says.

    This comes as a result of an Australian Institute of Criminology survey which revealed that 20.7 per cent of those surveyed had experienced identity theft at some time. 14 per cent were also refused credit following the event and 5 per cent had to commence legal action to clear debts and/or their name.

    Mr Doessel says when fraudsters assume someone else’s identity they can leave a trail of destruction on their credit file.

    “Fraudsters are never so kind as to pay the credit back. Defaults can then mount on the victim’s credit rating and ruin the victim’s ability to obtain credit in their own right,” he says.

    Mr Doessel says there are 10 identity theft prevention tips to be aware of:

    1.       Install automatic software updates on your computer and perform regular scans.

    2.       Change passwords regularly and use a variety of passwords.

    3.       Keep your privacy settings secure on all sites you use.

    4.       Subscribe to the government’s ‘Stay Smart Online’ alerts for computer security updates.

    5.       Check your credit card and bank statements each time they come in for strange activity.

    6.       Shred all personally identifiable information which you no longer need.

    7.       Buy a safe for your personal information at home, and a lock for your mailbox.

    8.       Be aware of who gets your personal information and for what purposes. For instance, is it really necessary for the site you are registering on to store your date of birth?

    9.      Visit the ACCC’s ‘SCAMwatch’ website for updates.

    10.   Check your credit file regularly.

    MyCRA Lawyers is encouraging all consumers to check their credit file to make sure it is as it should be. You can do this for free through www.freecreditrating.com.au once per year.

    “We feel so passionately about credit file awareness, and want to promote how important a credit check is to preventing identity theft and all other credit rating inconsistencies,” Mr Doessel says.

    He says during their ‘protect your credit file campaign’ (which began last week during Privacy Awareness Week, and runs through the month of May 2014), MyCRA Lawyers is giving away up to 50 personal shredders to their new clients. (Conditions apply, see website www.mycralawyers.com.au for full details).

    “Personal information is so important to protect, and one of the simple ways we can help our clients avoid identity theft is by promoting the shredding of personal documents they no longer need,” he says.

    /ENDS.

    For interviews and more information 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.

    http://aic.gov.au/publications/current%20series/rpp/121-140/rpp128/07_results.html

    Image: Chris Sharp/ www.FreeDigitalPhotos.net

  • Credit reporting in Australia your questions answered on bad credit

    credit in AustraliaAustralia has just undergone a major credit reporting change. If you don’t know much about credit reporting, then you could be at risk of  messing up your credit rating. Yesterday, we answered your basic questions on credit reporting. Today we answer more of your questions on bad credit and what to do about it.  Find out what you may not know about credit in Australia.

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

    I have paid my credit card bill late, what are the consequences of this?

    Accounts like your credit card, your personal loan, your mortgage or your car loan are provided by ‘licenced’ credit providers. These providers are required to hold an Australian Credit Licence. They are also able to record and access repayment history information, include late payment history. If you are more than 5 days behind in your repayments it could be noted on your credit file. So in a nutshell, if your credit provider has previously informed you that it will be collecting repayment history, expect that notation to show up against your name, including the date the account was paid. This information will stay on your credit file for 2 years. It is unclear what the consequences of one late payment notation will be. Certainly it has been said that several late payment notations will impact your ability to obtain credit.

    I have found a default on my credit rating, what are the consequences of this?

    If you discover you have a bad credit file, you will find it very difficult to obtain credit in the future. Generally this problem will keep occurring for the 5 years the default is on your credit file. This will probably prevent you from obtaining a home loan with most lenders and possibly lead to credit refusal of many kinds from loans right through to phone plans. A default is not removed unless it can be shown it was placed in error on your credit file or was placed unlawfully.

    A record of good repayment history information may ease the severity of having a default on your credit file, but as defaults are not removed for 5 years, there is no guarantee you will be granted approval. You may also be offered a higher interest rate while the default is on your credit file.

    What can I do if there’s something I don’t agree with on my credit file?

    If there are errors on your credit file, be aware you do have the right to have them rectified. Likewise, if there are numerous strange defaults and or applications for credit that you don’t recognise you would need to immediately investigate these and notify Police in case of identity fraud.

