Case Study – Nanette had a paid St George default for $5,643 removed

[fusion_builder_container background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” video_mute=”yes” video_loop=”yes” fade=”no” border_color=”” border_style=”solid” padding_top=”2″ padding_bottom=”5″ padding_left=”” padding_right=”” hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=”” type=”flex” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px”][fusion_builder_row][fusion_builder_column type=”2_3″ layout=”2_3″ last=”false” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_right=”2%” spacing_left=”2%” min_height=””][fusion_imageframe lightbox=”no” lightbox_image=”” style_type=”none” hover_type=”none” bordercolor=”” bordersize=”0px” borderradius=”0″ stylecolor=”” align=”left” link=”” linktarget=”_self” animation_type=”0″ animation_direction=”down” animation_speed=”0.1″ animation_offset=”” hide_on_mobile=”no” class=”” id=””] [/fusion_imageframe][fusion_text]

Bad Credit Rating Removal Case Study

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Client Profile:

[/fusion_text][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” content_alignment_medium=”” content_alignment_small=”” content_alignment=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” font_size=”” fusion_font_family_text_font=”” fusion_font_variant_text_font=”” line_height=”” letter_spacing=”” text_color=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]

Name:	Nanette
State:	VIC
Sex:	Female
Age:	45
Married/Single:	Separated
Listing Type:	Default
Original Creditor:	St George
Current Creditor:	NCO Finance
Paid / Unpaid:	Paid
Listing Amount:	$5,643
Commenced work:	09/11/2015
Default Resolution:	25/01/2016

[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_6″ layout=”1_6″ last=”true” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_left=”2%” min_height=””][fusion_button link=”” text_transform=”” title=”” target=”_self” link_attributes=”” alignment_medium=”” alignment_small=”” alignment=”center” modal=”online_enquiry” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” color=”default” button_gradient_top_color=”” button_gradient_bottom_color=”” button_gradient_top_color_hover=”” button_gradient_bottom_color_hover=”” accent_color=”” accent_hover_color=”” type=”3d” bevel_color=”” border_width=”” border_radius=”25″ border_color=”” border_hover_color=”” size=”medium” stretch=”default” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” icon=”” icon_position=”left” icon_divider=”no” animation_type=”” animation_direction=”left” animation_speed=”1″ animation_offset=””]Click HERE Now To Request A Free Call Back[/fusion_button][fusion_modal name=”online_enquiry” title=”MyCRA Lawyers Secure Confidential Contact Request Form” size=”large” background=”” border_color=”” show_footer=”yes” class=”” id=””]Add your details below and one of the friendly MyCRA Lawyers team will call you for a free, no obligation chat about how best we can help you get your clean credit rating and everything that clean credit will mean for you…

[contact-form-7 id=”6642″ title=”Online Enquiry”][/fusion_modal][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” video_mute=”yes” video_loop=”yes” fade=”no” border_color=”” border_style=”solid” padding_top=”5″ padding_bottom=”20″ padding_left=”” padding_right=”” hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=”” type=”flex” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px”][fusion_builder_row][fusion_builder_column type=”1_6″ layout=”1_6″ last=”false” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”true” spacing_right=”2%” min_height=””][fusion_text][/fusion_text][/fusion_builder_column][fusion_builder_column type=”2_3″ layout=”2_3″ last=”false” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_right=”2%” spacing_left=”2%” min_height=””][fusion_text]Credit Repair Background:
Nanette was on maternity leave at the time of listing. She found it very difficult to keep up with the payments, having 2 children under the age of 2 and on a single income which was not very regular. Her ex-partner was a chef at the time and was only working on a casual basis. Nanette only found out about the listings when she tried to obtain finance and found 3 listings on her credit report.

What were any challenges with the creditor?
We had delays with NCO Finance as St George was not able to provide the requested documents in a timely matter.

Why was the listing removed?
The listing was removed as a result of the negotiations and communications between NCO, St George and MyCRA Lawyers.

Summary:
Nanette was referred to our office by her mortgage broker. Nanette was trying to obtain finance and wanted the defaults removed on her credit file. We managed to negotiate the removal of her default and now that Nanette’s default listings were all removed, she can now move forward financially. Congratulations Nanette!

Call MyCRA Lawyers today if you are struggling with bad credit and need a hand getting it removed fast. Call 1300 667 218[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_6″ layout=”1_6″ last=”true” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_left=”2%” min_height=””][fusion_separator style_type=”none” top_margin=”100″ bottom_margin=”10″ sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”center” class=”” id=”” /][fusion_button link=”” color=”orange” size=”medium” stretch=”yes” type=”3d” target=”_self” title=”” button_gradient_top_color=”” button_gradient_bottom_color=”” button_gradient_top_color_hover=”” button_gradient_bottom_color_hover=”” accent_color=”” accent_hover_color=”” bevel_color=”” border_width=”” icon=”” icon_position=”left” icon_divider=”no” modal=”online_enquiry” animation_type=”0″ animation_direction=”left” animation_speed=”1″ animation_offset=”” alignment=”” class=”” id=”” border_radius=”25″]If You’ve Had Enough Of Putting Up With Bad Credit, Then Click HERE Right Now To Have A FREE No Obligation Chat That Just Might Change Your Life…[/fusion_button][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

03/02/2016

Case Study – Huseyin had a $87,166 court action set aside

[fusion_builder_container background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” video_mute=”yes” video_loop=”yes” fade=”no” border_color=”” border_style=”solid” padding_top=”2″ padding_bottom=”5″ padding_left=”” padding_right=”” hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=”” type=”flex” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px”][fusion_builder_row][fusion_builder_column type=”2_3″ layout=”2_3″ last=”false” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_right=”2%” spacing_left=”2%” min_height=””][fusion_imageframe lightbox=”no” lightbox_image=”” style_type=”none” hover_type=”none” bordercolor=”” bordersize=”0px” borderradius=”0″ stylecolor=”” align=”left” link=”” linktarget=”_self” animation_type=”0″ animation_direction=”down” animation_speed=”0.1″ animation_offset=”” hide_on_mobile=”no” class=”” id=””] [/fusion_imageframe][fusion_separator style_type=”none” top_margin=”20″ bottom_margin=”10″ sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”center” class=”” id=”” /][fusion_text]

Bad Credit Rating Removal Case Study

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Client Profile:

[/fusion_text][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” content_alignment_medium=”” content_alignment_small=”” content_alignment=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” font_size=”” fusion_font_family_text_font=”” fusion_font_variant_text_font=”” line_height=”” letter_spacing=”” text_color=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]

Name:	Huseyin
State:	WA
Sex:	Male
Age:	53
Married/Single:	Married
Listing Type:	Court Action
Original Creditor:	Dulux Group Australia
Current Creditor:	–
Paid / Unpaid:	Paid
Listing Amount:	$87,166
Commenced work:	20/10/2015
Default Resolution:	05/11/2015

