MyCRA Specialist Credit Repair Lawyers

Tag: creditor

  • 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=””] Mycra Lawyers - Credit Repair Industry Experts[/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
    case study image

    [/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]

  • 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=””] Mycra Lawyers - Credit Repair Industry Experts[/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
    case study image

    [/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]

  • 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=””] Mycra Lawyers - Credit Repair Industry Experts[/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
    case study image

    [/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]

  • Are you lying to yourself when it comes to credit?

    money liesIn this week’s ‘Make Credit Work For You’ post, we look at the lies we tell ourselves which see us taking on too much credit, or see us run into trouble with our credit file. Those lies can end up leaving us unable to pay, and blacklisted from credit for years to come. What should you be honest with yourself about when it comes to borrowing money? This post is inspired by David Koch’s recent article ‘Money lies you need to stop telling yourself’ featured on news.com.au. 

    By Graham Doessel, Founder and CEO of MyCRA Credit Rating Repair and www.fixmybadcredit.com.au.

    According to Kochie, telling yourself financial lies is pointless. He says it’s time to toughen up and stop the lies, as these can cost us big time in the future.

    So, what things can we lie to ourselves about, that could cost us our good credit rating down the track?

    * As long as my job pays well, it’s OK if I hate it.

    Kochie says staying in a job that you hate, even if it pays well, means you don’t have your heart in it, there will be no commitment, no passion and your boss will eventually latch on.

    “Inevitably, you’ll be the first one to go in any redundancies and the one overlooked for any promotions,” he says.

    So before you apply for credit, especially major credit like a home loan – it’s important to understand the long term commitment, and consider whether the career you’re in is going to fulfil you for at least several years to come. In the early years of a loan, your repayments will be at their highest and it will be essential to put your head down and pay off as much as possible.

    Kochie says success comes easiest to those who love their job. So if you don’t – it might make sense to spend some time getting settled in a job you do love, before you apply for major credit.

    However, if you are unhappy in your job and are currently paying off a mortgage or other significant loan – it’s important you are really smart about how you change careers. Consider your loan first and foremost before you make any drastic career changes. You don’t want to be caught out unemployed and unable to pay your loan.

    * If I turn a blind eye, somehow my finances will work themselves out

    Burying your head in the sand is never a solution to your financial issues. They only snowball.  At this point in time in Australia, paying bills even one day late may directly impact your credit file, through licensed Creditors recording your repayment history information. Paying them later than 60 days will see you defaulted.

    The government has made changes to credit laws in order to assist consumers in financial difficulty, but you need to put your hand up and own your financial problems, and you need to have a plan.

    To begin with, stop lying to yourself about how much money you actually have. To get any help, or to help yourself, you first need to know exactly how much you have left at the end of the week – or even how much you are in the red.

    If you know you can’t make your credit repayments, work out how much you can pay from what you have, and give this information to your Creditors to negotiate a financial hardship plan which may see your repayments reduced for a period of time. For more information on financial hardship variations, visit ASIC’s MoneySmart website.

    If you are not in dire straits yet, don’t wait till you’re there to do something about it. Kochie recommends starting with a plan that involves either cutting back expenses or earning extra income to balance the books. Make a goal, make a plan and get yourself there.

    * I should buy a home because that’s what grown-ups do

    Despite the ethos that everyone in Australia has the right to own their own home, buying a home is not right for everyone. Kochie argues that for some, renting and investing your savings can be a better financial option.

    For others, they may see more results being able to buy a home and focus on paying down the mortgage (creating equity) as their investment strategy.

    And some people just won’t be able to meet the big financial commitment that a home loan entails, even if they want to, and even if on paper, they look like they could. If this is you, consider that for now, you may be better off learning more about how to make credit work for you, to gain more money skills and adopt a different attitude towards money and credit before you take the plunge.

    * If I dip into my savings now I can always make up for it later

    Kochie advises it’s way more productive to leave your savings untouched and earn extra to pay for the item or experience. If you are saving for a home or business loan, then more savings means cheaper credit.

    * If I get approved for a loan or credit limit increase, I can afford it

    Kochie says this is probably the most dangerous of all lies. “Forget what the bank is offering in terms of increased credit card limits or loan amounts, only you really know what you can afford,” he says.

