MyCRA Specialist Credit Repair Lawyers

Tag: credit repair

  • Case Study Ayii Vic 18 Minute Fast Bad Credit Repair

    Click this link to download the PDF  Mycra Lawyers Ayii Default Case Study (record 18mins)

     

  • Bad Credit Rating Removal Case Study Bradley WA

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    Client Profile:

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    Name: Bradley
    State: WA
    Sex: Male
    Age: 42
    Married/Single: Single
    Listing Type: Clear out
    Original Creditor: Cash Converters
    Current Creditor: –
    Paid / Unpaid: Unpaid
    Listing Amount: $716
    Commenced work: –
    Default Resolution: –
    case study image

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  • Do You Have Too Many Enquiries On Your Credit File

    Do You Have Too Many Enquiries On Your Credit File

    Did you know that too many credit enquiries (online credit card application & loan enquiries etc.) can stop you getting your home loan?
    Q. What is a credit enquiry?
    A. A credit enquiry can be generated whenever you actually apply for a form of finance or credit.

    Q. How many credit enquiries is too many credit enquiries?
    A. That depends on the type of finance you are applying for. We do know though that as little as 3 credit enquiries can stop you being approved for your home loan.

    Q. Do I need to be approved the finance for it to be recorded on my credit file?
    A. No, the simple act of making an application (online or offline) can show up as an enquiry

    Q. What information is recorded on my credit rating?
    A. Usually, your credit file will show:

    • The Date of the enquiry
    • The amount you applied for
    • Creditor you applied through
    • If it was just you or if you applied with a partner
    • The reference number of the enquiry
    • If the enquiry was for commercial or consumer purposes
    • And finally the reason for the enquiry (I.e. Car loan, overdraft, mortgage etc.)

    Q. Is there anything else I need to know about Credit Enquiries?
    A. Yes, be wary where you get a copy of your credit file as the wrong type of enquiry can hurt you even more.

    • for example, if you have a company “We Remove Bad Credit” listed on your credit rating, it will raise a RED FLAG for many lenders.
    • MyCRA Lawyers can help you get a copy of your credit file BUT
    • MyCRA Lawyers will NEVER appear on your credit file

    Q. Where can I quickly and easily get a copy & check my credit file?
    A. If you need to check what is on your credit file today, MyCRA Lawyers (Tel: 1300-667-218) can help you get a copy (with no trace of MyCRA Lawyers) of your Equifax (Formerly Veda Advantage) Credit file (with your credit score) and a copy of your Dun & Bradstreet credit file from within one business hour…

    To get a copy of your Equifax (Formerly Veda Advantage) and your Dun & Bradstreet credit reports, call MyCRA Lawyers on 1300 667 218 now.

    If too many enquiries are stopping you getting your finance, Call MyCRA Lawyers has been successful in removing credit file enquiries.

    Call MyCRA Lawyers now on 1300-667-218 to have MyCRA Lawyers help you remove excess credit enquiries now.

  • The Australian credit reporting system is one based exclusively on Negative Credit Reporting

    The Australian credit reporting system is one based almost exclusively on “Negative Credit Reporting”.

    By Graham Doessel – Founder & CEO of MyCRA Expert Credit Repair Laywers

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    MyCRA Lawyers Turns Your Poor Credit Reporting System Into A Clean Credit Rating For Consumers
    MyCRA Lawyers Turns Your Poor Credit Reporting System Into A Clean Credit Rating For Consumers

    It has be (wrongly) reported that the new So Called “Comprehensive” Credit Reporting is “Positive Credit Reporting” but nothing could be further from the truth as the comprehensive credit reporting changes (while there were a couple of nice amendments) simply added more Negative records to a consumers credit file.

    Some of the (dare I say it) POSITIVE changes that came about on March 12th 2014 include:

    • Bankruptcy will appear on your credit file for 2 years less
    • A clear-out (7 years) will be downgraded to a default (5 years) upon payment
    • Minimum default (5 years) amount increased from $100 to $150
    • A consumer now has to be 74 days in arrears before they can be defaulted

    But there is still no way for a consumer to “Improve” their credit score (I.e. by paying off their loan quickly and on time etc.)

    Every day we still find creditors that do not:

    • Understand
    • Agree with; OR
    • Comply with the credit reporting legislation

    Which means good people get bad credit when – as you mentioned previously – they lived at the same address and had capacity to pay.

    We find that with Energy companies specifically, common sense does not often seem to apply.

    For example,

    • You live at 123 Smith St,
    • You call “Energy Company” and say that you need;
    • The power connected at 456 Jones St on the 15th; and
    • The power disconnected from 123 Smith St on the 17th as you are moving.

    They will follow your instructions BUT…

    • Will mostly send the final bill for 123 Smith St to 123 Smith St AFTER you have moved
    • Will often list you for fraudulently avoiding your bills as a Clearout (7 years) as you don’t pay the final bill at 123 smith St –
      • All the while knowing you are the same person, at 456 Jones Street.

    Our clients are often frustrated that the “Energy Company” didn’t send the final bill to 456 Jones St as “We told them we were moving”…

    The “Energy Companies” often try to argue that it’s a ‘different department’ however this argument is Flawed…

     

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    Common Sense
    MyCRA Lawyers Helps Creditors See Common Sense And Your Bad Credit Removed

    Another lack of common sense example is:

    • You called “Energy Company” to disconnect the power on the 17th.
    •  The “Energy Company” never asked for a forwarding address so still send the final bill to the disconnected power address.

