MyCRA Specialist Credit Repair Lawyers

Tag: credit rating repairs

  • Telstra’s at it again. And this time it may affect YOU.

    Your credit file could be affected by errors in the telecommunications industry…here is a media release we sent out last month about a significant data breach which occured with Telstra’s customer files. We are eager to see what the Privacy Commissioner’s findings will be on this incident.

    Media Release

    12 December 2011

    A massive data breach of Telstra’s customer database has potentially put around 800,000 of its customers at grave risk of having their passwords stolen and their personal information pilfered by identity thieves.

    The data breach which occurred last Friday, saw detailed personal information which was supposed to be available to Telstra customer service agents only, exposed and openly accessible on the internet.

    The Sydney Morning Herald reported on Friday a user of the Whirlpool forum stumbled upon the “Telstra bundles request search” page after doing a Google search for a Telstra customer support phone number they were told to contact.[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]

    SMH reported the information of any Telstra customer was searchable even by last name, bringing up the customer’s account number, what broadband plan they were on, what other Telstra services they were signed up to and notes associated with the customers’ accounts including in many cases their usernames and passwords.

    There were also other details about technician visits, SMS messages sent to private mobile numbers and credit check details.

    Telstra has reportedly reset approximately 60,000 customer passwords as a precaution.[ii]

    Telstra bundle customer, Graham Doessel is one of those potentially at risk.

    He also happens to be the CEO of a company dealing in credit repair for people who have been unlawfully blacklisted from borrowing facilities. He says as much as 50% of his clientele who present with credit file errors and inconsistencies are Telco customers, and many of those are Telstra customers.

    “This data breach is a crucial example of how errors occur so easily in the Telco industry. Unfortunately they have the potential to severely damage someone’s financial future.”

    “Every day we deal with customers who can’t get a home loan, because their credit rating is damaged by improper execution of policies and procedures in the Telco industry,” Mr Doessel, of MyCRA Credit Repairs says.

    Mr Doessel is concerned he is amongst those Telstra customers whose personally identifiable information may have been viewed, and copied for purposes of fraud during the time the information was readily available on the internet.

    “The issue is about both our possible stolen passwords, and our possible stolen personal details – a huge commodity for fraudsters. What’s to say fraudsters haven’t jumped on the internet while this information has been available and copied it?”

    “Personal details are the building blocks for constructing a fake identity. Once someone has fake ID documents, they can take out significant amounts of credit in the victim’s name. Often people don’t find out about it straight away and that can result in defaults from creditors and massive long term credit issues,” he says.

    Mr Doessel recommends anyone who feels they may be at risk by this data breach take a few precautionary steps to ensure their credit file is protected:

    1. Change passwords. Even if Telstra hasn’t advised you otherwise, go in and change your password. If you have that same password for unrelated accounts, change that as well.

    2. Contact creditors and advise them you may be at risk of identity theft. This will allow them to ‘flag’ your accounts and halt any suspicious activity.

    3. Check your credit file. Obtain a free copy of your credit file and check there is nothing suspicious already present on your credit file.

    4. Alert credit reporting agencies. They can put an alert on your credit file which informs you of any changes to contact details, or suspicious credit enquiries you may not have initiated.

    The Privacy Commissioner, Timothy Pilgrim made a statement yesterday:

    “I have opened a formal investigation into the Telstra data breach. At a briefing today Telstra has assured our office that the immediate problem has been rectified and that personal data is no longer accessible.

    I have asked that Telstra also provide me with a detailed written report on the incident, including how it occurred, what information, if any, was compromised and what steps they have taken to prevent a reoccurrence. I will consider all the information provided by Telstra and hope to be in a position to issue an investigation report in late January 2012,” Mr Pilgrim says.

    It is uncertain exactly what and or how much the Privacy Commissioner could determine Telstra would be liable for.

