MyCRA Specialist Credit Repair Lawyers

Tag: credit file

  • Sony dangles a carrot to entice users back to its system

    Sony has offered a sweetener in the hope that most of its 17 million users will be enticed back to using its services after the PlayStation data breach last month.

    Sony has offered its customers a ‘welcome back’ package that includes 30 days of free access to PlayStation Plus, 30 days of free access to Music Unlimited by Qriocity, as well as free identity theft monitoring from Debix, and a promise of free downloads in the future.

    In the video message below to customers, Executive Deputy President of Sony, Kazuo Hirai says all PS3 customers must change their PSN and Qriocity account passwords upon their return.

    “Your new password can only be changed on the same PS3 in which your account was activated or through validated e-mail confirmation,” Hirai said. Customers will also have to update their PS3 firmware to receive the latest security patches,

  • Experian plans to enter Australian credit reporting – good news or bad?

    A newly formed credit reporting agency is set to change the nature of credit reporting in Australia.
    UK credit reporting giant Experian plans to enter the Aussie market. The company proposes to form a joint venture “Experian Australia Credit Services” with leading financial institutions ANZ, Citibank, Commonwealth Bank, GE Capital, NAB and Westpac. Experian will own 76% of the company, with the financial institutions owning the remaining 24%.
    Reporter for The Australian, Teresa Ooi ran the story on Friday, titled Experian Plans Credit Bureau in Australia. Experian’s newly appointed managing director, Kim Jenkins says the venture will increase bureau competition, drive innovation and deliver better services for clients and consumers.
    The aim of the new bureau will be to improve credit reporting efficiency, particularly in light of forthcoming plans to permit positive credit reporting, which is currently under consideration by the Government.
    “The prospect of an inclusive bureau in Australia, accessible to all industry sectors, will strengthen standards in credit reporting, data quality and governance — which is particularly important in a changing regulatory environment,” Ms Jenkins said.
    I believe the introduction of Experian into the Australian credit reporting system will increase competition, and can only improve efficiency and transparency. The changes which will occur when or if we switch to a positive credit reporting system will be well serviced by a company who has had years of experience with the system in the U.K.

    What does concern me, however is the joint venture with leading Australian financial institutions. Does a credit reporting agency remain neutral when its owners are effectively creditors? Since creditors are responsible for listings on a credit file in the first place, does that create a conflict of interest for Experian in providing objective credit reporting?
    The other question is, how much say will these financial institutions actually have? Currently Australian law gives a bigger voice to smaller shareholders in a company. With these institutions all having a common interest as ‘creditors’ and all having a smaller share in the company – where will the interests of the company as a credit reporting agency actually lie – with consumers or creditors?
    Perhaps our current credit reporting laws will be tough enough to ensure that all credit reporting remains neutral, regardless of the ownership of the company.
    It will be very interesting to see what develops from this issue.