    In both of these examples, you are likely to have the default removed by MyCRA Lawyers.

    Many Ombudsmen and organisations like the “Consumer Action Legal Center” and “CHOICE” have slammed some credit repairers as dodgy and one has taken out the CHOICE Shonky Award.

    There are however – many talented, dedicated and honest individuals, corporations and Law Firms like MyCRA Expert Credit Repair Lawyers (Pardon the blatant plug) alike that are able to remove Defaults, Clearouts  Judgments etc. quickly and cost effectively.

    My Firm, MyCRA Expert Credit Repair Lawyers focuses 100% of its time & resources on Credit Reporting related legislation and having defaults removed as quickly and as cost effectively as possible.

    Most defaults are removed from between $850 and $1500 each within a few weeks, and with our quickest ever removal, the creditor notifying us that the default would be removed just 37 minutes after we initially contacted them.

     Before you choose your credit repairing organisation, just make sure they:

    • Are a good fit for your business style, professional reputation and standing.
    • Make sure they have Professional Indemnity Insurance in place (Many don’t)
    • Have a recognised dispute resolution process / service in place
    • Have the ability to interpret legislation and Authority to make it happen.
    • Simply, Make sure they are someone you can trust

    MyCRA Lawyers  team (myself included) have been working with consumers with bad credit since 2003 (I owned Mortgage Now, Australia’s largest exclusively non-conforming brokerage 2003 to 2010) and have seen many scenarios that would break your heart.  No One can fix everything but when you choose to recommend a law firm, you are giving your clients the best chance at fixing their bad credit issues.

     

    Call MyCRA Expert Credit Repair Lawyers NOW On 1300 667 218 Today And Ask How You Get Up To $500 In Free Credit Repair Legal Help For Your Clients…[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • Bad Credit Scams, Cyberbullying And Identity Theft All Lead To ACORN

    Have you been the victim of an online scam and too embarrassed to tell anyone?
    What about Identity Theft? Have you got unusual activity on your credit file?

    • Credit enquiries for credit you didn’t apply for?
    • Different addresses you’ve never lived at?
    • Linked credit files to names very similar (or the same) as yours that may be stopping you getting finance approved?

    Have you been the victim of a phishing hoax scam like the emails from the bank asking you to ‘re-enter your details’?

    Have you been the victim of CyberBullying?

    We all rely on the internet so much these days and the scammers and fraudsters are becoming harder to detect.

    At long last, The Australian Government in conjunction with law Enforcement Agencies and Police have joined forces and created A.C.O.R.N. which stands for “Australian Cybercrime Online Reporting Network“

    If you believe you may be the victim of an online scam or Cybercrime, please go to  to lodge an official report.

    Learn more about the different types of Cybercrime

    If you have been the victim of a CyberCrime and have a bad credit rating as a result, you will often need to evidence that you have reported the crime before the bad credit can be removed.

    Contact MyCRA Expert Credit Repair Lawyers for more information on Toll Free 1300 667 218

     

     

  • 3 Top Myths About Credit Repair

    The 3 Top Myths About Credit Repair That You Need To Know!

    Bad Credit VS Good Credit RepairThere’s a lot of Mis-Information circulating about credit repair so here is your chance to uncover the genuine facts about Credit Repair In Australia.

    1.     Defaults Can’t Ever Be Removed

    Bad Credit can only come off your credit rating in 2 ways:

    • They will Automatically ‘Expire’ after a set time
      • Defaults 5 Years
      • Enquiries 5 Years
      • Bankruptcy 5 Years
      • Clear-Outs 7 Years
      • Late Payments 2 Years
      • Judgments 5 Years
    • You discover that your creditor has made mistakes when listing the bad credit that may deem the Bad Credit listing Unlawful – You then instruct your creditor to remove the unlawful listing immediately

    2.     All Credit Repair Companies Are The Same

    • There are vast differences between Credit Repairers’
      • Some are Honest, Ethical, Cost Effective Law Firms
      • Some may be untrained and just out for your buck
      • Some have received National Awards (Like the Choice Shonky Award)
      • Some hide the fact that they are run by convicted fraudsters
      • Some are run by ex-taxi drivers
      • Some sell you an “out-of-date” how-to manual that just doesn’t work ($1100- ish)
      • Some are Honest, Ethical, Cost Effective Law Firms

    3.     It’s Only A Small/Large Amount & It’s Paid/Unpaid So It’ll Be Easy/Hard

    • Some people previously believed:
      • It’s a small default ($amount) so it will be easy
      • It’s a large default ($amount) so it’ll be impossible
      • I paid it so it’ll be easy
      • I haven’t paid it so it’ll be hard

    The truth is that in most cases, it doesn’t matter if it’s big or small, paid or unpaid.  It all comes down to “Did your creditor adhere to the legislation, did they follow the correct procedure?”.
    If not, then in most cases, it’s likely we’ll have your Bad Credit listing removed

    4.     BONUS – You Can Just As Easily Do It All Yourself

    • This is not really a myth actually – YOU CAN DO IT ALL YOURSELF (Just like doing your own tax or like you can defend yourself in court)
      • All you need to do is:
        • Research which legislation governs your default type
        • Study the legislation (Approx 8,000 pages for finance defaults)
        • Compare what the creditor can prove they’ve done against the legislation
        • Identify noncompliance
        • Seek appropriate remedy
      • Just go to the appropriate Ombudsman yourself
        • For best results, help the ombudsman by following points 1 to 5 above then send your file to the Ombudsman in the event the creditor still refuses to remove the bad credit listing after you’ve identified where your creditor has breached the legislation.
      • Just Pay It And They’ll Remove It
        • Wouldn’t that be nice…
          • Paying your default will simply have your creditor ‘update’ your bad credit from unpaid to paid and it will stay on your credit file as a paid default.