    A recent decision handed down by the Privacy Commissioner only last week, saw one individual complainant awarded $7500 in compensation after a Leagues Club was found to have breached their privacy.[iii]

    This is not the first time a major data breach has occurred with Telstra. In October 2010, a mailing error saw around 60,000 letters containing personal customer information sent to other customers.

    The Privacy Commissioner found the privacy of Telstra customers was only breached in 2010 due to human error, and did not occur due to any systemic failure of Telstra’s processes or procedures, therefore they were not required to pay damages in this instance.[iv]

    /ENDS.

    Please contact:

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

    Graham Doessel – Director info@mycra.com.au

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

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

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  • How to keep your credit rating healthy

    7 ways to keep a squeaky clean credit file and get that home loan or finance….

    By Graham Doessel.

    Many people don’t realise how easy it is to get a bad credit rating, or how difficult credit repair can be.

    A clear credit file is so important because it is the key to your financial freedom. In today’s economic times, it is essential that your credit file be kept clear of any black marks.

    Any defaults (overdue accounts which have lapsed past 60 days), writs, judgements or bankruptcies which are recorded on your credit file will remain there for 5 years.

    A bad credit rating can prevent you from obtaining a mortgage, car or personal loan with banks but many don’t know it can also prevent you from obtaining a simple mobile phone plan.

    So how do you go about avoiding a credit rating default and keep your credit rating looking as healthy as possible? Outlined below are 7 essential tips:

    1. Use credit
    It may be tempting to get rid of all credit. But it is easier to obtain credit for a mortgage or business loan if there is some kind of reference of your credit history on your credit file. Taking out small accounts such as a mobile phone plan may be a good choice as long is each payment is made on time.

    2. Pay bills on time
    If you pay all accounts on time and by the due date, there is less chance you could receive a default listing on your credit file. If you can’t pay your account by the due date don’t bury your head in the sand – call the creditor and try to work out some type of payment plan.
    This contact may be enough to ensure your credit rating is not tarnished. If you receive a bill you don’t agree with, it is still essential to pay the account by the due date to avoid a default listing. Better to make the payment and be reimbursed for the difference than be paying for 5 years for someone else’s mistake.

    3. Be smart with credit
    Credit should be the key to financial freedom, but often it is the source of a great many problems in people’s lives. Yahoo’s Money and Your Life website has help for managing debt and finances. This article has some great tips for keeping credit under control and making it work for you http://au.pfinance.yahoo.com/moneyand yourlife/managing-debt/article/-/8044026/expert-tips-for-cutting-credit-card-debt/.

    4. Be aware of excessive credit enquiries.
    You should only apply for credit if you feel you have a very good chance of being approved. Declined credit applications on your credit file can hinder your chances of obtaining a home loan. Likewise, you should only apply for credit you have full intention of pursuing. Every application is noted on your credit file, but not whether it was approved. If you go ‘credit shopping’ and apply for credit everywhere – the lender may consider you a bad risk due to those excessive credit enquiries showing up on your credit report.

    5. Educate yourself on ways your credit rating can be damaged
    It may not be simple overdue accounts which leave you with a bad credit file. People who have recently divorced or separated are particularly vulnerable to problems due to joint accounts. Also victims of identity theft can have a number of defaults on their credit file they are unaware of. Often times simple errors can occur which you aren’t aware of until you apply for credit and are flatly refused.

    6. Check your credit file regularly
    It’s important to check your credit file and understand what lenders may be seeing on your credit rating. Usually every 12 months should pick up any discrepancies that may need addressing.

    Under current legislation you can obtain your credit report for free from the major credit reporting agencies Veda Advantage, Dun & Bradstreet, and TASCOL (Tasmanian Collection Services). Your credit report will be sent to you within 10 working days.

    7. Fix credit rating
    If you do find credit rating defaults that you believe have errors, are unjust or you feel just shouldn’t be there – there is a good chance they can be removed. Many creditors will tell individuals that a default can never be removed, but can be marked as paid if it has been paid. This may not be enough to ensure credit is obtained with many lenders.