  • What Young People Need To Know and Do

    As a young person, you should be extra vigilant with your credit file.
    Generation Y is responsible for more than one third of Australia’s total consumer credit defaults, despite making up 20% of the entire credit active population. Gen Y also has more personal loan and telecommunication defaults than any other generation, relative to population size. (Statistics from Veda Advantage)
    The system of credit we have is eager to suck people in but shows no remorse for people who fall off track. Young people have got to be wise and ensure they are making credit work for them, not letting it beat them.
    Your credit file lists personal details like name and address, but also any times you have applied for credit, any defaults (overdue accounts), court judgements, writs and bankruptcies.
    Many young people don’t realise how easy it can be to end up with a bad credit rating.
    Here are some of the typical situations where you can find yourself with a black mark against your name:
    Unpaid accounts: Any credit accounts or loans – including mobile phones and electricity that run over the due date are considered unpaid accounts. If they are not paid by the due date, creditors will make a note of it. If the account is not settled within 60 days from the due date, creditors can list this unpaid account or loan on your credit file as a default.
    Moving/traveling: If you move around a lot, the danger can be ending up with defaults on your credit rating due to unpaid accounts you were not aware of. Typically an account gets sent to your previous address and remains unpaid and then listed as such on your credit file. Consider a P.O. Box for all your mail or alternatively a parent’s address.
    Share accommodation: Any accounts which have your name on them, regardless of who intends to pay them are your responsibility – this includes rent. Sometimes people get caught out sharing houses, and someone leaves bills unpaid which then have dire consequences for your future.
    Identity fraud: Young people are increasingly victims of identity theft – and often it is someone they know. Typically, someone uses your identity to secure credit in their name – mobile phone accounts, credit cards, store credit – in some cases even mortgages. See our website for more information on identity theft and how it could affect you.
    To avoid the disappointment and embarrassment of finding out about your bad credit rating only after being declined credit, MY CRA recommend you check your credit file every 6-12 months to ensure there are no black marks against your name, just as you would check your bank statements or your super account.
    You can request a copy of your credit file for free from the major credit reporting agencies – Veda Advantage, Dun & Bradstreet or Tasmanian Collection Services (if you are Tasmanian). This will be provided within 10 working days – or for a fee it can be provided urgently.
    The consequences of a bad credit rating:
    A bad credit rating sticks. Many times you will find you are black listed from credit for a five year period following a default on your record. Even having too many credit enquiries or a default from a simple unpaid phone bill can be enough to be refused a home loan with most lenders in the current economic climate.
    Think of everything you want to achieve in the next five years. Maybe you would like to buy property, start a business, buy a motor vehicle, borrow money for travel, or even just take out a credit card. The chances of you being able to do this are greatly hindered with a bad credit rating.
    A clear and healthy credit file really is the ticket to financial freedom.
    How to repair your credit rating:
    If a credit file check does uncover some nasty surprises – it could be possible to repair the damage done by contacting MY CRA.
    If a default, writs or judgements has errors, has been entered unfairly, unjustly or just shouldn’t be there at all, we can help to remove the offending black mark and clear the file – something which you could find very difficult to do on your own.
    Most times a credit reporting agency will tell you that defaults are never removed, but can be marked as paid. You are then stuck with a dodgy credit rating for 5 years. But you shouldn’t have to put up with it, as it is possible to have many defaults removed.
    MY CRA has a 91.7% success rate in removing defaults on every case we take on. Usually the turn around is 21 working days though some can be longer depending on the difficulty of the case.
    But, prevention really is better, and cheaper than the cure.
    Credit reporting agency Veda Advantage suggests some further ways for young Australians to keep their credit rating clean:
    • Pay bills on time.
    • If people are having trouble paying, they should contact the organisation they owe money to, It may be possible to set up a payment extension system if people are honest about their situation. It is often the failure to respond to a bill or notify a business of your intention to pay that causes them to proceed to default stage.
    • Don’t take submitting credit applications lightly. Current legislation in place means organisations running credit checks can’t see whether or not an application was successful – all they can see are the number of applications.
    • Consider pre-paid mobile phone services.
    • Keep addresses and other details accurate and up to date to ensure credit providers are sending notices to the correct address.

  • How Do I Know What Is On My Credit File?

    You can check what is on your credit file in a number of ways.  If you have time on your hands, you can request a copy of your credit report for free from one of the credit reference agencies.  The request needs to be made in writing, and your credit report will take 10 working days from date of receipt to be sent to you.

    If you require it urgently, the credit reference agencies will charge you a fee of around $30, and generally your credit report will be despatched for you within one working day.  Below are links for credit reporting agencies:

    http://www.vedaadvantage.com/personal/mcf/my-credit-file.dot

    http://dnb.com.au/Credit_Reporting/Order_my_consumer_report/index.aspx

    http://www.tascol.com.au/reports.htm

    For more information on removing defaults or bad credit listings from your credit file, please have a look at www.MyCRA.com.au or call 07 3124 7133 for FREE info..

  • Identity Theft – How to avoid it – What to look for – What to do…

    Identity theft – how to avoid it; what to look for; what to do

    A 2007 Australian Bureau of Statistics survey shows over 500,000 people in Australia have been victims of identity fraud, with the majority coming from credit or bank card fraud.

    Not only does identity theft cause financial hardship at the time, but can amount to a great number of defaults on your credit record.  Often by the time the Police become involved, you may have credit applications, possibly defaults, mortgages, and mobile phones already on your file incorrectly.

    The culprits can range from scammers working overseas to local gangs.  It can also be someone you know. It’s important to be vigilant with keeping your personal information Image of Man stressed lookin through papers worried about Identity theftsecure.  Here are some things to be aware of.

    The main ways your identity can be stolen:

    Stealing your wallet or purse.  From there thieves may be able to gain your address, credit card details, bank details, drivers licence and more.

    Forwarding your mail – Offenders can have your mail redirected to another address, where they will probably receive bank statements, phone bills, rates notices, or car registration information that they can use to steal your identity.

    Card skimming on ATMs – where thieves set up a machine which skims your card’s details when you use the ATM.  There may also be a separate camera installed to record you entering your PIN number.  Or dodgy shops and restaurants have a separate ‘skimmer’ which they zip your card through, which reads your personal information and card details.