    MyCRA Lawyers is an Incorporated Legal Practice working exclusively and with a Laser Sharp Focus on issues surrounding your bad credit ratings and how we can help you remove and erase your bad credit.

    If you need professional, trustworthy honest help without all the marketing hype and BS of unqualified so called ‘credit repairers’ Do Yourself  A Favour & Pick Up The Phone Right Now And Call MyCRA Lawyers On 1300 667 218 For An Obligation Free Chat About How MyCRA Lawyers Can Help You Today.

  • G20 – 20% OFF

    G20 ExtendedMasterlogoOkay, so the G20 starts today and some people really don’t know much about what is really going on.

    One of the most important facts of the G20 right now, Thursday morning the 13th of November is that if you have bad credit then the G20 can save you 20% off your billings for any new Credit Repair matter (or file) opened during the G20 Conference in Brisbane if you mention the CODE “G20-20OFF“.

    Spread the word – Share this promo but make sure you demand your discount when you mention this code today, Friday or Monday.

     

    “The offer ends 5pm Monday the 17th November 2014 [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”][QLD Time]” (The Period)

    Some conditions apply – and it is not to be used in conjunction with any other offer.  ~ The 20% discount will be applied to all invoices resulting from a new Credit Repair matter started during the dates 13th Nov 2014 to 5pm 17th Nov 2014 where the CODE “G20-20OFF” is stated and the discount is specifically requested at the time of commencement of the file; AND ~ Where there are adequate funds held in trust to cover the total of the invoice when the invoice becomes due and payable; AND ~ You make payment of funds into MyCRA Lawyers Legal Trust Account of not less than $1000.00 and have your fully completed and executed MyCRA Lawyers Legal Cost Agreement returned to MyCRA Lawyers by or before 5pm Tuesday the 18th of November 2014.  MyCRA Lawyers reserves the right not to accept all Credit Repair applications at it’s sole discretion.  MyCRA Lawyers have the right to withdraw the offer at any time. Numbers are limited.

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  • New Study Reveals Bad Credit Is Making You Fat

    A recent small scale study revealed having a Bad Credit Rating could be making you FAT

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    Small Scale Study Reveals Bad Credit Makes You Fat
    Small Scale Study Reveals Bad Credit Makes You Fat

     

    We all know that too much takeaway can make us fat and increase the chances of health problems like heart disease, diabetes and so but did you know that having bad credit could also make you fat?

    A recent small survey showed the effects of having a bad credit rating could indeed cause you to feel depressed which has been shown to be related to emotional eating, lack of motivation to exercise.

    Add together lack of motivation to exercise and emotional eating and you can do the math… Bad Credit = Getting Fat

     

    Who would have thought that having MyCRA lawyers fixing your bad credit rating could actually help you lose weight.

    It might be a little bit of a stretch but it sounds reasonable enough to suggest that if bad credit can contribute to depression, emotional eating and lack of motivation to exercise then the lack of bad credit could lessen the same and potentially help you lose weight 🙂

    Even if when you choose MyCRA Lawyers to help you with your bad credit, even if it didn’t help you lose weight, having a clean credit file would help you regain your financial reputation and lose the embarrassment and stigma some people associate with bad credit.

    If you would like to fix your bad credit rating, call MyCRA Lawyers NOW on 1300 667 218

     

    Please note that the above is for entertainment purposes only and should not be taken as legal or medical advice in any way.[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • Australian homes unaffordable and the result could be more bad credit

    housing affordabilityResearch released this week from the International Monetary Fund (IMF) has placed Australia’s housing market as among the world’s most unaffordable housing markets. When household incomes and rents are taken into consideration, the IMF’s figures rank Australia as third behind Belgium and Canada for ‘unaffordability’ when examining and comparing 24 countries. The survey was made as part of a move to push governments to act against housing bubbles. This is not the first time affordability has been on the radar for Australia. We look at how that might play out with lenders and how unaffordability can impact debt levels and instances of credit defaults.

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

    The full story featured in the Sydney Morning Herald ‘Home Prices Outpacing Earnings: IMF’ explains that the IMF data was published in an attempt to ensure governments moved from a policy of “benign neglect” regarding house prices. The story cited IMF’s deputy managing director, Min Zhu who warned in a recent blog post that boom-bust patterns in house prices preceded more than two-thirds of the recent 50 systemic banking crises.

    More on this story:

    The IMF data is the latest indication of the high cost of Australian housing, which some economists believe has started to deter buyers.

    In April, Barclays economist Kieran Davies said prices were ”flashing red” with prices at 4.3 times household income and 28 times annual rent, both just below record highs.