    You may be better off seeking the services of a reputable credit repair company than attempting to negotiate with creditors on your own to fix your credit rating. The credit repairer will negotiate on your behalf, working with creditors and understanding current legislation and how it applies to your credit file.
    Sometimes if individuals are unskilled in the current legislation they can do more harm than good when it comes to credit rating repairs.

    Visit the MyCRA Credit Repairs website www.mycra.com.au to get more information or help with your credit file or contact us tollfree 1300 667 218.

    Image: digitalart/ Freedigitalphotos.net

  • Interest rate cuts no help for millions of Aussies living with credit file defaults

    Home loan rates were reduced on 1st November, but for millions of Australians who are living with defaults on their credit file, they will be hit with $22,867.15 (1) more in home loan repayments over the first three years of the loan.

    The Reserve Bank of Australia has cut interest rates for the first time in more than 2½ years, lowering its key cash rate by 25 basis points to 4.5 per cent.

    Many big banks have already passed on the reduction, potentially saving the average householder about $49 per month. We talk about massive savings for the average Australian with these cuts, we talk about encouraging people to switch lenders to increase competitive rates, but this is not a reality for people with credit rating defaults.

    For those approximately 3 million or more* Australians who are living with defaults on their credit file, the interest rates cuts will be negligible. Most banks won’t lend them money, forcing them into non-conforming loans and paying top dollar because their credit file shows they are a bad risk – and it may not be true. *(3.47 million – Source Veda Advantage Nov 2008).

    For the five year term of the default they will be paying a staggering $702.21 (1) more per month if they enter a non-conforming loan at higher than standard interest rates.

    (1) Based on average loan of $400,000 over 30 years on non-conforming loan interest rate of 9.5% vs standard variable rate of 7%.

    And the alarming part of this is that many of the defaults sitting on Australian credit files today simply should not be there.

    There are more than 14 million credit files in Australia (14.7 million files are held by credit reporting agency, Veda Advantage alone), and approximately 3.47 million negative listings, but the number of possible errors which exist is not certain.

    The possible volume of errors on Australian credit files was exposed by a small scale study conducted in 2004 by the Australian Consumer Association (now Choice Magazine). It revealed about 30% of Australian credit files were likely to contain errors.

    “In our view, there are serious, systematic flaws which are leaving an increasing number of Australian consumers vulnerable to defamation, mis-matching and harassment,” the ACA report said.

    Transferring those figures from the Choice study to the number of credit files in Australia today, could mean potentially 4 million errors currently exist on credit files in Australia.

    Recently Channel 7’s Today Tonight interviewed Veda Advantage’s Head of External Relations, Chris Gration on the possible number of errors on credit reports. He admitted errors within their system alone amounted to 1%.

    “We give out about 250,000 credit reports to consumers every year. But only in 1 per cent of cases is there a material error on the file, so a default or an enquiry that’s incorrect,” Mr Gration told Today Tonight.

    Even if as little as 1 per cent of those 14 million credit files contained errors, that would still currently leave 140,000 credit files in Australia containing errors that just shouldn’t be there.

    Under current credit reporting legislation, it is up to the consumer to check for errors. Credit file holders are able to obtain a copy of their credit report from one or more of Australia’s credit reporting agencies for free every 12 months.

    But consumers are often not aware across the board of their responsibility to check the accuracy of their own credit file so many errors go undetected until such time as people apply for credit such as a home loan.

    But by then the matter is urgent, and they are generally forced to take on non-conforming loans at sky-high interest rates to secure the home. Or give up on their dreams of home ownership altogether, at least until the default listing runs its term. (Unless of course they or their broker are familiar with how credit repairers work).

    Many people don’t realise that any person who finds inconsistencies on their credit file has the right to have the discrepancy rectified. As many people find out – that is easier said than done.