    If you don’t agree with a credit listing that has been placed by your credit provider, and you want to dispute it, the new laws allow you to ask the credit reporting body which holds your credit file to note a dispute against it.

    Some people choose to go through the process of disputing their own credit listing, and other people prefer to leave it to a third party. Both options are there. Often it depends on a) how savvy you are b) how much time you have c) how complicated the process of dispute is going to be.

    In many cases where people have attempted to remove the default themselves, they have come across difficulties and defaults have not been cleared. Most times the creditor will explain to the client that defaults DONT EVER get removed. The best they can do is mark the listing as paid (if it’s been paid). This may not be sufficient to ensure credit is obtained with some lenders.

    If you are looking at choosing a third party to dispute your credit listing, make sure you choose wisely. You can contact the Credit Repair Industry Association of Australasia (CRIAA) for help with selecting a reputable and ethical credit repairer.

    MyCRA Lawyers is a firm focused primarily on credit disputes. Not only can we work to repair and remove your bad credit by disputing your credit listing, we can also work on your behalf in legal matters as they arise (which they frequently can).

    Images: Stuart Miles/ 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

     

  • 5 credit accidents you want to avoid this Christmas.

    Media Release

    credit accidents5 credit accidents you want to avoid this Christmas.

    17 December 2013

    Australians must put credit issues on their radar to ensure a bad credit rating is not the surprise they get this Christmas season, warns a consumer advocate for accurate credit reporting.

    Credit repair pioneer Graham Doessel, who is now Non-Legal Director of MyCRA Lawyers – a firm focusing on credit disputes, says too many Australians are kept in the dark about their credit file, but anyone who intends to borrow money in the next five years should make it their business to prevent simple accidents from hurting their credit rating.

    “I fear many people are unknowingly making mistakes with credit right now, which will see them locked out next year,” Mr Doessel says.

    Back in September, Credit reporting agency Veda Advantage published results of a survey showing that 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 statistics are severely worrying and show too many consumers are unaware of 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.

    “I would like to say it is always cut and dried – don’t pay, get bad credit but in reality it’s not that simple.”

    There are number of ways you can make mistakes and end up paying dearly for it. Over the Christmas period the risks can be higher.

    Mr Doessel covers the 5 major credit accidents at Christmas time:

     1. Accidental late payment.

    Right now, if you make a payment late on licenced credit (being loans, credit cards and other finance) – the information is being recorded. You may not intend to actually default on your loan – but Christmas can be a busy time where payments can get overlooked by a few days. Don’t let this happen to you. After March next year, late payment information will be available to lenders on your credit report and will stay there for 2 years. So don’t put off paying your credit card after Christmas pay on time every time to make sure your credit rating isn’t impacted.

    2. Accidental default.

    If you happen to unknowingly let any bill (including your phone bill or Energy account) slip into default – (more than 60 days overdue) a default listing will be recorded against your name. You may have the funds to pay, you may have simply overlooked the account – but your credit file will carry that default listing for 5 years – and most times you will be refused mainstream credit because of it. So if you plan to go away for Christmas, make a plan to ensure all of your bills are organised prior to leaving.

    3. Being careless with your personal information.

    Scammers are out in full force at Christmas, but often people are too busy to take care with their personal information. Credit cards are used more frequently and at a variety of locations; we’re being encouraged to sign up for free giveaways; we’re giving out more details online – but you must consider the risks to your credit rating. If fraudsters are able to access your personal details they have the key to your good credit rating. They can run up credit all over town. Often it’s not until victims apply for credit in their own right and are refused because of defaults that they realise their credit file has been misused.

    4. Not forwarding new information to old Creditors during moving and transfers.

    Christmas and New Year is a very common time for transfers and other work changes to occur that could see people moving interstate. A change of address is a very common reason bills go unnoticed – along with warning notices and the result is a bad credit rating that may not be detected until you actually apply for a home loan. Before you go, tie up all loose ends at your current address, ensuring all changes of address and accounts are settled and confirmed in writing to avoid being blacklisted for credit.