    In a sign the market might be cooling, however, capital city prices recorded their first monthly fall in a year during May, according to RP Data-Rismark. Sydney’s median house price fell 1.1 per cent in the month to $678,500 and Melbourne’s dipped 3.6 per cent to $555,000.

    Australian houses have long stood out as expensive when compared with other nations. But Mr Zhu conceded that detecting overvaluation was ”more art than science” and it was important to also consider factors such as credit growth and household debt.

    On this front, recent figures have been less dramatic. Latest Reserve Bank of Australia figures show housing lending growing at its fastest annual pace in three years, but it is still well below the pace reached before the global financial crisis.

    Household debt as a share of disposable income is also at a three-year high, at 148.8 per cent, but remains below record highs.

    In order to prevent housing markets from overheating, the IMF recommends governments consider rules to rein in riskier bank lending, which Australia has so far avoided.

    Mr Zhu said more than 20 countries had adopted ”macroprudential” policies such as caps on low-deposit loans or debt-to-income ratios in recent years.

    Macroprudential policies have reportedly been up for consideration by the Reserve Bank (RBA), especially since their adoption by New Zealand. Such policies may include placing restrictions on how much finance borrowers can access when compared to the value of properties they are borrowing against. In an earlier Sydney Morning Herald story, Housing affordability a challenge for RBA, investment bankers Goldman Sachs had presented research to the RBA on the benefits of macro-prudential housing policies, suggesting that the measures impact house prices and credit growth. However, RBA Governor Glenn Stevens said late last year, he did not have an “active plan” to deploy such measures at this time.

    This is complicated stuff, and I am sure the RBA will be watching New Zealand closely for the impact on borrowers and affordability there.

    In the interim, can banks react to reports such as this internally and adopt similar policies individually in the absence of government policy? Absolutely – and this could have been happening for some time.

    We know that for many borrowers lending criteria has been fairly tight for a long time, and certainly since the GFC.

    On the flip side, there seems to have been a fairly consistent requirement post-GFC for a clear credit rating in most situations. Our experiences in credit repair have seen clients who were able to raise a good deposit and plenty of ongoing income, but were still denied due to bad credit.

    Considering this, I don’t see any reason why the income to value ratio requirements couldn’t have reduced internally as well.

    Unaffordability and debt

    The other possibility is an increased reliance on credit in place of ‘income’ amongst some sections of the population who are facing high rental and housing prices. The instances of bad credit may be higher in an ‘unaffordable’ housing market, because of this reliance on credit. This may exacerbate the problem of access to affordable housing given lending restrictions on bad credit clients amongst most top-tier lenders. So it becomes a revolving door of unaffordability for certain sections of the population.

    It is interesting to note, that we don’t have figures on ‘bad credit’ or default numbers to go on to fully analyse this thought, as our credit system has only just made the requirement that this information be collated and made available – but it will be something to keep on the radar in the future in this context.

    Bad credit is not always valid.

    Mistakes can happen on credit reports. Likewise, bad credit in Australia can be listed on credit files unknowingly. We have a responsibility to check our credit report, but according to Veda, 80% of Australians have never done this.

    They probably also don’t know that a credit listing should be tested against the appropriate legislation for its validity and its accuracy. Australians should also know Creditors have a legal obligation to remove a listing which was placed incorrectly.

    With affordability so low, and the first home buyer market in crisis, education is key for every credit active individual to make best use of these changes, aware of the action they need to take to ensure their rights are upheld and their chances of home ownership are still within reach.

    Find out more about credit repair and disputing a credit listing.

    Image: ponsulak/ www.FreeDigitalPhotos.net

  • What you should know about credit repair

    credit repair in AustraliaIs your credit rating letting you down, and want to know the best way to fix bad credit in Australia? Or want to know some tips and tricks to credit repair in Australia that many in the industry won’t tell you? I regularly write guest posts for popular broker publication ‘The Adviser.’  The post The Adviser published last week was called “What your clients should know about credit repair” and it explains the ins and outs of credit repair in Australia, and how clients experiencing bad credit can best safely and effectively navigate the credit repair industry. I have provided this post in its entirety, and recommend anyone considering credit repair to give it a read.

    By Graham Doessel, MyCRA Lawyers www.mycralawyers.com.au.

    As seen in The Adviser…

     

    What your clients should know about credit repair 

    06 June 2014 | Graham Doessel

    As a former broker, I know the hills you often need to climb to get deals over the line. One of those obstacles can be bad credit. When everything else stacks up – bad credit can be a deal breaker.

    So naturally at some stage as you struggle with clients who would qualify apart from their bad credit, you may find yourself considering credit repair and its benefits to your clients.

    So what is credit repair? For those that don’t know, credit repair is working on behalf of a client to assist in disputing an inconsistent credit listing or listings. Credit providers will only make corrections in accordance with the Privacy Act 1988 (Cth).

    The information on the client’s credit report must be inaccurate, out-of-date, incomplete, irrelevant, or misleading to be removed. A credit repairer’s job is to find and argue inaccuracies in credit reporting.

    I would love to say that every firm educates clients and brokers in this way. But in reality there are a whole ton of broken promises, misleading statements and at times out-and-out lies permeating the industry.

    This can make it harder for clients to find those firms which have genuine skill and experience in the industry and who will act with ethics and integrity. Some brokers have a direct referral system with a reputable credit dispute firm for that reason. But if you don’t, how do you make sure your clients aren’t going out there blindly and making costly mistakes?