[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_6″ layout=”1_6″ last=”true” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_left=”2%” min_height=””][fusion_button link=”” text_transform=”” title=”” target=”_self” link_attributes=”” alignment_medium=”” alignment_small=”” alignment=”center” modal=”online_enquiry” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” color=”default” button_gradient_top_color=”” button_gradient_bottom_color=”” button_gradient_top_color_hover=”” button_gradient_bottom_color_hover=”” accent_color=”” accent_hover_color=”” type=”3d” bevel_color=”” border_width=”” border_radius=”25″ border_color=”” border_hover_color=”” size=”medium” stretch=”default” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” icon=”” icon_position=”left” icon_divider=”no” animation_type=”” animation_direction=”left” animation_speed=”1″ animation_offset=””]Click HERE Now To Request A Free Call Back[/fusion_button][fusion_modal name=”online_enquiry” title=”MyCRA Lawyers Secure Confidential Contact Request Form” size=”large” background=”” border_color=”” show_footer=”yes” class=”” id=””]Add your details below and one of the friendly MyCRA Lawyers team will call you for a free, no obligation chat about how best we can help you get your clean credit rating and everything that clean credit will mean for you…

[contact-form-7 id=”6642″ title=”Online Enquiry”][/fusion_modal][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” video_mute=”yes” video_loop=”yes” fade=”no” border_color=”” border_style=”solid” padding_top=”5″ padding_bottom=”20″ padding_left=”” padding_right=”” hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=”” type=”flex” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px”][fusion_builder_row][fusion_builder_column type=”1_6″ layout=”1_6″ last=”false” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”true” spacing_right=”2%” min_height=””][fusion_text][/fusion_text][/fusion_builder_column][fusion_builder_column type=”2_3″ layout=”2_3″ last=”false” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_right=”2%” spacing_left=”2%” min_height=””][fusion_text]Credit Repair Background:
Huseyin is a commercial painter and he had outstanding payments from clients and could not pay creditors. He went bankrupt and was annulled shortly afterwards.

What were any challenges with the creditor?
There were no issues with the plaintiff’s solicitors as they responded to our requests in a timely manner.

Why was the listing removed?
The plaintiff’s solicitors had agreed to set aside judgment.

Summary:
Huseyin’s broker noticed the listings when he applied for credit. Huseyin called our office as he wanted to know how we can help removed the listings. We managed to negotiate removal of his court action listing in 16 days and Huseyin is now one step closer in achieving his home loan. Congratulations Huseyin!

Call MyCRA Lawyers today if you are struggling with bad credit and need a hand getting it removed fast. Call 1300 667 218[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_6″ layout=”1_6″ last=”true” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_left=”2%” min_height=””][fusion_separator style_type=”none” top_margin=”100″ bottom_margin=”10″ sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”center” class=”” id=”” /][fusion_button link=”” color=”orange” size=”medium” stretch=”yes” type=”3d” target=”_self” title=”” button_gradient_top_color=”” button_gradient_bottom_color=”” button_gradient_top_color_hover=”” button_gradient_bottom_color_hover=”” accent_color=”” accent_hover_color=”” bevel_color=”” border_width=”” icon=”” icon_position=”left” icon_divider=”no” modal=”online_enquiry” animation_type=”0″ animation_direction=”left” animation_speed=”1″ animation_offset=”” alignment=”” class=”” id=”” border_radius=”25″]If You’ve Had Enough Of Putting Up With Bad Credit, Then Click HERE Right Now To Have A FREE No Obligation Chat That Just Might Change Your Life…[/fusion_button][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

03/02/2016

Case Study – Rikki from QLD had an unpaid $15,427 Esanda default removed

[fusion_builder_container background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” video_mute=”yes” video_loop=”yes” fade=”no” border_color=”” border_style=”solid” padding_top=”2″ padding_bottom=”5″ padding_left=”” padding_right=”” hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=”” type=”flex” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px”][fusion_builder_row][fusion_builder_column type=”2_3″ layout=”2_3″ last=”false” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_right=”2%” spacing_left=”2%” min_height=””][fusion_imageframe lightbox=”no” lightbox_image=”” style_type=”none” hover_type=”none” bordercolor=”” bordersize=”0px” borderradius=”0″ stylecolor=”” align=”left” link=”” linktarget=”_self” animation_type=”0″ animation_direction=”down” animation_speed=”0.1″ animation_offset=”” hide_on_mobile=”no” class=”” id=””] [/fusion_imageframe][fusion_separator style_type=”none” top_margin=”20″ bottom_margin=”10″ sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”center” class=”” id=”” /][fusion_text]

Bad Credit Rating Removal Case Study

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Client Profile:

[/fusion_text][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” content_alignment_medium=”” content_alignment_small=”” content_alignment=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” font_size=”” fusion_font_family_text_font=”” fusion_font_variant_text_font=”” line_height=”” letter_spacing=”” text_color=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]

Name:	Rikki
State:	QLD
Sex:	Male
Age:	34
Married/Single:	Single
Listing Type:	Default
Original Creditor:	ANZ/Esanda
Current Creditor:	–
Paid / Unpaid:	Unpaid
Listing Amount:	$15,427
Commenced work:	18/11/2015
Default Resolution:	18/01/2016

[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_6″ layout=”1_6″ last=”true” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_left=”2%” min_height=””][fusion_button link=”” text_transform=”” title=”” target=”_self” link_attributes=”” alignment_medium=”” alignment_small=”” alignment=”center” modal=”online_enquiry” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” color=”default” button_gradient_top_color=”” button_gradient_bottom_color=”” button_gradient_top_color_hover=”” button_gradient_bottom_color_hover=”” accent_color=”” accent_hover_color=”” type=”3d” bevel_color=”” border_width=”” border_radius=”25″ border_color=”” border_hover_color=”” size=”medium” stretch=”default” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” icon=”” icon_position=”left” icon_divider=”no” animation_type=”” animation_direction=”left” animation_speed=”1″ animation_offset=””]Click HERE Now To Request A Free Call Back[/fusion_button][fusion_modal name=”online_enquiry” title=”MyCRA Lawyers Secure Confidential Contact Request Form” size=”large” background=”” border_color=”” show_footer=”yes” class=”” id=””]Add your details below and one of the friendly MyCRA Lawyers team will call you for a free, no obligation chat about how best we can help you get your clean credit rating and everything that clean credit will mean for you…

[contact-form-7 id=”6642″ title=”Online Enquiry”][/fusion_modal][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” video_mute=”yes” video_loop=”yes” fade=”no” border_color=”” border_style=”solid” padding_top=”5″ padding_bottom=”20″ padding_left=”” padding_right=”” hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=”” type=”flex” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px”][fusion_builder_row][fusion_builder_column type=”1_6″ layout=”1_6″ last=”false” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”true” spacing_right=”2%” min_height=””][fusion_text][/fusion_text][/fusion_builder_column][fusion_builder_column type=”2_3″ layout=”2_3″ last=”false” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_right=”2%” spacing_left=”2%” min_height=””][fusion_text]Credit Repair Background:
Rikki’s default came from a car loan when he parted ways with his ex-wife. His ex-wife was given everything in their break up and also kept possession of the car which Rikki believed she was making regular payments on.

What were any challenges with the creditor?
ANZ/Esanda took 30 days to provide the requested documents to our firm.

Why was the listing removed?
We found a legislative error in which the default was placed against Rikki. We confirmed details with Rikki and after our case was brought to ANZ/Esanda’s attention they confirmed that there was an error and removed the default listing.

Summary:
Rikki was referred to our office by his mortgage broker. Rikki wanted the default removed from his credit file as he is trying to obtain finance. We managed to negotiate removal of the default listing in 61 days and Rikki can now move forward financially. Congratulations Rikki!

