MyCRA Specialist Credit Repair Lawyers

Tag: credit reporting legislation

  • Award winning broker turned advocate for credit reporting accuracy reveals the surprise bad credit stopping Aussies refinance.

    Media Release

    Award winning broker turned advocate for credit reporting accuracy reveals the surprise bad credit stopping Aussies refinance.

    Australians are looking to refinance at a rate of knots, but a consumer advocate says some home owners are discovering they have bad credit history when they attempt to refinance, despite believing their repayment record has been impeccable.

    Frugality sparked by the GFC and improved banking competition have pushed the number of refinanced properties to a 20-year high.

    Consumers have been urged to move their mortgage away from the ‘big four’ banks as a response to the raising of home loan rates, but a consumer advocate warns that many home owners may discover they have bad credit history, even if they think their repayment history has been impeccable.

    Former broker turned consumer advocate for credit reporting accuracy, Graham Doessel CEO of MyCRA Credit Rating Repairs, says it is essential that all existing home owners check their credit file is accurate before making an application for finance.

    “For many home owners it may have been years since they applied for major credit so it is important to know if their good name is compromised in any way before they make an application,” Mr Doessel explains.

    He says regardless of whether people have been diligent payers, creditors can and do make mistakes with credit reporting.

    “People can have many errors thrust upon them unknowingly – bill mix-ups, computer errors and human error can all contribute to these surprise black marks. Unfortunately any black mark on your credit rating will be an automatic decline with most lenders,” he warns.

    “Creditors don’t always comply with the law, and sometimes they make mistakes.”

    Approximately 63% of the clients who request credit rating repair through MyCRA Credit Rating Repairs have defaults, writs or Judgments which are listed in error on their credit file.

    “We have clients who are facing identity theft; some are caught in issues over separation from their spouse; some have been disputing the bill which went to default stage and many people are just victims of the fallout from inadequate billing procedures – wrong names, wrong addresses, human and computer errors,” Mr Doessel says.

    Under current credit reporting legislation, consumers are entitled to obtain a copy of their credit report from the credit reporting agencies once a year.

    People need to contact all the credit reporting agencies to request their report – as creditors have access to 3 agencies within mainland Australia and 4 in Tasmania. The report must be provided to them in writing within 10 days of the request.

    He says listings are not removed by creditors unless the file holder can provide adequate reason and lots of evidence as to why the listing should not be there.

    “Credit repair requires knowledge of the legislation, lots of evidence and perseverance. But for those people whose financial freedom is hindered because their credit file contains errors, it is a point worth fighting for,” he says.

    Despite credit file errors – there may be other reasons refinancing is not an option. Currently many home owners are facing falling property prices. Negative equity can halt any refinancing plans.

    Mr Doessel says home owners also need to also calculate the in and out fees that may be present on any new loan to ensure the switch is really saving them money.

    People who want more information on credit repair, or who wish to obtain a free copy of their credit file can contact MyCRA Credit Rating Repairs on 1300 667 218 or visit their website – www.mycra.com.au.

    /ENDS

    Please contact:

    Graham Doessel – CEO Ph 3124 7133

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

    www.mycra.com.au www.mycra.com.au/blog 246 Stafford Rd, STAFFORD Qld

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

    http://www.news.com.au/money/property/property-price-falls-lock-homeowners-into-loans/story-e6frfmd0-1226305228916#ixzz1qHuXqibk
    http://www.mycra.com.au/media/television.php
    http://www.smh.com.au/articles/2004/02/09/1076175103983.html

    Image: Stuart Miles/ www.FreeDigitalPhotos.net

     

  • Graham the ‘Credit Corrector’ placed No.24 in Top 50 – Start-Up Smart Awards 2012

    Entrepreneur Graham Doessel is delighted to announce placement at number 24 in the Australian Start-Up Smart Awards 2012 for his credit rating repair company, MyCRA Credit Rating Repairs.

    Graham was once Australia’s most successful non-conforming broker. Now he’s a full-time ‘credit corrector’ and consumer advocate challenging creditors to improve accuracy in credit reporting – one listing at a time.

    An excerpt from the Start-Up Smart Awards website explains the beginnings of MyCRA Credit Rating Repairs:

    “At the busiest time in his career, Graham Doessel was diagnosed with cancer. Up to his ears in work, he was forced to step back from it all in order to make a full recovery.