    Here’s what your clients should know about credit repair:

    1. Cheaper does not mean better

    The cheaper the price, the less work that is probably being done on the credit file. We allocate about 28 working hours to each case because that is the average time frame involved if the job is done correctly.

    2. Nothing is guaranteed

    There are no guarantees with this type of work, but a firm should not take on someone they don’t believe they have a good chance of helping. This comes down to having trust in the firm you are recommending as well as the firm having a rigorous assessment stage. Clients should also be looking for published success rates and testimonials as evidence of a firm’s success.

    3. Get it right the first time

    Your clients may only have one chance to get it right. When clients have already used another company or have done some of the work themselves, it can place limitations on their case.

    4. The ombudsman should be the last resort

    Any credit repairer worth their salt should have access to more avenues of investigation and dispute than what an industry ombudsman can provide. They should be pursuing these before seeking an ombudsman’s assistance.

    5. Beware of imprints

    Be careful of firms which leave imprints on the credit file, as this could instantly undo all the work done in removing the credit listing.

    6. Lawyers can help

    A law firm will have the added protection of a state law society. A lawyer can act in court processes including the removal of judgment and writ services, which is something a non-lawyer can’t do. A lawyer can also identify and advise on legal issues; prepare binding agreements, conduct formal negotiations and then follow through with enforcement where necessary; make formal recommendations to credit providers making reference to the law, and make representations on their client’s behalf.

    While credit reporting mistakes continue to come up on client credit files, there will always be a place for skilled credit reporting advocates in the finance industry. As brokers, more education about credit reporting can give you the power to contribute to a solution for the credit repair industry, and assist in minimising the current problem.

     

    If you want to know more about credit repair and credit repair lawyers in Australia, or just want to talk to us about how we can fix your bad credit rating then you can contact us on 1300 667 218 or visit the link below.

     

    FIX MY BAD CREDIT 

    Image: iosphere/ www.FreeDigitalPhotos.net

  • Credit law series: Bad credit mistakes in Australia

    bad credit mistakesIn this credit law series, we look at bad credit mistakes. Do you have a bad credit rating and don’t know why? Have you had bad credit placed on your credit file you don’t agree with? You are not alone. Possibly millions of people in Australia have a bad credit rating, and many people are unaware they have black marks against our name until we apply for credit and are flatly refused. We look at the ins and outs of bad credit mistakes and what you can do about them.

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

     

    What is a bad credit rating?

    ‘Bad credit’ in Australia is generally credit listings such as defaults, writs, Judgments or Bankruptcies recorded against your name on your credit file by a Credit Provider.

    Most of these listings can make it very difficult to obtain credit for 5 years for defaults and up to 7 years for bankruptcy. This can affect many major areas of your life such as buying a home, taking out personal loans for vehicles, business loans and in many cases even credit cards and mobile phone plans.

    Currently, most of the major banks are rejecting home loan applications where the credit history shows a default listing (an overdue account which has lapsed past 60 days). Many lenders are even rejecting loans for excess credit enquiries such as two in thirty days or six within the year.

    How common are bad credit mistakes?

    There are over 16.5 million credit files for ‘credit active’ people, held by the major credit reporting agencies in Australia; Equifax (Formerly Veda Advantage), Dun & Bradstreet, Tasmanian Collection Service. (16.5 million credit files are held by Equifax (Formerly Veda Advantage) alone).
    Unfortunately, there are no current statistics on the number of credit mistakes which occur on Australian credit files.

    But to give you some idea, in 2004 the Australian Consumer Association (now Choice) conducted a survey which revealed 34% of the credit files of the people surveyed possibly contained errors.

    Most people that query Credit Providers and credit reporting agencies about their bad credit – especially where there’s a default, are told that the listing can’t be removed but can be marked as ‘Paid’ if the account was settled.

    This is often not good enough if you need to use credit over the next 5 years (which is almost everyone nowadays).

    What sort of bad credit mistakes are disputable?

    You should know that any credit listing which you believe is inconsistent, unfair, or incorrect can, and should be disputed. Credit rating mistakes could be anything from the credit listing placed by your Credit Provider on the wrong credit file; to the basis of the credit listing being unfounded; to incorrect notices being provided to you; right through to system errors and incorrect spelling, to name a few examples.

    How do I repair my bad credit rating?

    One important aspect to disputing a credit listing in Australia (also known as credit repair) is to remember is that we usually only get one chance at clearing our credit file.

    Sometimes we can attempt to deal with Credit Providers to remove the credit rating default ourselves and can do more harm than good by not understanding the legislation. This is where a firm focused on credit law can help.

    What does a credit law firm do?

    Disputing (or repairing) a credit file involves reviewing documentation– including the credit file and all the circumstances surrounding the default, writ or Judgment.

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

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

    How do I seek out the best firm for repairing my bad credit mistake?

    Credit repair with a law firm solely focused on credit law is arguably the safest choice for credit repair in Australia. The process of credit repair is often attempted by companies without a legal practising certificate.

    Some of these companies can charge big bucks to perform the service for you. Some in the ‘credit repair’ industry may also claim to give quasi-legal or legal advice without adhering to the restrictions of the law.