    5. Overlooking errors and omissions from Creditors.

    Even creditors are affected by the silly season -with staff busy and preoccupied. The volume of transactions may increase while staff decrease, putting stress on the Creditors’ systems. For this reason it is crucial for you to keep watch on your own finances. Check your bank statements and bills at this time. Keep abreast of which bills are due and when. If you don’t receive a bill, chase it up. Busy people make mistakes – don’t let them make it with your credit rating.

    You can check what is currently reported about you at www.freecreditrating.com.au.

    Mr Doessel says education is the key to ensuring less people are making mistakes with credit. More information on credit reporting in Australia can be found at the Office of the Information Commissioner’s website www.oaic.gov.au. MyCRA also provides up to date information on trends and issues in credit reporting impacting consumers www.mycra.com.au/blog.

    /ENDS.

    Please contact:

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

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

    www.mycra.com.au 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.

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

    Image: Naypong/www.FreeDigitalPhotos.net

     

  • Widespread education campaign needed to save Australian credit ratings.

    Media Release

    repayment historyWidespread education campaign needed to save Australian credit ratings.

    4 December 2013

    A consumer advocate has welcomed Australian Retail Credit Association (ARCA) plans to educate consumers about new credit laws, but says full and immediate help from other key players within both the finance industry and government is essential to reach the millions of Australians whose credit ratings are currently at risk.

    Credit repair pioneer Graham Doessel, who is now Non-Legal Director of MyCRA Lawyers – a firm focusing on credit reporting law – says the powers that be have failed to ensure consumers were educated about new credit laws which are impacting them now.

    “From December 2012, information about consumer repayment history to licenced creditors – which includes credit card and loan repayments have been recorded – and the details of any repayments made past the due date will show on credit files as of March 2014,” Mr Doessel says.

    He goes on to say, “There has not been enough education to date about this important change, and possibly millions of Australians who have not been diligent with making payments by the due date could be affected.”

    The extent of consumer ignorance on new credit laws has been acknowledged by the Australian Retail Credit Association (ARCA), who announced last week they were developing a website aimed at helping consumers better understand credit reporting.

    ARCA’s own research revealed 59 per cent of people had not heard of the term “credit reporting.” Credit reporting agency Veda Advantage also recently published results of a survey showing that 80 per cent of people 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)

    ARCA’s chief executive, Damian Paull told Banking Day that ARCA’s new website, which he hopes to launch in the New Year, will explain the changes to the credit reporting system; explain how people can get access to their credit files; go through the issues that contribute to a good or bad credit report; and detail the financial hardship obligations of credit providers. (2)

    Mr Paull said ARCA members would be encouraged to provide links on their websites to the new site.

    Mr Doessel says ARCA’S approach – whilst positive, needs more than ‘encouragement’ – but massive national assistance to appropriately address the magnitude of the problems potentially facing Australian consumers.

    “With over 16.5 million consumer credit files held by Veda Advantage alone, we’re talking millions of Australians who need to be reached to prevent lax repayment habits impacting their future.”

    “The fact of the matter is – many Australians outside finance circles don’t know ARCA, let alone what comprehensive credit reporting is,” he says.

    He recommends both the financial sectors and the appropriate government bodies take up the education campaign.

    “I would like to see plans to incorporate a brief warning statement, plus direction for where consumers can go for further information on many standard Government letters such as Centrelink, Department of Transport and Australian Tax Office correspondence, in addition to warnings on all licenced credit statements,” Mr Doessel says.

    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.

    /ENDS.

    Please contact:

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

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

    www.mycra.com.au  www.mycra.com.au/blog

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

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

    (2) http://www.bankingday.com/nl06_news_selected.php?act=2&selkey=15884


    Image: David Castillo/ www.FreeDigitalPhotos.net

  • Law Firm lends its muscle to credit rating wars.

    Media Release: National

    credit rating warsLaw Firm lends its muscle to credit rating wars.

    19 November 2013

    Thousands of consumers are being locked out of credit because their Credit Provider has blacklisted them unfairly, and a new national law firm is stepping up and taking positive action to fight for them.