    When disputing any adverse listing, it is up to the credit file holder to provide reason as to why the creditor has not complied with legislation. Unfortunately many people find this process difficult – negotiating with creditors is not always easy for the individual to undertake.

    That’s where credit rating repairers come in to close that gap.

    Credit repairers check the process of listing defaults for legislative and or compliance errors, any such errors could deem the credit file default listing unlawful, at which time the creditor is advised by the credit repairer to remove the default. This usually results in a clean credit record allowing people to borrow with the lender of their choice.

    So if people are forced to pay thousands more in interest due to credit rating defaults, which leaves them struggling to get ahead on their mortgage OR if a new loan applicant finds they are surprised with a bad credit report which could see them entering into a high interest loan, it may be worth contacting MyCRA Credit Repairs tollfree on 1300 667 218 to find out whether they may be a suitable candidate for credit repair.

    Image: Salvatore Vuono/ FreeDigitalPhotos.net

    Image: photostock/ FreeDigitalPhotos.net

  • Caught in the credit card trap

    CREDIT cards are easy to come by, but not so easy to make work for you. Consumers are warned being caught out by credit cards could cost you your financial future.

    National credit rating repair company Director GRAHAM DOESSEL urges people to educate themselves on credit cards and their credit rating – to avoid paying the price for years to come.

    “Overdue payments on all bills, including repayments on credit cards are the biggest reason for defaults on your credit rating. These defaults can remain on your credit rating for 5 years, and impact your chances of obtaining further credit in the future” he says.

    According to new figures from the RESERVE BANK OF AUSTRALIA, we are sinking into record levels of credit debt. We now collectively owe close to $49 billion, having been approved for 14.8 million credit cards – more than ever before. More than two-thirds of this whopping bill, or $35.5 billion, is accruing interest every day at an average punitive rate of 19.7 per cent per annum. It means Australians are wasting $7 billion a year in interest on credit cards.

    Mr DOESSEL says more education is needed to ensure people are aware of the implications of both applying for and repaying credit debt.

    “The statistics, and our experience shows Australians are struggling with credit. People need to develop the ethos that credit is not something that is granted, it is something that is earned. What they do right now can affect them for at least five years – good and bad” he says.

    5 WAYS TO MAKE CREDIT CARDS WORK FOR YOU

    1. Set yourself a limit and set your credit limit to this – then you won’t be tempted to overstep what you can afford to repay.

    2. Don’t exceed the credit limit.

    3. Don’t pay just the minimum balance on your card. If possible, pay off the entire balance within the interest free period. If you don’t, you will be charged interest right back to the date of purchase on each item thus forfeiting the interest-free period on those PAST purchases. What’s worse, you must pay the balance off in full before you will get any interest-free period on CURRENT and FUTURE purchases. If you have debt that remains on your card month to month you should look at a card that has a lower interest rate. It may not offer an interest free period, but the lower interest rate should save you more in the long run.

    4. Be aware that interest usually applies immediately on any cash advances from credit cards – whether the withdrawal is within the interest free period or not.

    5. Read the fine print on all credit applications and make sure the deal is right for you. Don’t be lured by promises of rewards or other special deals – concentrate on the fees, interest and repayments.

    Mr DOESSEL advises anyone who has ever been credit active to obtain a copy of their credit file and check for any discrepancies. They can do so 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.

    “It is common for people to not even realise they have a default until they apply for a car or home loan and are declined due to a bad credit rating” he says.

    A credit file is compiled on any person who has ever been ‘credit active’. It lists personal details like name and address, but also any times the person has applied for credit, any defaults (overdue accounts), court judgements, writs and bankruptcies.

    “A clear and healthy credit file really is the ticket to financial freedom. It allows people to do things on a whim – travel, borrow money, buy goods and go into business” Mr DOESSEL says.

    If a credit file check does uncover some nasty surprises – it could be possible to repair the damage done by seeking out a reputable credit file repairer.