    A credit reporting lawyer can act in court processes; identify legal issues; provide legal advice; prepare binding agreements; conduct formal negotiations and follow through with enforcement where necessary.

    A credit reporting lawyer can also make formal recommendations to Credit Providers making reference to the law, and make representations on behalf of clients.

     

    Click here to find out more about how MyCRA Lawyers can help you with your bad credit mistakes.

  • Correcting your credit report

    correcting credit reportsSignificant changes to Australian credit reporting have been implemented with amendments to the Privacy Act 1988 (Cth). There is new information available to some Credit Providers on Australian credit reports, and with this has also come an increased obligation for all Credit Providers to provide accurate, up-to-date and fair information on credit reports. There have been changes in the area of correction of credit reports which will make it easier for some Australians to correct inconsistencies. We look at the extensive information out there for consumers about the amended laws, and explain where your rights are enhanced, and where there still may be limitations to correcting some credit reports.

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

    There are some changes with the new Privacy Laws which will make it easier for consumers to correct their credit report.

    Four significant changes include:

    1. The requirement of the Credit Provider to provide an individual with written notice if it refuses to correct the personal information as requested by the individual. The written notice must set out:

    • the reason for refusal (unless this would be unreasonable);

    • the mechanisms available to complain about the refusal; and

    • any other matter prescribed by regulation.

    2. The requirement of timeliness in answering a request to correct a credit report, so that a credit provider must respond to a request for correction within a reasonable period.

    3. The right of the consumer to request that if an organisation refuses to make a correction, and an individual requests that a statement be attached to the record stating that the information is inaccurate, out-of-date, incomplete, irrelevant or misleading, the organisation generally needs to attach this statement in a way that will make the statement apparent to users of the information.

    4. The requirement for any Credit Provider or Credit Reporting Bureau to correct a credit report, regardless of whether they are the entity which holds or is responsible for the information on your credit report.

    To read more on our Privacy Laws, you may wish to see our recent post on Repayment History

    Should I use a credit repairer?

    You should be careful of ‘cheap and nasty’ credit repairers who promise to correct your credit report for a small fee, and who are not skilled paid advocates.

    It’s important to know, that your Credit Provider will only make corrections in accordance with the Privacy Act 1988 (Cth). The information on your credit report must be inaccurate, out-of-date, incomplete or irrelevant or misleading to be removed from your credit report.

    A skilled paid credit reporting advocate would offer much more to the individual than what they could do for themselves. But to get the best result, the company must spend the time to do it right. Often there is only one chance at getting that credit listing removed.

    There are reports of people paying $1,000 for credit repair and being sent a ‘do it yourself’ kit. Spending hours on their own case when they thought they’d employed someone skilled in advocating for them. You can access information on how to address credit inconsistencies yourself, and each credit provider should also have a readily accessible correction policy on their website.

    There are also reports of companies charging thousands of dollars who are not skilled paid advocates. These companies are doing nothing but referring the client’s case to the relevant industry Ombudsman. This is also something you can do yourself for free.

    So if you can’t afford to employ a skilled credit reporting advocate, don’t go for ‘cheap and nasty’ credit repair. You should look at what you can do for yourself for free.

    Why might I need or want a skilled paid advocate?

    In our experience, there have been some limitations to consumers correcting their own credit report within the credit reporting system.

    Here are a handful of reasons why you may find it necessary to employ an advocate to help correct your credit report:

    • You may not have the time or patience to dispute your own case (on average we would devote about 28 working hours to each case of dispute).

    • The case could be complicated and require someone more skilled.

    • You may require an advocate to investigate your case more extensively before making a claim for dispute.

    • Better knowledge of Privacy Law may be required in order to make the case clearly.

    • You may not wish to deal directly with the Credit Provider or Credit Reporting Bureau – particularly where you believe the credit listing has been placed unfairly or is misleading, or where there is an ongoing dispute involved.

    • Access to more avenues of investigation and dispute may be required than what an industry Ombudsman (as an impartial Body) can provide.

    • You may simply want to ensure the most chance of success at getting your credit listing removed (especially since in many cases there is only one chance at correction).

    • You may also feel you need or require a lawyer to advocate for you, especially if you are not eligible to use a credit legal centre. A lawyer can: Act in court processes including the removal of Judgment and Writ services, a non-lawyer cannot act in these proceedings; identify legal issues and give advice on these; prepare binding agreements, conduct formal negotiations and then follow through with enforcement where necessary; make formal recommendations to Credit Providers making reference to the law, and making representations on their client’s behalf.

    Unfortunately when clients have already used another company or have done some of the work themselves, it can also place limitations on their case.

    For instance, if you have already engaged the Ombudsman, it is virtually impossible for an advocate to then re-open your case with a different avenue of dispute or by including extra legislative proof to strengthen the case.

    Some inferior companies can also leave an imprint on your credit file after they have done the work. This can be detrimental especially if you intend to apply for finance.

    So what will be the future for credit reporting correction? Despite a set of better laws, we believe consumers will continue to need advocates focused on credit reporting law within the credit landscape, well into the future. Skilled paid advocates in the credit arena will be watching these new laws unfold, ready to put their hand up for consumers and test the new legislation for its effectiveness and fairness as it should be tested.

    MyCRA Lawyers is a firm focused on credit file consultancy and credit disputes. MyCRA Lawyers mean business when it comes to helping those disadvantaged by credit rating mistakes.