Call MyCRA Lawyers today if you are struggling with bad credit and need a hand getting it removed fast. Call 1300 667 218[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_6″ layout=”1_6″ last=”true” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_left=”2%” min_height=””][fusion_separator style_type=”none” top_margin=”100″ bottom_margin=”10″ sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”center” class=”” id=”” /][fusion_button link=”” color=”orange” size=”medium” stretch=”yes” type=”3d” target=”_self” title=”” button_gradient_top_color=”” button_gradient_bottom_color=”” button_gradient_top_color_hover=”” button_gradient_bottom_color_hover=”” accent_color=”” accent_hover_color=”” bevel_color=”” border_width=”” icon=”” icon_position=”left” icon_divider=”no” modal=”online_enquiry” animation_type=”0″ animation_direction=”left” animation_speed=”1″ animation_offset=”” alignment=”” class=”” id=”” border_radius=”25″]If You’ve Had Enough Of Putting Up With Bad Credit, Then Click HERE Right Now To Have A FREE No Obligation Chat That Just Might Change Your Life…[/fusion_button][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

03/02/2016

Case Study – Daniel From Queensland Unpaid $22,211.00 Westpac Default Removed In Just 4 Days

[fusion_builder_container background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” video_mute=”yes” video_loop=”yes” fade=”no” border_color=”” border_style=”solid” padding_top=”2″ padding_bottom=”5″ padding_left=”” padding_right=”” hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=”” type=”flex” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px”][fusion_builder_row][fusion_builder_column type=”2_3″ layout=”2_3″ last=”false” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_right=”2%” spacing_left=”2%” min_height=””][fusion_imageframe lightbox=”no” lightbox_image=”” style_type=”none” hover_type=”none” bordercolor=”” bordersize=”0px” borderradius=”0″ stylecolor=”” align=”left” link=”” linktarget=”_self” animation_type=”0″ animation_direction=”down” animation_speed=”0.1″ animation_offset=”” hide_on_mobile=”no” class=”” id=””] [/fusion_imageframe][fusion_separator style_type=”none” top_margin=”20″ bottom_margin=”10″ sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”center” class=”” id=”” /][fusion_text]

Bad Credit Rating Removal Case Study

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Client Profile:

[/fusion_text][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” content_alignment_medium=”” content_alignment_small=”” content_alignment=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” font_size=”” fusion_font_family_text_font=”” fusion_font_variant_text_font=”” line_height=”” letter_spacing=”” text_color=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]

Name:	Daniel
State:	QLD
Sex:	Male
Age:	38
Married/Single:	Married
Listing Type:	Default
Original Creditor:	Westpac
Current Creditor:	Westpac
Paid / Unpaid:	Unpaid
Listing Amount:	$22,211
Commenced work:	27/11/2015
Default Resolution:	1/12/2015

[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_6″ layout=”1_6″ last=”true” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_left=”2%” min_height=””][fusion_button link=”” text_transform=”” title=”” target=”_self” link_attributes=”” alignment_medium=”” alignment_small=”” alignment=”center” modal=”online_enquiry” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” color=”default” button_gradient_top_color=”” button_gradient_bottom_color=”” button_gradient_top_color_hover=”” button_gradient_bottom_color_hover=”” accent_color=”” accent_hover_color=”” type=”3d” bevel_color=”” border_width=”” border_radius=”25″ border_color=”” border_hover_color=”” size=”medium” stretch=”default” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” icon=”” icon_position=”left” icon_divider=”no” animation_type=”” animation_direction=”left” animation_speed=”1″ animation_offset=””]Click HERE Now To Request A Free Call Back[/fusion_button][fusion_modal name=”online_enquiry” title=”MyCRA Lawyers Secure Confidential Contact Request Form” size=”large” background=”” border_color=”” show_footer=”yes” class=”” id=””]Add your details below and one of the friendly MyCRA Lawyers team will call you for a free, no obligation chat about how best we can help you get your clean credit rating and everything that clean credit will mean for you…

[contact-form-7 id=”6642″ title=”Online Enquiry”][/fusion_modal][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” video_mute=”yes” video_loop=”yes” fade=”no” border_color=”” border_style=”solid” padding_top=”5″ padding_bottom=”20″ padding_left=”” padding_right=”” hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=”” type=”flex” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px”][fusion_builder_row][fusion_builder_column type=”1_6″ layout=”1_6″ last=”false” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”true” spacing_right=”2%” min_height=””][fusion_text][/fusion_text][/fusion_builder_column][fusion_builder_column type=”2_3″ layout=”2_3″ last=”false” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_right=”2%” spacing_left=”2%” min_height=””][fusion_text]Credit Repair Background:
Daniel gave Westpac the wrong address when he signed up with them, and Westpac never investigated to confirm that they had the correct address. Daniel stated that he did not do this intentionally, but as this was never originally picked up.

What were any challenges with the creditor?
There were no issues with the creditor as we presented our case and they responded to our requests in a timely manner.

Why was the listing removed?
Westpac removed the default as a result of the negotiations and communications between Westpac and MyCRA Lawyers.

Summary:
Daniel was referred to our office by his mortgage broker. Daniel wanted his defaults removed as he was knocked back for finance. We managed to negotiate the removals of his listings in just 4 days and Daniel can now move forward financially. Congratulations Daniel!

Call MyCRA Lawyers today if you are struggling with bad credit and need a hand getting it removed fast. Call 1300 667 218[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_6″ layout=”1_6″ last=”true” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_color=”” border_style=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” border_sizes_top=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_sizes_right=”0px” first=”false” spacing_left=”2%” min_height=””][fusion_separator style_type=”none” top_margin=”100″ bottom_margin=”10″ sep_color=”” border_size=”” icon=”” icon_circle=”” icon_circle_color=”” width=”” alignment=”center” class=”” id=”” /][fusion_button link=”” color=”orange” size=”medium” stretch=”yes” type=”3d” target=”_self” title=”” button_gradient_top_color=”” button_gradient_bottom_color=”” button_gradient_top_color_hover=”” button_gradient_bottom_color_hover=”” accent_color=”” accent_hover_color=”” bevel_color=”” border_width=”” icon=”” icon_position=”left” icon_divider=”no” modal=”online_enquiry” animation_type=”0″ animation_direction=”left” animation_speed=”1″ animation_offset=”” alignment=”” class=”” id=”” border_radius=”25″]If You’ve Had Enough Of Putting Up With Bad Credit, Then Click HERE Right Now To Have A FREE No Obligation Chat That Just Might Change Your Life…[/fusion_button][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

07/01/2016

Be careful where you live because it can affect your credit score

Media Release

Be careful where you live because it can affect your credit score

15 April 2014

Australia’s new credit laws have some consumers on edge and checking their credit score to ensure they’re not blacklisted – but a consumer advocate for accurate credit reporting says beware, your credit score can be lowered by where you live as well as what you do with credit.

Graham Doessel, Non-Legal Director of MyCRA Lawyers, a firm focused on credit disputes says many things can reduce your credit score, including your address.

“Basically all the details asked for on your home loan application form can be used to calculate a credit score, including where you live,” Mr Doessel says.

The former broker says some suburbs put you in the credit danger zone.