    Remember, the bank doesn’t have to pay your loan back – you do.

     

    Some other lies you can tell yourself about credit which you shouldn’t:

    * No news is good news when it comes to bills.

    No its not! If you think you should have received a bill and haven’t, the best thing you can do is chase it up. Nine times out of ten your Creditor thinks you should have received it, and you accrue days in arrears, meaning they may default you anyway whether you received the bill or not. This is especially important if you change addresses.

    *If I love someone, money doesn’t matter.

    Money still matters and when it comes to credit accounts, love may be blind but your Creditors are not. You need to keep your head in money matters when love is good and when love goes bad. Sometimes joint credit accounts can land you in hot water. Cover yourself and your credit file against the worst.

    * Someone else will tell me if my credit file is not accurate.

    No they won’t, it’s up to you to be proactive. There is an avenue for complaint if you think your credit file is inaccurate, but the responsibility for finding out whether everything is correct rests which the individual credit file holder. So it is really important that you do an annual credit check (which is free) through Australia’s credit reporting agencies. Don’t leave it until you’re applying for a home loan to find out you have defaults or other credit listings you don’t think should be there.

    To find out more about credit file accuracy, visit our main site www.mycra.com.au or call a Credit Repair Advisor tollfree on 1300 667 218.

    Image: Teerapun/ www.FreeDigitalPhotos.net

  • Credit rating self-checks essential for prospective home buyers

    prospective home buyersMedia Release

    Credit rating self-checks essential for prospective home buyers.

    19 February 2013

    A credit rating self-check should be top priority for prospective home buyers before finance application to ensure ‘surprise’ bad credit doesn’t mean they lose their dream home, according to a consumer advocate for accurate credit reporting.

    CEO of MyCRA Credit Rating Repair, Graham Doessel, says a credit file check will reveal any adverse listings which will lead to credit refusal.

    “Home buyers should ignore their credit file when applying for finance at their own peril. In many instances it can be more important to have a clear credit rating than a huge deposit,” Mr Doessel says.

    He says many people assume if they pay their bills on time they should have a clear credit history, but surprise bad credit and credit reporting errors can and do occur.

    “So many of my clients are unaware they have defaults until they apply for major credit such as a home loan, and are flatly refused because of defaults. The clients can lose the house and have their dreams shattered, all because of a credit file which contains defaults that may not even be lawful,” he says.

    A credit file exists for anyone who has ever been ‘credit active’ and is used by lenders to assess the risk and borrowing capacity of potential borrowers.

    Defaults are put there by creditors when accounts have remained unpaid for more than 60 days.

    Defaults remain on a person’s credit file for 5 years from the date of listing, and have the potential to severely impact a person’s ability to obtain credit.

    “Currently, any default can be enough for an automatic decline with most of the major banks. Many lenders are even rejecting loans for excess enquiries such as two in thirty days or six within the year.”

    “It also affects the type of loan people may be eligible for, the interest rate they are offered and price of establishing the loan. The lending options become more expensive and limited,” Mr Doessel says.

    He says many clients had what they thought were impeccable repayment histories, but found out the hard way that they were the victim of credit reporting errors.

    “At this time in Australia, creditors basically have the go ahead to list defaults and other negative listings on consumer credit files with very little by way of checking in terms of accuracy of that listing,” Mr Doessel says.

    The onus is on the consumer to ensure their credit file reads accurately.

    “That’s why it’s so important for everyone to know what is said about them on their credit file, and to know how to dispute any errors that come up,” he says.

    House hunters can request a copy of their credit report from one of the major credit reporting agencies such as Veda Advantage, Dun and Bradstreet or TASCOL (if in Tasmania). These agencies will provide people with a free copy of their report within 10 working days from receipt of the request.

    “If you request this report well before you are ready to buy a house, you can potentially save yourself the embarrassment and heartache of being knocked back for finance due to credit file defaults, and that’s also one less lender-generated credit enquiry on your credit file,” he says.

    Demand for ‘credit rating repairers’ has grown due to what Mr Doessel says is a credit system fraught with difficulties.

    He says many of his clients have attempted to dispute an unfair listing themselves and have come up against problems.