    While Doessel was receiving treatment, he witnessed the negative impact of the global financial crisis on credit applicants. In the wake of it all, Doessel decided to do something.

    He developed My CRA for the sole purpose of giving customers the cleanest credit file possible.

    The idea behind the service is to give customers the best chance of getting approval, secure a lower interest rate or reduce the upfront fees that can be associated with obtaining credit.

    Doessel’s life experience, as both a broker and as a consumer at the wrong end of consumer credit reporting, drove him to create MyCRA Credit Rating Repairs from the ground up.

    After extensive study of Australian credit reporting legislation, he was able to come up with a framework to correct credit rating errors.

    It was now possible to work on behalf of a client and actually repair their credit rating, instructing creditors to remove negative listings where they were listed incorrectly or unfairly.

    That’s how MyCRA Credit Rating Repairs was born.

    According to Doessel, the most challenging part of starting up was getting leads and contacts, but this forced him to be creative and resourceful, particularly on a tiny budget.

    “There is a massive demand for what we do at MyCRA. The barrier to entry is very high but MyCRA overcame all of those challenges on limited to no budget,” he says.

    Doessel says the best part of starting his own business is “doing something that can make a tremendous difference to the lives of so many people, and getting paid to do it”.

    He is now an active executive member of the Credit Repair Industry of Australasia and has interests in a direct debit service firm,” the website reports.

    The recognition from the Start-Up Smart Awards has been significant, with Start-Up Smart also placing MyCRA Credit Rating Repairs amongst the Top Ten new trends for 2012 in the finance category.

    “As the banks toughen their lending criteria, the finance industry is witnessing the emergence of a new type of business – one that aims to make it easier for consumers to obtain credit and finance.

    My CRA, which appears at number 24, was developed for the sole purpose of giving customers the cleanest credit file possible.

    The idea behind the service is to give customers the best chance of getting approval, secure a lower interest rate or reduce the upfront fees that can be associated with obtaining credit,” Michelle Hammond reports in the article 10 trends from the 2012 StartupSmart Top 50.

    The MyCRA Credit Rating Repair mission is to empower people through negotiating the removal of listings, thereby restoring integrity allowing their clients and their families to regain control over their future.

    The reason consumers very often need help when removing listings is two-fold. Firstly, their often limited knowledge of credit reporting legislation (and lack of time to get to know it) leaves them unsure of how to apply the letter of the law in their own circumstances.

    Secondly, negotiating with creditors can be tricky. Clients have to know who to talk to and the way to talk to them. Sometimes people can do more harm than good when trying to fix their own credit rating.

    MyCRA looks after clients who are facing identity theft or Identity Fraud; those with default listings incurred during separation from their spouse or other partners; some have been disputing the bill which went to default stage and many people are just victims of the fallout from inadequate billing procedures – wrong names, wrong addresses, human and computer errors.

    Under current credit reporting legislation, consumers are entitled to obtain a free copy of their credit report from the credit reporting agencies once a year.

    But if people find inconsistencies on their credit report, they can run into difficulty.

    Listings are not removed by creditors unless the credit file holder can provide adequate reason and lots of evidence as to why the listing should not be there.

    Credit rating repair requires knowledge of the legislation, lots of evidence and perseverance. But for those people whose financial freedom is hindered because their credit file contains errors, it is a point worth fighting for.

    MyCRA was founded as a means of championing for the underdog in these situations. The company believe everyone should have the right to redress for mistakes in the credit reporting industry.

    For the future, MyCRA is hoping to increase their level of success by improving the frequency of removal and closing the gap on their current default removal rate.  My CRA has a previous track record of up to 91.7% of cases having a default removed.

    The team hope to accomplish this through further increasing skill level and team numbers, building even better relationships with creditors, and continuing to educate consumers on credit reporting.

    With CEO Graham Doessel’s heavy involvement with the Credit Repair Industry Association of Australasia (CRIAA) as an executive member, MyCRA has a strong policy of maintaining consumer advocacy and industry standards.

    MyCRA is proud to be a part of building a set of regulations for the credit repair industry through the CRIAA. They see the introduction of the CRIAA as a catalyst for enforcing change and bringing about a set of standards which will revolutionise the credit repair industry in Australia and New Zealand.

    MyCRA is also proud to be a Premium Corporate Partner with the Finance Brokers’ Association of Australia (FBAA).