“It’s not common knowledge, but when it comes to your address some suburbs are listed as high for commercial credit risk and if you happen to live in that suburb your score may be lower than what it would be if you lived somewhere else,” he says.

Credit reporting bureaus such as Veda Advantage and Dun and Bradstreet hold information on millions of consumers, and use this data to make predictions about credit risk. They also publish de-identified information on their collected data from time to time, such as with Dun and Bradstreet’s 2009 publication ‘Consumers still in the danger zone – A geographic look at consumer credit risk across the country’ (1)

“The Geographic Risk Indicator (GRI) assesses the likelihood of future default on a credit obligation based on demographic data. Those areas categorised as a high risk are 3.4 times more likely than average to be inhabited by individuals who have experienced previous negative credit events,” the publication states.

“It may not be fair, but the truth is, if you live in a ‘bad’ suburb your score will be reduced even if you are personally a good credit risk,” Mr Doessel says.

So what else can contribute to lowering your credit score?

Mr Doessel says how long you’ve lived at your address can also contribute to a low score.

“Lenders like to see stability, so moving just before you put in an application for finance is probably not ideal, depending on how much you’re borrowing,” he says.

Some of the many factors Veda Advantage might take in to consideration when calculating their VedaScore can include: (2)

· Types of credit provider you have made credit enquiries with (Credit providers are rated as high to low risk lenders) · Type and size of credit requested in your application

· Number of credit enquiries and shopping patterns

· Directorship and Proprietorship information

· Length of employment

· Age of credit report

· Default information including court writs and default judgments

Mr Doessel says default information can play a big part in how your score is calculated.

“Of course any adverse listings such as defaults or Court Writs and Judgements and Bankruptcies can really lower your credit score even if you live in a great suburb. We’ve helped millionaires with disputing credit listings impacting their ability to get finance,” he says.

He says repayment history is a grey area as to how it could impact your credit score. This is relevant to you if your credit provider decides to opt in to the new comprehensive credit reporting system and lists payments on your credit card or loan accounts which are more than 14 days behind.

“It’s important to pay your credit accounts on time every time as we just don’t know what impact even one late payment notation could have on your credit score,” he says.

/ENDS.

For interviews and more information please contact:

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

Lisa Brewster – Media Liaison MyCRA Lawyers media@mycralawyers.com.au

www.mycralawyers.com.au www.mycralawyers.com.au/blog

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

About MyCRA Lawyers: MyCRA Lawyers is an Incorporated Legal Practice focused on credit file consultancy and credit disputes. MyCRA Lawyers means business when it comes to helping those disadvantaged by credit rating mistakes.

Links:

(1) http://dnb.com.au/library/scripts/objectifyMedia.aspx?file=pdf/32/14.pdf&siteID=1&str_title=Consumers+still+in+the+danger+zone+-+GRI+Report.pdf

(2) http://www.veda.com.au/yourcreditandidentity/check/vedascore/how-my-vedascore-calculated

Image: Danilo Rizzuti/ www.FreeDigitalPhotos.net

16/04/2014

Could carry-over credit card debt be the undoing of many a home loan?

In my recent guest post for broker publication The Adviser, I discuss repayment history and credit card accounts, looking at how Australia’s new credit laws could change the playing field for borrowers and brokers, and how repayment history could impact credit ratings and the approval of home loans.

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

You can read my guest post from The Adviser in full below:

Could carry-over credit card debt be the undoing of many a home loan?

Australia’s new credit laws will place late-paying clients of licenced credit accounts such as credit cards and loans on the ‘naughty list’ if they are more than five days late with repayments.

So who’s going to be most at risk of getting a late payment notation?

In our experience, those with carry-over credit card debt, as well as those people with multiple credit cards could be most at risk.

Certainly, when assessing clients who present with bad credit, we find a significant number of clients with defaults who have carry over credit card debt and/or are juggling multiple credit cards and other debts in arrears.

These people are more likely to default because they have undertaken too much credit, often leaving no wriggle room for when life throws them a curve ball. Death, divorce, unemployment, sickness and relocation can all create that upheaval which leads to chaos with finances. If someone in the throes of a chaotic event is unable to pay an account and it falls more than 60 days in arrears, they can have a default placed on their credit file.

In the case of repayment history, it’s going to take much less of a curve ball to make a dent in the credit file. Australia’s credit reporting system proposes to tackle the over-commitment issue with the inclusion of repayment history information to an individual’s credit file. If a client gets more than five days behind in their credit card or loan repayments, their repayment history may show up on their credit file.

Those people robbing Peter to pay Paul – running from one repayment to the next, but never quite getting far enough in the red to cop a default on their credit file – are just the type of credit users big brother is hoping to catch out with repayment history information. It will mean people with bad habits when it comes to credit are going to be stopped in their tracks, and, eventually, won’t be able to take out major credit such as a home loan.

Too many late payments will be used to assess increased risk of default even when a default is not present on the credit file.

So how many people have carry-over credit card debt?

A recent survey conducted by Roy Morgan for ASIC shows that around 2 million Australians do not pay off their personal credit card debt in full each month, rising from 24 per cent of personal credit card holders in 2009 to 27 per cent of personal credit card holders in 2013.

Another recent survey showed the volume of Australians worried about their finances. Mortgage Choice revealed in its Money Survey last month that 53.4 per cent of people surveyed were “very worried” or “concerned” about their financial situation. The survey also found that 55.5 per cent of the respondents had credit card debt, with 45.7 per cent of them owing at least $4,000.

The fall-out goes to the uneducated

No one is immune to incurring late payments on their credit file, and the fear is that clients who don’t fall into the category of the overcommitted could also be tarred with the same brush. Those who are more than five days late because their bill goes missing, or who stay a little too long on holiday, or just get busy and forget to pay are going to be tarnished as a late payer.

And it seems that most people don’t know they run the risk of this. Recent statistics from Veda Advantage revealed that the majority of Australians do not know they can be penalised for making a credit card or loan repayment late. Statistics show that seven out of 10 Australians don’t know about Australia’s new credit laws.

How many late payments will lead to the declining of finance approval is up to individual lenders to decide. What we fear is that even one or two late payments over 24 months could change the interest rate offered.

How will the new laws change the credit landscape?

Not every licensed credit provider will be taking comprehensive credit reporting on board, and some will take a while to apply the changes. But what we do know is the shift to the new system is being encouraged by those within credit reporting, with a probable take-up by most licenced credit providers within the next 24 months.

Brokers may find there’s a teething period in the future, as lenders change the way they assess credit worthiness based on the new available information. What was once accepted by the top-tier lenders could now be declined.

My advice to brokers? Having knowledge of a client’s repayment history as well as any other adverse listings prior to making an application can help match the right product to your client. It may be a good idea to encourage clients to get a copy of their CRA, and even showing them how easy and quick it can be to obtain their credit report could be beneficial to everyone in the qualifying process.

Clients can obtain a free copy of all their credit reports from www.freecreditrating.com.au.

* N.B. Since last Thursday, the grace period for repayment history has been officially extended to 14 days. See today’s post ‘Late payment grace period extended to 14 days’ for more details.

If you would like to know more about your credit report, or need to dispute a credit listing on your credit report you can contact MyCRA Lawyers on 1300 667 218.