    “Most times the Creditor says defaults are never removed, but can be marked as paid if the account has been settled. Effectively they are bullied into paying the overdue account and are still copping the default on their credit file.”

    But Mr Doessel says if a listing contains errors or inconsistencies, it should be removed.

    “It takes someone who is aware of how to work within the legislation, demonstrate effectively where the Creditor has made errors and show cause as to why a listing is unlawful and should be removed. Unfortunately this is something many consumers have neither the time and or skills to do effectively,” he says.

    /ENDS.

    Please contact:

    Graham Doessel – CEO MyCRA Ph: 07 3124 7133

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

    246 Stafford Road, STAFFORD QLD. http://www.mycra.com.au

    MyCRA Credit Repair is Australia’s number one in credit rating repair. We permanently remove defaults from credit files.

    Image: graur codrin/ www.FreeDigitalPhotos.net

  • 7 steps to fix bad credit history: A home buyer’s guide

    Media Release

    7 steps to fix bad credit history: A home buyer’s guide

    Buying a home can be nerve-wracking. There’s the deposit – have I saved enough? There’s your income – do I earn enough? There’s the home – have I paid the right price?

    When all of these factors combine to give you, on the face of it, a good chance of approval for finance then there’s the issue of choosing the right home loan, at the right rate, with the right factors for your future. So you go through all of these sometimes stressful aspects of property buying, and you make the official application for finance with your chosen lender. It all looks good…

    Until you are slapped in the face with an APPLICATION DECLINED. You should qualify for a home loan, but you don’t because your credit report shows up with a default.

    You have no idea what the default is for – you always pay your bills on time – but that little default from what looks like a utility company, is messing with your future. How can they refuse me a home loan based on this, you ask?

    Graham Doessel, Founder and CEO of MyCRA Credit Rating Repairs, says this is a scenario which frequently sees many Australians denied a home loan.

    “A default will impact your ability to obtain credit generally for the entire time it is listed on your credit file – which is 5 years. So – for 5 years you will have a hard time getting credit anywhere, from mortgages to car loans to credit cards and even mobile phone plans,” Mr Doessel says.

    He says people who find themselves the bearer of bad credit have two options. They can wait for 5 years, or they can investigate the validity of the listing.

    “Mistakes can and do happen. Mistakes in credit reporting are most times only picked up by the credit file holder, so if you think there is something amiss with your credit file it is up to you to put it right,” he says.

    7 Steps to Fixing Your Bad Credit History

    1. Determine what account the default is for.

    If you don’t have a copy of your credit report, you will need to order one. If you haven’t ordered a copy in the last 12 months, it will be free from the credit reporting agencies in Australia. They are Veda Advantage, Dun & Bradstreet, and Tasmanian Collection Service (if in Tasmania). You may have listings with one or all of these credit reporting agencies. They will take 10 working days to send you a copy of your report. For a fee you can have one sent to you urgently.

    On your credit file, will be the company the default is with, and an account number. This should correspond with an account you have with them. If it doesn’t, or if you don’t have any accounts with the company in question, there is a good chance there may be a mistake on your credit file.

    2. Gather all your information first, and try and determine how the default made its way to your credit file.

    3. Before you call the company in question, sort out what you know about the situation.

    Have they made a mistake? How have they made it?

    4. Write to the Creditor to ask for information on the account.

    You may need to find out more about how the default got there. Every company keeps a record of its customers and you can write to them and request your account records to date.

    5. Decide on how you’re going to tackle them.

    Now you want to try and negotiate for the Creditor to remove your default. Don’t go in guns blazing – bear in mind, there is nothing to say they have to remove the default. What you want to do is encourage them to do the right thing by you.

    6. It is going to be hard going.

    Most people find it really hard to correct their credit listing themselves –especially if it’s complicated. For one, the Creditor has to comply with a whole heap of legislation that crosses different codes, and if you don’t know legally where they may have made errors – it’s pretty hard to persuade them they have done the wrong thing. And also it’s taking the time to get to know it. Secondly, negotiating anything on your own behalf can be tricky – the old foot in the mouth routine can get you into trouble and see you stuck with the listing for the whole term. In reality, many people trying to fix their own credit rating get told they can have the listing marked as paid, but it is never removed. This is not enough to guarantee you the home loan. If you were able to show cause as to why the listing was put on your credit file unlawfully, there is a chance it will actually be removed.