    Image: digitalart/ www.FreeDigitalPhotos.net

     

  • Introducing MyCRA Lawyers – For Professionals

    Thank you for looking to better understand why it is that you should trust and partner with MyCRA Lawyers.

    • TrustYou might be looking for more and better ways to add value to, and better serve your clients.
    • You might be look to do this while adding a tidy little additional revenue stream to your bottom line.
    • You might be looking to partner with a fellow professional that (like you) has the legal right and qualifications to advise your clients.
    • You might have looked at the idea of credit repair before only to be left gun shy by the cowboys with little to no formal qualifications.
    • Or you might just be plain curious to learn more and make an educated decision based on the facts.

    Whatever your reason, the fact that you are still reading says that you do want to know more so let’s get into it…

    MyCRA Lawyers is an Incorporated Legal Practice based in Stafford, just north of the Brisbane CBD in Queensland and because we’re based outside the CBD, many of our clients and referring partners just like you have found us both more affordable and more approachable than some of the much larger firm with very high overheads.  This is further enhanced by flexible payment and fixed fee options for your clients.

    Maybe you haven’t noticed all those clients that need a second chance yet.  In the days and weeks ahead you might begin to identify more of your friends and clients that might have just hinted, or come right out and told you they have had issues, arguments and ‘discussions’ with their creditors.  Many clients have had bad credit because of:

    • Arguments with their Telecommunications provider over the bill
    • A bad relationship split where he/she thought she/he was paying the bill (and no one did)
    • A family member running up a huge mobile bill and hiding it from Mum/Dad until they paid it off (not quick enough to avoid a default)
    • The Energy Company not sending the bill to the new address even though you asked them to disconnect and reconnect at the new address
    • A debtor not paying you and you not being able to pay your creditor
    • Being out of work for a few months
    • A death in the family and all focus was on the family
    • Hospitalisation for a time that meant you got behind with the bills
    • Not being offered or extended hardship provisions

    MyCRA Lawyers will advocate on behalf of you and your friend or client if you believe the bad credit default listing has been placed on the credit rating in error, unfairly, unjustly or any of the circumstances outlined above.

    The credit reporting system, while some say flawed and is in need of improvement, is still a valuable tool and needs to be there to catch-out ‘serial defaulters’ that understand and abuse the system.   Because of this and other factors, not all clients will qualify for MyCRA Lawyers Credit Restoration Services.  We will however, assist you by making a determination, and usually within one business day of having received the appropriate information.

    There is no magic pill and not all clients will be successful in having all of their defaults removed and while we have possibly the best reputation in the country when it comes to Credit Repair, some clients may pay their fees, and not get the results they’d hoped for.partner

    Defaults can only be removed if it is evidenced by MyCRA Lawyers that the creditor

    • has not afforded your client their consumer rights
    • has made a mistake in listing the default
    • has breached the (up to) 8,000 plus pages of legislation surrounding and important to Credit Reporting.

    Isn’t it nice to know that people build stronger relationships with their friends and clients just by helping them

    You’re a professional and you value integrity, your clients expect honesty and want you to tell them if they have credit repair options

    Fully consider this  – One of our (now regular) referring Firms told us that one of the senior partners spoke to a client we’d helped and the client (name withheld) said that they thought they’d be stuck with the bad credit rating for 4 more years and were seeking advice how to access non-conforming loans.  They didn’t want to have to pay what they thought were criminally high interest rates and were beside themselves with the fear of not being able to borrow, and possibly losing their business.  Their Finance Professional stepped in and suggested they investigate credit repair as an option.

    The clients did their own research to validate the referral and decided to trust MyCRA Lawyers and before too long were able to restructure, refinance and expand their business, and all at prime rates with a clear credit rating – and all of this because of the referral they received.  You can only imagine how strong the bond is between client and professional is now.

    If you want to partner with MyCRA Lawyers to help you to add value to your existing and future clients, Call Nathan Gough in our Stafford Office on 1300 667 218 to get the process started today.

    Thank you again for taking the time to discover why more and more finance professionals just like you choose to trust MyCRA Lawyers as their preferred Credit Repair Partner.

     

    With warmest regard
    MyCRA Lawyers

     

    Graham Doessel
    Founder, CEO &
    Non Legal Director

     

  • New credit laws: journo tells it like it really is

    black mark credit reporting rulesAs consumer advocates interested in accurate credit reporting, rarely would we consider the press to have a great grasp of credit reporting and the issues consumers face, and even less so with the wider coverage of comprehensive credit reporting that has occurred to date. It’s not their fault really – but their views and ideas about fairness, and which are frequently conveyed to the general public are often shaped by players who have had a vested interest in this legislation. Sometimes what we read is not the whole picture of what’s really going on. That’s why it was refreshing to recently read columnist Jenna Price’s piece for the Canberra Times, titled Big black mark for new credit reporting rules. I have included it in this post in its entirety.

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

    Big black mark for new credit reporting rules.

    By Jenna Price. Canberra Times.

    Hey. Your last credit card bill. Do you remember when you paid it? Did you check the date it was due? Or did you just pay it when you had the spare cash?

    And the one before that, say, the one that was due in December when you were busy spending and not paying bills?