Image: Gualberto107/ www.FreeDigitalPhotos.net

09/04/2014

Credit reporting in Australia your questions answered on bad credit

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Images: Stuart Miles/ www.FreeDigitalPhotos.net

04/04/2014

Credit reporting in Australia – your questions answered

There are some credit reporting changes just arrived which may affect you and your ability to get a home loan, a car loan or any other type of credit. Obtaining credit in Australia may be a little different from now on, as since March 12 Australia has stepped into a comprehensive credit reporting regime. We feel it’s important to educate consumers about credit in Australia, so we look at the credit file basics, and what you should know about taking on credit in Australia.

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

We answer your basic questions about credit reporting in Australia…

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 tarnishing your credit rating. Your repayment history may also be considered ‘bad’ credit if you have too many late payment notations against your name.

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: Equifax (Formerly Veda Advantage) – which holds the credit file of over 16 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 your credit file. If a bill of $150 is more than 60 days late (including rates, power, and mobile phone bills) then a credit provider has the right to notify you of their intention to record this default on your credit file. Even if the account is paid and noted on your file, this default usually remains on your record for 5 years.

In addition to this, if you are more than 5 days late repaying your credit card or loan account – you may also have a late payment notation recorded against your name.

To find out more about credit reporting, you can visit our main site www.MyCRA Lawyers.com.au

If you want to know more about bad credit, look out for our next post where we answer common questions about bad credit, and what you can do if you wish to dispute an adverse credit listing.

Image: Pong/ www.FreeDigitalPhotos.net

03/04/2014

How to get a copy of your credit report in Australia

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Are you in strife with credit or think you might have bad credit? Or do you just want to check what’s being said about your credit habits? With Australia’s new credit reporting regime now in place, it’s really important to regularly check your credit file to make sure it is accurate and up to date. We explain the important things you need to know about getting your credit report and the different ways you can access your credit file information in Australia.

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

You can access your credit report for free.

Most people are unaware you don’t have to pay to see what is on your credit file. Under Australia’s credit reporting laws, you can access your credit report for free from all of Australia’s credit reporting agencies annually. This allows you to keep an eye on your credit information and make sure it is accurate. You can and should make a request with each agency for your credit report – as there might be different information listed with different agencies. This copy is sent within 10 working days.

Equifax (Formerly Veda Advantage) is the primary credit reporting bureau in Australia (holding approximately 16.5 million credit files), as well as Dun & Bradstreet, Tasmanian Collection Services (if in Tasmania) and new entrant Experian.

If you need it urgently you can pay for your credit report.

Most credit reporting agencies also offer a faster service (usually within 24 hours) for a fee.

You can also check your credit ‘score.’

[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”][At the time of writing] Only one credit reporting bureau, Veda Advantage (Now Equifax) had provided their credit score to the general public. The VedaScore can be obtained for a fee, and can be handy to obtain, especially if you intend to apply for major credit such as a home loan soon. Veda explains their score:

Your VedaScore is calculated based on the information held in your credit file at a given point in time. Your VedaScore is dynamic and predicts the likelihood of an adverse event, like a default, being recorded on a credit file within the next 12 months. Your VedaScore shows where you sit in relation to other credit-active Australians in our credit-reporting database. This may be used by lenders as part of the credit assessment process; however, lenders will also use their own criteria and policies when assessing your application not only your VedaScore.

Once you have your credit report, you need to check your personal details.

If you obtain a copy of your credit report, the first thing you should do is run over your basic personal information to make sure it is correct and to make sure the information is yours. If it isn’t, you should take steps immediately to rectify this. Possible explanations for conflicting personal information could be:

the wrong person is attached to your credit file name or
you may be a victim of identity theft.

Contact the relevant credit reporting bureau who can help you get to the bottom of it.

You can then look at your Summary Characteristics or summary of information.

This will tell you at a glance the items of note on your credit report such as any adverse listings.

Importantly, check for cross-references.

This is another point where you may have cause to find people other than yourself attached to your credit file. This can happen if someone with a similar or the same name resides in your area or uses the same Credit Provider as you. Any issues with cross-references can be fixed through notifying the Credit Reporting Bureau.

Your credit history goes into detail about your credit habits.

Items of note which could be impact your ability to obtain credit could include adverse lisitngs such as defaults, Court Writs and Judgments, bankruptcies and debt agreements, late payments. It could also include excess credit enquiries, and excess credit accounts or amounts, just to name a few.

How your credit history can impact you.

All adverse listings could lower any credit score calculated. In this current economic climate even too many credit applications are often considered to be ‘black marks’ on the individual’s credit file in addition to defaults, clearouts, Court Writs and Judgments.

The impact of late payment notations on the credit score or on assessment of credit suitability is still unknown since the information is only newly available to lenders. Speculation has centred around just how many late payment notations will be too many to mean (a) credit is refused or (b) a higher interest rate is offered. Most times the loan options available to you are at significantly higher interest rates in order to cover the risks associated with taking on someone with bad credit.

What if my credit report is wrong?

If there’s anything on your credit report you disagree with, you can contact the credit reporting bureau to fix it. If it’s something significant like an adverse which you believe is inconsistent, unfair, or incorrect it should be disputed. Credit rating errors could be anything from the credit listing placed by the Credit Provider on the wrong credit file; to the basis of the credit listing being unfounded; to incorrect notices being provided to the individual; right through to system errors and incorrect spelling, to name a few examples.

You can attempt to fix it yourself.

This involves dealing directly with Credit Providers in your dispute. The process of dispute is not always easy, particularly if you are time poor, or do not have the necessary skills or knowledge of the relevant legislation pertaining to your case. This doesn’t mean you can’t fix your unfair credit listing without knowing it, but it makes a massive difference to the chances of removal to have this knowledge (or to employ someone who does).

Some people have in the past made a verbal dispute with their Credit Provider about their listing only to be told it can’t be removed, but can be marked as paid if it has been paid. This can deter individuals from pursuing their case of dispute. Put simply, a Credit Provider should remove a credit listing if it has been demonstrated that the listing was placed unlawfully on the credit file. It is in the demonstration that many people fall short.

If your Credit Provider refuses to remove the credit listing, then you can take your case to the relevant industry Ombudsman. This can be helpful in many cases, but in some cases it may not be in your best interests to pursue this course. It is important to note that the Ombudsman acts impartially and is not advocating for you. This means there may be areas where they can’t or won’t investigate.

You can get help to dispute your credit listing.

You can seek out external help from a third party such as a lawyer focused on credit 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.

You can also seek help from a credit repair company. A word of warning though, it is important to do your homework to avoid getting ripped off. There are some ‘dodgy’ players out there who may seem cheap, but who in the end could cost you and your dispute case dearly. Consumers can consult the Credit Repair Industry Association of Australasia at www.criaa.org.au for advice on choosing a credit repairer.

Be careful about cheap and nasty credit repair. If you can’t afford to employ a demonstrated reputable and ethical advocate, consider disputing your own case instead.

Need help to check your credit report?

MyCRA Lawyers can help you check and analyse your credit rating and help assess your credit worthiness.

Get a credit file analysis.

Image: ddpavumba/ www.FreeDigitalPhotos.net[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

18/03/2014

Credit reporting and the year ahead

Some significant changes will be appearing this year due to Australia’s credit reporting legislation overhaul in March. These changes could impact all Australians, and especially those involved in the credit industry…Find out the 5 significant changes we’ll be watching in 2014, and decide what action you need to take for your business or for your own finances.