    If people have any default, writs or judgements which have errors, have been entered unfairly, unjustly or just shouldn’t be there at all, a credit file repairer can help to remove the offending black mark and clear the file – something which people find very difficult to do on their own.

    “Most times a credit reporting agency will tell clients that defaults are never removed, but can be marked as paid. People are then stuck with a dodgy credit rating for 5 years. But they shouldn’t have to put up with it, as it is possible to have many defaults removed. MyCRA has had up to a 91.7% success rate in removing defaults on files we’ve take on. Usually the turn around is 3-21 days” Mr DOESSEL says.

    (Update: turn around times have increased on some files to 45 – 60 days due mainly to the delays in processing from creditors and ombudsmen services.)

    The MY CRA website has more information for people who need advice on their credit file. There are fact sheets on how to go about removing defaults and more information on credit and its consequences in AUSTRALIA today.

    ###

    Links:

    http://au.pfinance.yahoo.com/credit-cards/features/credit_card_tips/index.html http://www.adelaidenow.com.au/australians-hit-record-credit-card-debt/story-e6frea6u-1225988447714 http://www.adelaidenow.com.au/money/money-matters/tips-for-reducing-credit-card-debt/story-fn3hwldr-1225995954494

    Please contact:

    Graham Doessel             http://www.mycra.com.au/

    Ph: 07 3124 7133

    246 Stafford Road, STAFFORD QLD.

    About MyCRA.com.au MyCRA.com.au is 100% Australian owned and operated and we are based in Stafford, a northern suburb of Brisbane in Qld. My CRA was developed for the sole purpose of giving clients access and ability to work with their Credit File. This is in order to give them the best chance of getting approval, getting a lower interest rate or just to reduce the upfront fees that can be associated with obtaining credit.

    My CRA are able to help you get a copy of your credit file and from that determine how we can help repair a credit file. We have more than 15 years combined experience in working with and helping clients with their credit files. We are the fastest known credit rating repair agency in Australia. We can often remove judgements in as little as 3 days.

    As Director I [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”][GRAHAM DOESSEL] previously owned a very successful mortgage brokerage company “Mortgage Now” before establishing My CRA because I saw a great need in the industry for credit repair.[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • Identity Theft the ticking time bomb in Australia

    SAFETY of personal information needs to be taken more seriously in this country, to avoid Australian identity theft statistics rising to the percentages of those in the UNITED STATES, GRAHAM DOESSEL CEO of credit rating repair company MY CRA warns.

    “Identity theft is the curse of the 21st Century and that is becoming more evident in our industry of credit rating repair. There are more and more people needing help with repairing their credit file due to having their identity misrepresented in some way.”

    “With exposure of our personal information greater than ever before, opportunities for fraud are higher than ever” he says.

     This follows a recent investigation into VODAFONE for allegations of possible breaches of privacy by having customer information available on a publically accessible internet site.

     This investigation conducted by the Privacy Commissioner found the allegations were unsubstantiated, but his report, released 16 February did illustrate other areas of concern at VODAFONE in relation to privacy.

     “Vodafone did not have appropriate security measures in place to protect customer’s personal information at the time. Consequently Vodafone was in breach of their obligations under the Privacy Act. I was particularly concerned by Vodafone’s use of shared logins and passwords for staff and the broad range of detailed personal information available to them.” Privacy Commissioner TIMOTHY PILGRIM says.

    Vodafone agreed to review its IT security, and all appropriate staff including employees in retail stores and dealerships will be issued with individual login IDs and passwords.

    Mr Pilgrim said that this case should serve as a reminder to all businesses using customer management systems to ensure that they have robust privacy protections built in.

    The latest AUSTRALIAN BUREAU OF STATISTICS data from a Personal Fraud Survey conducted in 2007 shows over 800,000 Australians were victims of at least one incident of personal fraud in the 12 months prior to interview, with over half of these victims incurring a financial loss.