    7. Consider getting a professional on board. For a pain-free approach – at any time, you can hire the services of a credit repair professional. Most of them will look after getting a free copy of your credit file for you, order your documents from the Creditor as well as directly negotiate with them to remove your bad credit, based on the relevant legislation applicable to your case. And most importantly, they will probably think of things you had never thought of to strengthen your case for the default removal. This is your best chance at getting the listing removed completely from your credit file, which will allow you to apply for finance with a mainstream lender again.

    Mr Doessel says credit repair is not suitably for everyone, and sometimes if people have ‘done the crime’, they may need to do the time. He says if you are a serial offender for late payments, or if you are currently struggling to keep your head above water, then new credit- especially major credit such as a mortgage- is NOT going to make it all better.

    “But if you have been unfairly treated, or there has been a mistake on your credit file, then you have a right to insist on that inconsistent listing to be removed or corrected,” he says.

    /ENDS

    Please contact:

    Graham Doessel – Founder and CEO MyCRA Credit Rating Repairs Ph 3124 7133

    Lisa Brewster – Media Relations MyCRA Credit Rating Repairs Mob: 0450 554 007 media@mycra.com.au

    Ph 07 3124 7133 www.mycra.com.au www.mycra.com.au/blog 246 Stafford Rd, STAFFORD Qld
    MyCRA Credit Rating Repairs is Australia’s leader in credit rating repairs. We permanently remove defaults from credit files.

    Background

    Some reports suggest there may be 14% of Australians with adverse listings on their credit file. http://www.savingsguide.com.au/how-do-i-check-my-credit-file-for-a-bad-credit-rating/

    It is not known for sure how many of the over 16 million credit files in Australia could contain errors or inconsistencies. [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”][1][i]

    Recently a Veda Advantage spokesperson commented on the possible number of errors on credit reports within Veda. He admitted errors within their system alone amounted to 1%.

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

    I estimate the real figure across the board for credit file errors not detected by agency systems could be much higher.

    The possible volume of errors on Australian credit files was exposed by a small scale study conducted in 2004 by the Australian Consumer Association (now Choice Magazine).

    It revealed 34% of the credit files surveyed contained errors. [1][iii]

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

    Transferring those figures from the Choice study to the number of credit files in Australia today, could balloon the figures to almost 5 million errors, inconsistencies or flaws.

    ——————————————————————————–

    [i][i] http://www.mycreditfile.com.au/about/

    [i][ii] http://www.mycra.com.au/media/television.php

    [i][iii] http://www.smh.com.au/articles/2004/02/09/1076175103983.html

    Image: David Castillo Dominici/ www.FreeDigitalPhotos.net[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • Comprehensive credit reporting could mean more consumers refused credit

    Comprehensive credit reporting has again come under the spotlight for its potential advantages and disadvantages for lenders and consumers alike. We look at what you should be watching out for with your credit file when the comprehensive credit reporting regime is instigated in the near future.

    By Graham Doessel, Founder and CEO of MyCRA Credit Repairs and www.fixmybadcredit.com.au.

    Last week, Head of Legal at Veda Advantage, Olga Ganopolsky defended the incoming positive credit reporting regime in Broker News, claiming the new laws would help to alleviate consumers inaccurately reporting their credit situation to lenders.

    Ganopolsky argued that the wider array of information available in the new reporting regime will enable lenders to make more informed risk decisions. She claimed the regime carried a “strong link to responsible lending”.

    “When research is done on bankrupts, the astonishing results were that more than 95% of people in bankruptcy were applying for credit virtually on the eve of bankruptcy. A lot of even solid credit individuals don’t provide accurate credit information. Just under 20% of people don’t accurately report,” Ganopolsky said.

    Critics of the regime say it violates consumers’ privacy and places the burden of proof on consumers should lenders make a mistake. And though Ganopolsky claimed the regime would enable more responsible lending decisions, NSW Consumer Credit Legal Centre director Karen Cox has pointed out that a positive credit reporting regime existed in the United States during the subprime mortgage crisis,” Broker News reports.