By Graham Doessel, Non-Legal Director MyCRA Lawyers

Are you ready for the year ahead in credit reporting?

Below is my guest post in The Adviser this week ‘Credit reporting and the year ahead‘ .

In this post, I discuss the 5 big changes we’ll be watching closely in 2014.

Credit reporting and the year ahead (The Adviser)

13 January 2014 | Graham Doessel

2014 will bring some heavy changes to Australian credit reporting following the implementation of the Privacy Act 1988 (Cth) Amendments in March.

What are the 5 big changes that we’ll be watching closely this year which could impact all involved in the credit industry?

1. Repayment History Information (and specifically ‘late payment’ notations).

The introduction of repayment history information (RHI) to Australian credit reports means there is going to much more data available to lenders in which to make their serviceability calculations from.

One of the pieces of credit reporting data which could be a deal breaker for many prospective borrowers – is any late payment notations. Separate from defaults, a consumer’s RHI will show any late payments made on licenced credit – e.g. loans and credit cards and the date the payments were made.

That information has been collected from December 2012 – but largely consumers are unaware of this important change. From March this year, it will show up on consumer credit reports across the country – and it will be interesting to see how many people have these new notations against their names.

It remains to be seen how lenders will treat this information (as all serviceability calculations are so subjective), and precisely how the information will impact credit worthiness.

We don’t know yet how many days late will be too late, and we won’t know this information until a new Credit Reporting Code of Conduct is registered. It has been proposed a repayment more than 5 days late will see you with one of these notations against your name.

Another uncertainty is how many will be too many and mean the lender’s computer says ‘no’ or the lender’s computer says ‘yes’ but at a higher interest rate.

2. New obligations on credit reporting bureaus

With the registration of a new Credit Reporting Code of Conduct (CR Code), will be a new requirement on credit reporting bureaus such as Veda, Dun & Bradstreet, Tasmanian Collection Services and new entrant Experian, to audit the compliance of credit providers.

The new CR Code requires CRB’s to monitor credit providers, and to determine those that pose the greatest risk of non-compliance with their core obligations under the Privacy Act. The Code determines these “at risk” credit providers would be subject to audits.

We will be interested to see precisely how this obligation is metered out to credit reporting bureaus, and whether an independent overseer will be appointed to ensure objectivity. We hope this change will improve the accountability of credit providers. We also hope it will solidify the two entities as being ‘separate.’ We have found in the past during credit disputes, a client-type relationship tends to exist between agency and credit provider, at the exclusion of consumers.

Further to this, it was proposed in the draft Code of Conduct, that CRB’s should also publish on their website an annual report by 30 June each year outlining information relating to credit report correction. The information would relate to the number of correction requests received, the number of successful correction requests, and the number of complaints received.

This information has previously never been supplied to the Australian public from our credit reporting agencies (because there has never been a requirement to). If implemented as part of the new CR Code, this information will give Australia a much more accurate picture of the depth of credit reporting issues as they exist.

3. The ‘open’ credit score

Currently, Australia’s largest credit reporting agency, Veda is offering consumers the opportunity to purchase their ‘Veda score’ so they can see the number that lenders have been able to see when requesting credit information from Veda.

With the Privacy changes will bring an obligation on those agencies providing a credit score, to provide information on how it is calculated. Veda has made moves to do this already.

In addition to Veda, U.S. giant ‘FICO’ has said it would also like to offer open credit scoring to the Australian public.

FICO currently offers its data analytics services and credit scoring to lenders for internal use in Australia, and has been doing so for many years. It is reportedly used in 90% of consumer lending decisions in the U.S.

So if it does provide an alternative to Veda’s “VedaScore” it will be interesting to see the differences in the scores, and which one is more accurate reflection of lender serviceability calculations.

4. “Improved” ability to correct consumer credit reports

Creditors can and do make mistakes when placing listings on credit files, and the onus is on the consumer (or someone acting on their behalf) to identify and address those inconsistencies.

But up till now, it has very much been a case of David and Goliath – with some consumers finding they are lumbered with listings that just shouldn’t be there due to not having the extensive skills and knowledge required to address their complaints in the appropriate way.

The new laws around complaints correction have promised to streamline the correction and complaints process for credit reporting as well as force the credit provider to justify credit listings and actually substantiate the information it reports on credit files.

These are significant changes which we look forward to putting into practice on behalf of the many clients we act on behalf of in credit dispute cases.

5. New powers for the Privacy Commissioner

New Privacy Laws provide that civil penalties can be issued by the Privacy Commissioner for a breach of certain provisions of the Privacy Act, and including the Credit Reporting Code of Conduct. They can also be imposed for serious or repeated breaches. These can be up to $220,000 for an individual or $1.1 million for an organisation.

Finally there is some real incentive for credit providers to take due care with adding listings to credit files. The Privacy Commissioner has said he will not be taking a soft approach when it comes to breaches of the Privacy Act, and we will be watching with interest to see if this also applies with the same gusto to credit reporting breaches covered under this legislation.

All in all, this year could bring some really positive changes to Australia’s credit system, but with it will be some teething problems resulting in confusion for some consumers. If nothing else, there’s going to be some really interesting times in credit reporting, and in finance in the months ahead.

________________________________________________________________

Graham Doessel is the Non-Legal Director of MyCRA Lawyers.

MyCRA Lawyers advocates for individuals in matters of credit file dispute.

An early pioneer in credit repair, over recent years Graham has become a frequent consumer spokesperson for issues impacting credit reporting, and is the Secretary and Spokesperson of the Credit Repair Industry Association of Australasia (CRIAA).

Graham also founded and is the Non-Legal Director of Armstrong Doessel Stevenson Lawyers.

21/01/2014

The new credit habit EVERY Australian should adopt in 2014

Media Release

The new credit habit EVERY Australian should adopt in 2014.

15 January 2014

New credit history data about Australians is set to be shared with credit providers in March this year, after a 16-month collection period that many consumers have been unaware of – and a consumer credit advocate is warning Australians about the importance of routinely checking their credit rating to make sure their information is accurate.

Graham Doessel, Non-Legal Director of MyCRA Lawyers – a firm focusing on credit disputes, says come March, Australia’s credit reporting laws are set for a major overhaul as part of widespread changes to the Privacy Act 1988 (Cth) and a move to more “comprehensive” credit reporting will see much more information available to lenders, including repayment history.

“Since December 2012 if you have been late making repayments to finance providers on accounts such as credit cards and loans, this information has been collected. From March 2014 this information will be included as part of your credit history and available to potential lenders who perform a credit check,” Mr Doessel explains.

The other new data sets available to lenders include – the date on which a credit account was opened; the date on which a credit account was closed; the type of credit account opened; and the current limit of each open credit account.

“It is up to every individual to ensure the information recorded about them is accurate, but unfortunately, the majority of Australians are just not checking their credit rating – I think this is a big worry going forward under these new laws.”

In September last year, credit reporting agency Veda Advantage published results of a survey showing that a whopping 80 per cent of Australians have never checked their credit history and 53 per cent were not aware that they could ask for a copy of their credit file.(1)

Mr Doessel says these numbers reflect a nation which is largely unaware of just how important their credit file can be for lenders making financial decisions.