    Online accessing of your personal information – this can be via social networking sites, where people often post information on birth dates, addresses, phone numbers and email addresses.  The internet can also be used to access credit card and bank details by hackers.  Sometimes they use a combination of all in order to gather enough information to steal your identity.

    Dumpster diving – Organised gangs can go through your rubbish looking for old rates notices, bank correspondence, phone bills, any documents that the organisation can then use to send some one to get a copy of a marriage certificate, a copy of your birth certificate, then a ‘replacement’ copy of your driver’s licence.  Once this is accomplished they can go as far as opening bank accounts or buying properties – all in your name.

    Phishing scams –You receive an e-mail from your bank or trusted company, asking you for information. It looks real, but it’s designed to fool you into handing over important information.

    Fraud ‘alerts‘ – Scammers pretend to be from your bank or similar place and contact you about possible fraud to your account – tricking you into handing over your information so they can rectify the problem.

    Career Advertising – Scammers post fake job applications and then steal the personal information you provide to them.

    The signs of identity fraud:

    -Suspicious entries on your credit card statements, bank statements or statements for accounts you were not aware of holding.

    -Money missing from your bank account/s

    -Missing mail – eg not receiving mail from your bank, Centrelink etc.

    -Credit refused somewhere.  If you feel there is no reason for the credit refusal, take     steps to get a report on your credit rating to find out where the default originated.

    -Mail about credit applications you have not taken out yourself

    -Phone calls or emails from ‘banks’ asking for your account details to be verified

    What you can do to protect yourself from identity theft:

    From this day forward, make sure your personal details are guarded very closely.

    Buy a shredder for home and ‘cross shred’ every piece of personally identifiable information that is no longer required.  Never ever just throw away a bank statement or credit card statement.

    Sign up to ‘My Veda Alert’ from credit reporting agency Veda Advantage to receive email alerts whenever a change to your credit file takes place for 12 months.  You also get a free copy of your credit file dispatched within one working day. Check all entries on your credit rating, and make sure each entry is valid and you have not already become a victim.

    Be protective of your cards. Check the ATM before you use it for anything that looks out of the ordinary – particularly strange looking boxes attached to it.  If you are unsure, use another ATM and report your suspicions to the bank.

    Also make it a habit to watch when someone swipes your credit card at a shop or restaurant.  This should only be done once from the one machine.

    Make online safety paramount. Some recommendations from the government’s Stay Smart Online website are:

    • Install security software and update it regularly.
    • Turn on automatic updates so all your software receives the latest fixes
    • Set a strong password and change it at least twice a year
    • Stop and think before you click on links or attachments
    • Stop and think before you share any personal or financial information – about you, your friends or family
    • Know what your children are doing online – make sure they know how to stay safe and encourage them to report anything suspicious.

    Always check your credit card statements and bank statements when they arrive and make sure every entry is yours.

    Chase up missing mail. Be suspicious if you don’t receive bank statements or bills and contact the companies if it seems they have missed sending you statements for any reason.  It may not be a case of ‘no news is good news’.

    Be wary when strangers call.  Be reluctant to give out personal information to anyone     who calls or emails claiming to be from a bank or similar institution.  If in doubt hang             up and verify the identity of the caller with the main phone number you have on file.

    The Privacy Commissioner’s website has a great online questionnaire. This gives you an assessment of how vulnerable you may be to identity fraud. http://www.privacyawarenessweek.org/id_theft_tool/index.html

    What to do if you find yourself a victim of identity fraud:

    1. Contact your local Police immediately.

    2.  Contact your banks and any other relevant institution such as Medicare, Department of Transport, Department stores, anywhere where thieves might request ‘replacement’ copies of cards.

    3.  Gather evidence of the identity fraud, and make copies of any discrepancies on your statements for the relevant authorities.

    4.  Contact a reputable credit repairer such as My CRA, who will order a copy of your credit rating report, be able to check each entry on your file and remove the defaults completely from your file – which shouldn’t have been there in the first place.  This could save you money on lawyers and months of your time talking to creditors with the process taking from 3-21 working days (average).  We have a 97.1% success rate of removing defaults if we take on the case.

    Read more on identity theft:

    http://www.abs.gov.au/ausstats/abs@.nsf/Latestproducts/1301.0Feature%20Article13012009%E2%80%9310?opendocument&tabname=Summary&prodno=1301.0&issue=2009%9610&num=&view

    http://www.ag.gov.au/identitysecurity

    http://www.scamwatch.gov.au/content/index.phtml/tag/identitytheft

    http://www.staysmartonline.gov.au

    http://www.vedaadvantage.com/personal/mcf/my-credit-file.dot