    MyCRA Lawyers’ Graham Doessel – a pioneer in credit repair who is Non-Legal Director of this breakthrough legal firm focused on credit file consultancy and credit disputes – says the practice means business when it comes to helping those disadvantaged by credit rating mistakes.

    “People all over the country are experiencing this debilitating issue and refused finance for five years. If a bad credit listing such as a default has been applied to the consumer’s credit file and it shouldn’t be there – it’s important that someone stands up and advocates for them,” Mr Doessel says.

    It doesn’t have to be a big amount which the Credit Provider claims is owed to create a default, nor does it need to be a serial offence.

    “Some Australians are snowed under with credit and genuinely robbing Peter to pay Paul; and some have no regard for making payments on time. These people can owe thousands to their Credit Providers and should be weeded out by the credit reporting system.”

    “But there are many more ordinary people who are tarnished with the same brush due to one-time oversights, Credit Provider errors, and unsettled disputes. Even accounts of $100 can see them locked out of credit,” he says.

    Bad credit notations are listed with credit reporting agencies such as Veda Advantage, who hold the credit files of 16.5 million Australians.

    But despite credit file accuracy resting with each individual, a recent survey by Veda revealed 80% of Australians have never checked their credit file.[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]

    “This lack of awareness can foster a culture of complacency if those that are supposed to be taking care with credit notations effectively have no watchdog to ensure correct and fair procedure is followed,” he argues.

    He goes on to say, “often if the notation is there in error it’s not until the consumer applies for credit and is knocked back that they even begin to start to unravel the mess on their credit rating.”

    Whilst there are free channels for disputing credit listings, Mr Doessel says in many cases consumers have neither the time nor skill to build or argue an effective case.

    “New changes are coming through for credit reporting which could increase the number of Australians with bad credit. We forsee a great need for good advocates going forward, and we believe the best way to do that is by being part of the legal process,” Mr Doessel says.

    His passion for helping consumers is a match for MyCRA Law’s Legal Practitioner Director and Principal Solicitor MaryAnn Armstrong.

    She was once told that good people do not make good lawyers, and Ms Armstrong is determined to prove them wrong.

    Armstrong and Doessel have built a team of like-minded people from Solicitors through to Receptionists who are all focused on helping consumers.

    Ms Armstrong says, “Lawyers have a notorious reputation for helping themselves first and the client second, but I went into law with the viewpoint that everyone needs and deserves help in some way – and if we can provide that – even if it’s just furthering awareness of these issues, that’s what I will do.”

    She warns consumers experiencing credit issues to be wary of shonks out there who are offering to repair bad credit and providing legal advice or performing a legal service without a practising certificate.

    “Credit repair is not a formally regulated industry and while there are some good companies out there, there are also plenty of cowboys preying on consumers desperate to get finance and delivering very little in terms of quality or results,” she says.

    “In some instances if people can’t afford good credit repair, they may get better results doing the leg work themselves if they have the time, and accessing the free channels for dispute, rather than paying good money to a company which seems cheap, but in many cases has minimal legal training and therefore little recourse for unethical behaviour, and could end up costing them dearly down the track,” Ms Armstrong says.

    You can check if a credit repair firm is an Incorporated Legal Practice with the relevant Law Society (there’s one in each State).

    MyCRA Lawyers are offering a free credit check to readers who have never checked their credit rating. For details call MyCRA Lawyers tollfree on 1300 667 218.

    For existing credit issues, an in-depth Credit File Analysis and credit file consultation can also be obtained.

    /ENDS

    For interviews, please contact:

    Graham Doessel – Non- Legal Director MyCRA Law Ph 3124 7133

    MaryAnn Armstrong – Legal Practitioner Director, Principal Solicitor MyCRA Law Ph 3124 7133

    For general media enquiries, please contact:

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

    MyCRA Lawyers 246 Stafford Rd, STAFFORD Qld

    Office Ph 07 3124 7133 www.mycra.com.au www.mycra.com.au/blog

    MyCRA Lawyers…permanently removing defaults, Writs and Judgments from credit files.

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