“There are no class lines, whether rich or poor if your credit file is ‘impaired’ by negative notations, your ability to obtain credit will be affected or the interest rate you are offered will be higher,” he says.

Up till now, only accounts more than 60 days in arrears were recorded on Australian credit files and listed as ‘defaults’. The new laws add to this, and allow for the 2-year recording of late payments on licenced credit made even one day late, although Mr Doessel says a grace period of 5 days has been proposed to be implemented with a new Credit Reporting Code of Conduct.

“Five days is still an extremely small window in which to ensure that mistakes or simple oversights on both sides haven’t occurred. It is really essential that Australians keep good paperwork on all credit accounts, and routinely check their credit history,” he says.

Mr Doessel says it is unknown just what weight lenders will give to this new information they have available to them.

“It’s up to each lender and their own calculations as to how they treat this new information as well as whether a potential borrower is refused credit or bumped up to a higher interest rate. But I believe late payment notations will impact the individual’s credit score,” he says.

HOW TO CHECK YOUR CREDIT RATING.

• It is not well publicised, but under Australian law checking your credit report is free once per year for each individual.

• It takes about 10 working days from the receipt of your request to send you out your report. This ‘free’ report doesn’t contain any credit score, but does list all of the credit information about you available to any potential lender, as well as all of your personal information.

• You can apply for a copy of your credit report from credit reporting agencies Veda Advantage, Dun & Bradstreet, Experian and Tasmanian Collection Services (if in Tasmania).

Or you can apply all in one place at www.freecreditrating.com.au.

• You can generally pay the credit reporting agencies to be sent an urgent report, or with Veda Advantage, obtain your ‘VedaScore’.

• If you check your own credit report you do not generate a “credit enquiry” through the agency’s system, whereas if you leave it to a lender, you do. Too many credit enquiries can be detrimental as they are classed as ‘applications’ and potential lenders can assume this notation means you have been refused credit in the past.

“Thankfully, if there are issues of inaccuracy on credit reports from March – there will be more support for correction within the new legislation, so we are hopeful dispute cases have more chances of success than they’ve had in the past,” Mr Doessel says.

/ENDS.

Please contact:

Graham Doessel – Non-Legal Director MyCRA Lawyers Ph 07 3124 7133

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

www.mycralawyers.com.au www.mycralawyers.com.au/blog

www.mycra.com.au/blog

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

MyCRA Lawyers is an Incorporated Legal Practice, focused on credit file consultancy and credit disputes. We mean business when it comes to helping those disadvantaged by credit rating mistakes.

Link:

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

15/01/2014

Widespread education campaign needed to save Australian credit ratings.

Media Release

Widespread education campaign needed to save Australian credit ratings.

4 December 2013

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

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

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

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

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

ARCA’s own research revealed 59 per cent of people had not heard of the term “credit reporting.” Credit reporting agency Veda Advantage also recently published results of a survey showing that 80 per cent of people have never checked their credit history and 53 per cent were not aware that they could ask for a copy of their credit file. (1)

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

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

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

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

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

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

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

About MyCRA Lawyers: MyCRA Lawyers is an Incorporated Legal Practice focused on credit file consultancy and credit disputes. MyCRA Lawyers means business when it comes to helping those disadvantaged by credit rating mistakes.

/ENDS.

Please contact:

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

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

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

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

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

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

Image: David Castillo/ www.FreeDigitalPhotos.net

04/12/2013

How will the changes to the Privacy Act coming in 2014 affect borrowers?

Recently I was asked to participate on a panel of finance and credit experts, answering consumer questions on aspects of credit impacting credit card users. The question, ‘How will the changes to the Privacy Act coming in 2014 affect borrowers?’ is a really important question – but one which many Australians don’t think to ask. Thankfully someone did. Read what our panel of experts has to say about how the changes can impact you and your credit rating.

By Graham Doessel, Founder and CEO of MyCRA Lawyers.

This interesting article has been extracted from creditcardoffer.com.au website – a subsidiary of Credit World.

Ask An Expert: How will the changes to the Privacy Act coming in 2014 affect borrowers?

Written by Kalianna and posted on November 28, 2013

Expert Opinion: In our inaugural ask-an-expert question, we asked about a serious change to credit reports that we know will affect a wide range of credit card applicants;

How will the planned changes to the Privacy Act commencing March 2014 affect someone applying for credit? Will people be labelled as bad credit who were not before?

There are some changes coming in March 2014 that will impact everyone in Australia with a credit file – especially those looking to apply for a new credit card or loan in the next few years – so most adults aged 18-55. For a start, lenders will be able to see much more information than they can now when they request your credit file after you apply for a new card or loan.

Australia is moving towards a ‘positive’ credit reporting environment, where a good history with repayments and signs that you are reducing your overall debt will be rewarded and viewed positively by lenders. At the moment, lenders can see ‘negative’ information on a credit file. This includes:

Accounts that have been applied for (but not, for example, credit limits on credit card applications all of the time)

Defaults – where a payment is more than 60 days late

Default judgments or bankruptcy where a person has been the pursued through the courts in a debt collection action

The system will be similar to what exists in the United States, and the third credit reporting agency to enter Australia, Experian, may also have an impact. In general Australia’s credit reporting agencies have stated that they believe it could take around 12 months before the same level of data is reported on Australian borrowers as what the US FICO system provides for borrowers there.

Members of our expert panel agreed that those who want to apply for new credit in 2014 will be most affected by the changes, rather than those who already own their own home etc, though applications for refinancing or adding to your existing debt will not be immune to credit checks.

If you are wondering whether you might be considered ‘bad credit’ from next year, then pay close attention to the advice given below and start doing your research into ways to improve your credit file and keep your score high enough to get approved for the amount you want when it comes time to borrow. Our experts have highlighted areas to watch, and what lenders will be interested in so you know where to concentrate your efforts.

Graham Doessel

Non-Legal Director, MyCRA Lawyers

Someone applying for credit after March next year will have more information about them shown to lenders who request a copy of their credit report.

There will be five new data sets available to lenders,

repayment history information;

the date on which a credit account was opened;

the date on which a credit account was closed;

the type of credit account opened;

and the current limit of each open credit account.

Quite possibly there will be more people considered to have ‘bad credit’ after March 2014, once new laws are implemented. The most significant credit rating damage could come from repayment history information.

Australian consumers are currently under the microscope with their repayments. Since December 2012, individuals who are more than 5 days late in repaying licenced credit (eg credit cards and loans) have a late payment notation marked against their name. This information will be available to lenders on the individual’s credit report from March 2014. This is in addition to the current default information which is shown after repayments fall more than 60 days in arrears.

While many have argued that only a pattern of late payment notations would hinder access to credit, I have maintained that even one or two late payment notations could at least affect the interest rate an individual is offered.

This change could trip up many Australians and mean people are unnecessarily banned from credit due to simple billing mistakes, lost paperwork and other payment mishaps.

A history of applying for the ‘wrong’ type of credit could also be detrimental and possibly pull down any credit score calculated on the individual.

Nick Vamvakas

Chief Risk Officer, ME Bank

With the introduction of the privacy act more information will be recorded about a person’s credit history. This includes positive credit behaviours, which were never previously recorded and some negative behaviours that weren’t previously recorded such as late credit card repayments (previously only credit card defaults were recorded). Overall this new, more complete, approach gives credit providers a better picture of a person’s credit history and has significant benefits for people applying for credit. Their credit history will be more accurate and provide a truer and fairer reflection of their ability to manage the credit for which they’ve applied.