    Okay, final question. What about the credit card bill you received in January last year. You know you were busy trying to reshuffle your finances after the mayhem of Christmas and New Year – but did you pay that bill on time?

    I only ask because from next month any time you are five days late on a bill from a licensed credit provider, that late payment will go as a little mark into your credit history file. A little black mark.

    Every. Single. Time.

    This new legislation sits in the Privacy Act (loosely named, really, since we don’t have any). From March there will be extensive changes to the credit reporting rules in that act and there will also be an accompanying code of practice, drawn up by the Australian Retail Credit Association.

    The association drafted the code but it will not be responsible for it. That’s the job of the regulator, the Office of the Australian Information Commissioner. Of course, both bodies called for submissions and consultations. And, of course, they ignored the majority of the input of consumer advocates with decades of experience.

    Credit card payments. Mortgage payments. Car loans. Personal loans. If you have a loan from a bank or mutual bank – or any other providers licensed to give you money – and you are just five days late, it will go straight to your repayment history. That history will be available for any lender to check out if you ever need money again.

    These dramatic changes are taking place and no one is telling us about them. There are no advertising campaigns. There is no education process. Just a daggy little website called Credit Smart run by ARCA, the peak body for those same lenders that will be running surveillance on your records. The animations. The script. Cringeworthy.

    When did ARCA launch the website? The press release says late January.

    What’s worse is that the scheme is retrospective. So it’s not as if you can decide to be meticulous from this very moment. Nope. From December 2012, if you were late it can be uploaded to your file.

    Nor do the banks or mutuals have to make a song and dance about it. Nope. They can just send you one of those bland terms and conditions emails or letters and you will not even recognise that you are about to be watched with an auditor’s eye.

    The way it’s been promoted by some is that this will mean those of us who pay on time will be able to get discounts.

    But Kat Lane, the experienced consumer credit advocate at the Consumer Credit Legal Centre NSW, said that overseas experience reveals punctual payers may not get benefits. Instead, the information will be used to target those who pay late. You can imagine, can’t you? There are lenders who will go after vulnerable consumers and charge them accordingly.

    Lane said consumers would certainly be able to use external dispute resolution if they want to challenge what is held on their files – but that may take months. The Financial Services Ombudsman is already a very busy agency.

    The fact is, this is all about the convenience and protection of lenders and not about the safety and security of consumers.

    Last year, the Australian Retail Credit Association conducted a survey on what Australians thought about credit reporting. Not much – in fact 60 per cent of us had no idea what that term meant. And those of us who did know something, thought of credit reporting as negative.

    Damian Paull is CEO of ARCA, which is charged with educating people on these changes. I asked him if he’d ever paid a bill late.

    He said: “I’m far more conscious now of tracking when my bills are due … my behaviour has changed and my consciousness has changed since I’ve become more aware.”

    Which is lucky for him, with plenty of notice and a wealth of understanding from years in the industry.

    The rest of us aren’t so lucky. And it won’t be long before utilities bills join home loans and credit card payments. I fear it will be telco bills. Telcos argued hard for repayment history.

    And I predict our – so far – safe and successful lending system will be riddled with the damage done to people persecuted by lenders with no hearts and no discernment, just their little black credit records.

    Bravo Ms Price, finally someone has seen these changes for what they really are…the certainty of MORE NEGATIVE for consumers, with a very vague promise of positives. And like Ms Price I agree that there has not been enough done to educate consumers about these changes before they were implemented. I too imagine a day when telcos and energy companies are able to report repayment history information and cringe at the ramifications this could bring to consumers.

    While the new Privacy amendments as a whole have some merits for consumers, I would consider it is not the fool-proof system that consumers are being led to believe – particularly in their application.

    Being involved in many credit dispute cases on behalf of consumers in the past has meant we have seen first-hand what consumers should be worried about within the framework of credit reporting.

    Credit providers make mistakes, and in other cases they try to ‘get away’ with not doing what they should be doing to protect consumer rights. This can affect thousands of consumers.

    And as mentioned by Kat Lane in the above article, it can take months to challenge a listing via an EDR scheme like an Ombudsman Service. In some cases in the past we have also found that Ombudsmen haven’t investigated cases fully for the consumer – due to points of law being out of their scope of investigation. We have found this can be detrimental to successful dispute resolution.

    In the area of correction, consumers are being told if they have a problem with a credit listing, they can fix it themselves. This is across the board on many websites – including the Office of the Australian Information Commissioner and ARCA. Consumers have been urged to “watch out for” credit repair companies, and told if there are errors on their credit file, they don’t have to pay anyone to fix them.

    In my opinion it is dangerous to tell consumers with little to no knowledge of Privacy legislation that the only way to dispute their credit listing is through the internal systems. Certainly, we would not deter anyone from fixing their own credit listing if they chose to do so – indeed, it would be preferable for them to try it themselves rather than engage with a ‘dodgy’ company performing credit repair.

    On the other hand, consumers should not be entirely discouraged from seeking advice on their own behalf in a dispute matter which results in them engaging with a reputable credit repairer or a good lawyer well-versed in credit law. We liken it in some ways to doing your tax returns. You can do your own – certainly yes. But you can also pay your accountant to complete it for you. Both are valid options. The difference is – the ATO is not telling consumers they can’t use an accountant to complete their tax return.

    Image: stockimages/www.FreeDigitalPhotos.net