    Research in 2009 conducted by Galaxy Research for VEDA ADVANTAGE showed 4.4 million Australians were affected in some way by identity theft, compared to 3.8 million in the previous year.

    The AUSTRALIAN CRIME COMMISSION now sites identity theft as the “fastest growing crime in AUSTRALIA.”

    The A.C.C. says compromised financial information can be used directly to attempt to access someone’s accounts, or be used to obtain credit cards, loans or any other credit in the victims’ name.

    Fraudsters have even been known to send SMS and emails from a compromised identity to victims’ friends and associates, asking for money on the victims’ behalf. This often involves a story in regards to the victim being stranded somewhere and requiring the funds urgently.

    Current U.S. statistics point to 8.1 million people being victimized in 2010, according to a report by JAVELIN STRATEGY AND RESEARCH. Although that’s still a huge number, it’s 3 million fewer victims than in 2009.

    So why have the U.S. statistics begun to improve? JAVELIN sites the top reason for the decrease is due to a significant drop in data breaches, or situations in which batches of personal information have become vulnerable to identity thieves.

    The number of breaches last year was down by almost one-third, to 407 incidents, or 26 million records exposed, according to the DataLossDB project. Again, still a huge number, but down – from 604 breaches, or 221 million records exposed, in 2009.

    “We definitely see evidence that the banks and other institutions are taking stronger precautions to prevent data breaches. Data breaches are a big deal. You are eight times more likely to be a victim of fraud if you get a data-breach notice.” James Van Dyke, president and founder of Javelin says.

    He also sites consumer-education efforts as possibly another factor.

    Mr DOESSEL says this demonstrates the importance of vigilance in the war against identity theft.

    “It is so important for Australians to educate themselves on how to keep their information secure, and to demand that any information they are required to give over to any person or company be treated with the utmost privacy” Mr DOESSEL says. 

    “Our message at MyCRA to someone who has found themselves a victim of identity theft is two-fold. Firstly don’t be embarrassed to report it to police – it is only through identity theft being reported that data gets collected and appropriate preventative measures eventually get put in place.”

    “Secondly don’t put up with the damage it causes to your credit file and to your life, get in touch with a reputable credit rating repairer who can help you to clear your credit file and restore the financial freedom you rightly deserve” he says.

    Visit www.mycra.com.au  for more information on identity theft.

                                          ###

     LINKS

    PRIVACY COMMISSIONER’S STATEMENT:

    http://www.oaic.gov.au/news/media_release_vodafone_omi.html

     

    VEDA ADVANTAGE:

    http://www.vedaadvantage.com/news-and-media/article.dot?id=505933

     

    AUSTRALIAN BUREAU OF STATISTICS:

    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

     

    A.C.C. IDENTITY CRIME STATEMENT:

    http://www.crimecommission.gov.au/media/faq/financial_crime.htm

     

    U.S. STATISTICS:

     http://www.washingtonpost.com/wp-dyn/content/article/2011/02/09/AR2011020906064.html

     

     