Dominique Bergel-Grant

Founder, Leapfrog Financial

Without doubt there are changes around the corner that will significantly impact all those applying for credit after March 2014. The changes to the Privacy Act will enable prospective lenders to know more about you than you probably even do. From details about account repayment history, types of accounts and detailed credit information about the account status.

This is far more detail than what they currently have access to and will ensure nothing unwanted slips through. A big difference is the repayment history of up to 24 months being provided is a significant increase to the typical 3-6 months most lenders currently require. So being well behaved with your credit will be even more important than ever otherwise you will find yourself needing to explain any inconsistencies which could lead to a loan application being declined.

Heidi Armstrong

CEO, State Custodians

The changes to Australia’s credit reporting system will have a greater impact on those applying for credit. Not only will credit providers be able to see any repayment defaults, bankruptcies or past credit applications, but they will also have access to the past 24 months of your credit repayment history going back as far as December 2012.

This can be either a good or bad thing, depending on your financial situation. If you are diligent with your repayments and always pay bills on time, it could help improve your chances of success when applying for credit. However, if you have been late or missed repayments in the past 24 months, lenders will be able to see this and may factor this into their decision whether to approve or decline your credit application. Therefore, it is more important than ever to make an effort to keep your repayment history clean.

Steve Brown

Director, Consumer Risk Solutions at Dun and Bradstreet

The changes to Australia’s credit reporting system will improve the detail and accuracy of the information used to assess applications.

For those applicants with a history of sound financial management, the additional information will provide a more detailed view of their creditworthiness. The addition of repayment history data will also allow individual’s with a previous credit slip-up to demonstrate they have rectified their credit position by making regular and on-time repayments.

Equally, with provisions to record payments made five-or-more days late, changes to Australia’s credit reporting system mean that those people who regularly make late repayments will become more visible to credit provider.

If you would like to know more about upcoming Privacy Law changes, visit our blog www.mycra.com.au/blog.

Image: Stuart Miles/ www.FreeDigitalPhotos.net

03/12/2013

Law Firm lends its muscle to credit rating wars.

Media Release: National

Law Firm lends its muscle to credit rating wars.

19 November 2013

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

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

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

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

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

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

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

But despite credit file accuracy resting with each individual, a recent survey by Veda revealed 80% of Australians have never checked their credit file.[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][i]

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

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

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

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

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

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

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

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

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

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

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

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

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

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

/ENDS

For interviews, please contact:

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

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

For general media enquiries, please contact:

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

MyCRA Lawyers 246 Stafford Rd, STAFFORD Qld

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

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

[i] http://www.veda.com.au/sites/default/files/images/ycai_launch_infographic_final_190913.pdf

Image: foto76/ www.FreeDigitalPhotos.net

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19/11/2013

Is your preferred credit repairer a lawyer? If not, here’s why they should be.

MyCRA Lawyers has been established. Here at MyCRA Lawyers we feel so passionately that this change is the BEST WAY FORWARD for credit repair. Why? Because individuals need strong advocates when disputing their credit reporting issues, but those advocates need to be held accountable. In the absence of any formal regulation of the credit repair industry, the Director of MyCRA has made the significant decision to incorporate a Law firm operating under the overarching framework of an Incorporated Legal Practice, under the Legal Profession Act 2007. The fact is, credit repair is really necessary –but it is not formally regulated or recognised – and sometimes that can hinder the dispute process. In this post, I outline why one of the pioneer companies in credit repair have taken the industry knowledge and experience and “raised the bar” – and created MyCRA Lawyers, and the benefits for you.

By Graham Doessel, Non-Legal Director of MyCRA Lawyers.

There are so many reports of shonks and cowboys operating in credit repair. The stories out there in the press can horrify, and ultimately they can hurt the industry. But what those criticisms shouldn’t be doing is overshadowing the importance of consumer advocates as players in credit reporting. And make no mistake, consumers need advocates in the credit reporting process as the system currently stands, and in my opinion even more so coming into comprehensive credit reporting with further changes in March next year.

The benefits of your credit repairer being a lawyer

I discuss the added benefits a lawyer can bring to credit repair as guest blogger for The Adviser magazine – a publication for mortgage and finance brokers. You can read the full post, titled ‘Why your preferred credit repairer needs to be a lawyer’ on The Adviser website.

Below is an excerpt from this post:

Apart from offering a framework for regulation, it also offers significant benefits for credit repair:

•   A lawyer can act in court processes including the removal of Judgment and Writ services, a non-lawyer cannot act in these proceedings;
•   A lawyer can identify legal issues and give your client advice on these;
•   A lawyer can prepare binding agreements, conduct formal negotiations and then follow through with enforcement where necessary;
•   A lawyer can make formal recommendations to Credit Providers making reference to the law, and making representations on the client’s behalf.

Those credit repairers currently performing the above tasks without a practising certificate may be treading dangerous ground.

•   A submission from a lawyer to a Credit Provider will be taken seriously. If requests are ignored real consequences can be deployed.

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

Why we’ll continue to advocate for accurate credit reporting

We mean business when it comes to helping those disadvantaged by credit rating mistakes.

People all over the country are suffering at the hands of credit reporting mistakes, errors and ommissions. The result is five years of bad credit. Five years being locked out of finance – unable to get a home loan, or even a mobile phone plan.

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

There are many more ordinary Australians who are being punished with that credit death-sentence due to one-time oversights; Credit Provider errors; and unsettled disputes. Even accounts of $100 can see them locked out of credit.

A recent survey by credit reporting agency Veda Advantage revealed 80% of Australians have never checked their credit file. We have certainly found this survey to be a pretty accurate reflection of credit file awareness. Most people are simply not checking whether their credit file is accurate or fair and if it contains mistakes, they don’t even know about it until they apply for credit and are refused.

Myself and Legal Practitioner Director MaryAnn Armstrong – Principal Solicitor see it as being vitally important to continue to promote credit reporting awareness in the community, and continue to act as that voice of advocacy in matters of credit reporting as they affect consumers. And in the process, we will also be using the arm of the law to affect change on a case by case basis in areas of credit reporting inconsistency.

How we can help you

MyCRA Lawyers are offering a free credit check to readers who have never checked their credit rating. Visit http://freecreditrating.com.au/.

If you are currently experiencing credit issues, a more in-depth Credit File Analysis can also be obtained – call MyCRA Lawyers on 1300 667 218 for more details. If you need our credit dispute services, MyCRA Lawyers’s pricing model comes at a fraction of the cost of many other legal services.

Image: Salvatore Vuono/ www.FreeDigitalPhotos.net

14/11/2013

Tag: credit reporting

Media Release

Be careful where you live because it can affect your credit score

Could carry-over credit card debt be the undoing of many a home loan?

Credit reporting and the year ahead (The Adviser)

The new credit habit EVERY Australian should adopt in 2014.

Widespread education campaign needed to save Australian credit ratings.

Non-Legal Director, MyCRA Lawyers

Chief Risk Officer, ME Bank

Founder, Leapfrog Financial

CEO, State Custodians

Director, Consumer Risk Solutions at Dun and Bradstreet

Law Firm lends its muscle to credit rating wars.