  • Plain English Credit – What you should know about taking on credit

    What you should know about taking on credit

    What is my credit rating?
    Your credit rating is a file on your credit history and is collated by the major credit reporting agencies if you have ever been credit-active.  Your credit rating is then checked by any financial institution or credit provider and is used to assess both the amount you are able to borrow and your ability to repay the loan.
    What does ‘credit active’ mean?
    Anyone that has borrowed money, or has established an account for services is credit active and will have a file in their name. This includes mobile phone plans, accounts with utility companies, rates accounts and of course loans of any kind.
    What is defined as a ‘bad’ credit rating?
    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 basic defaults and even too many credit enquiries or applications for credit may be considered to be tarnishes on your credit rating.
    How do I know if I have a bad credit rating?
    If you are unsure what is on your credit file, it would be worth taking the time to find out.
    There are three major credit reporting agencies in Australia: Veda Advantage – which holds the credit file of over 14 million Australians, Dun and Bradstreet and Tasmanian Collection Service.
    You can write to or email one of these agencies and request a copy of your file.  If you are not in a hurry there is no charge to you but it will take 10 working days from application to receive this information.
    What is not realised by many people is how easy it is to have a default slapped on their file.  If a bill is more than 60 days late (including rates, power, mobile phones) then a provider has the right to notify you of their intentions to record this default on your credit file. Even if this bill is paid and noted on your file, this default usually remains on your record for 5 years.
    I have found defaults 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 file. This will probably prevent you from obtaining a home loan with most lenders and possibly lead to credit refusal of many kinds from cards to phone plans.
    What can I do to fix my credit rating?
    Once you have obtained a report there are three things to consider:
    1. Check the accuracy of the report. If there are errors, be aware you do have the right to have errors 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.
    2. Check you were informed of any intention to list. Current legislation requires you to have been informed in writing of any intention from creditors to list you as a defaulting on credit.
    3. Check the fairness of the listing. Only serious credit infringements should be recorded, or overdue bills in which 60 days have elapsed since payment was due.
    How does My CRA work to repair my credit rating?
    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 have a default, writ or judgement that has errors or just shouldn’t be there – there is a good chance that My CRA can actually remove it – meaning your financial future is looking a whole lot brighter.
    My CRA works with creditors to negotiate on your behalf and work for your best outcome based on the creditor’s compliancy with the current legislation. We will also look at any other extenuating circumstances to determine if there is an avenue we can investigate which results in having the listing removed.
    We have had up to a 91.7% success rate with cases we take on.   Many credit ratings are cleared within or around 21 working days though some do take longer depending on the difficulty of the case.
    Should I try to cut out all credit from now on?
    Credit is not all bad.  In fact, not having ever taken out credit can harm your chances of obtaining a loan just as much as having a bad credit rating.
    However, we do advise you to be cautious with credit. Start small, for instance a mobile phone plan or store credit card. Make all repayments on time and work methodically to build up a solid credit history.
    What can I do to maintain a good credit rating?
    1. Make all payments on time. This is the easiest way to ensure there are no discrepancies or defaults on your credit file.
    If you are unable to make a payment on time, contact the creditor. They may be able to set up a payment plan for you until you get back on your feet.
    2. Regularly obtain a copy of your credit file – once a year is recommended.
    3. Sign up for Veda Advantage’s Alert system. For approximately $50 per year they can send you a copy of your credit report and email you of any changes made to your credit file within the 12 months of membership.
    4. Keep credit card limits within a set budget. Don’t be tempted to accept the sky high limits some banks offer as it could encourage you to spend needlessly and blow out your budget.
    5. Be aware of excessive credit enquiries. If you are not sure about your credit health, get it checked before applying for new credit. Declined credit applications on a person’s file can hinder their chances of obtaining a loan. Some lenders are rejecting loans for as little as two enquiries in 30 days, or six enquiries within the year.
    6. Don’t shop around for credit. You should only apply for credit you have full intention of pursuing. Every application for credit will be noted on your file, but it does not say whether the application was approved or declined. It could look to creditors like you have been declined multiple times.
    Please Note: Our previous results of up to 91.7% have applied only to consumer applications and past results are no indication of future performance

  • Another Optus Default removed

    Today we notified our Client Juan M. of WA that his OPTUS default was removed.

    We began work on the 21st of September and the default was removed today (the 30th of September 2010)  Just 7 working days…

    Case Study.

    Client went overseas for 3 months and was unaware of the outstanding account.  As soon as he was made aware of the bill he paid it immediately.

    The Client provided detailed and accurate accounts of dates he traveled, amounts paid, dates paid, evidence of travel and payments etc to back up his claims.  This greatly assisted in the speedy removal of the default.