    The introduction of additional information onto consumer credit reports in Australia is unfortunately not going to impact consumers in a ‘positive’ way.

    Unfortunately, the new comprehensive credit reporting regime just opens another door for creditors to inaccurately report information on consumer credit reports – but this time there is no forewarning.

    The information can be recorded if payments are one day late. One of the major issues we have with the proposed new laws is the ability for creditors to list late payments on a person’s credit file.

    Under current Australian credit reporting legislation, late payments are not noted on a person’s credit file until they pass to the ‘default’ stage – which is more than 60 days in arrears.

    The creditor is also bound to fulfil a series of requirements to give the consumer the opportunity to rectify the situation before listing the default – and are bound to notify the consumer of their intentions to ultimately ‘list’ the late payment of 60 days or more as a default on the consumer’s credit file.

    This legislation will remain, but the Government also proposes the introduction of the ability for creditors bound by the NCCP to make late payment entries on a person’s credit file if their payments are late even as little as one day.

    So all the rigorous Australian credit reporting laws for listing defaults remain, except a creditor can now tarnish a person’s credit file with late payment ‘notations’, which would surely have a big impact on their ability to obtain credit. If the late payment of a few days is due to delays in bank processing of transfers or direct debits, paying at Australia Post, BPay etc. – these things are beyond the control of the average consumer yet that is exactly who will get hurt.

    There can be a host of reasons why a consumer makes a payment late – illness, holidays even simply the mail going astray – but we don’t believe this reflects unduly on the consumer’s ability to service a loan – but will it?

    In these harsh economic times, any negative listing impacts a person’s ability to get a home loan. Even excess credit enquiries. So the ‘noting’ of late payments on a person’s credit file could mean they are refused credit.

    Creditors make mistakes every day when it comes to listing defaults and other official ‘negative’ listings on credit files. Luckily the consumer has an extensive legislative framework and system of redress should the creditor get it wrong and their credit file happened to be reported unfairly or inaccurately.

    Who is going to be the watchdog when it comes to these late payment ‘notations’? As is currently the case, it is up to the consumer to check the accuracy of their own credit file. What system of redress will be in place if they find a creditor has listed a ‘late payment’ on their credit file unfairly or incorrectly?

    We guess the old adage will remain – consumers will continue to be responsible for the information that is reported about them by creditors on their credit file.

    With this in mind it will continue to be essential for consumers to check the accuracy of their own credit file on a regular basis – and particularly before they apply for any credit.

    Refused credit? We can help!

    For more information on your credit file, or to obtain a free copy of your credit file, contact MyCRA Credit Repairs tollfree on 1300 667 218 or visit www.fixmybadcredit.com.au.

    Image: Ambro/ FreeDigitalPhotos.net

  • Home owners with credit file defaults forking out $15,000 more in interest

    Australians who are living with defaults on their credit file could potentially be hit with a whopping $15,046.57 or more in additional home loan repayments over the first three years of their loan if they are lucky enough to get one.

    Although this week’s predicted 0.25 per cent interest rate cut did not occur, each previous one had the potential to pass on a saving of around $50 per month to the average householder for a mortgage of $300,000 if the full amount was passed on.

    By Graham Doessel Founder and CEO of MyCRA Credit Repairs and www.fixmybadcredit.com.au.

    But for those Australians who are living with credit rating defaults, last year’s interest rates cuts, and any which are predicted in the near future will be negligible.

    Our calculations show families with a $300,000 loan who are unlucky to have defaults on their credit file for 5 years, who are able to secure a loan with a non-conforming lender will be paying a staggering $417.96 more per month in interest rates.

    We talk about massive savings for the average Australian with these cuts, we talk about encouraging people to switch lenders, but this is not a reality for people with defaults. Most banks won’t lend them money, forcing them into non-conforming loans and paying top dollar because their credit file shows they are a bad risk – and it may not be true.

    It is a fact in our experience that there are many families living with unfair defaults.

    It is not known for sure how many of the over 14 million credit files in Australia could contain errors or inconsistencies.

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

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

    Transferring those figures from the Choice study to the number of credit files in Australia today, could take the figures to over 4  million errors, inconsistencies or flaws.

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

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

    We feel based on the ACA study and the Choice survey that the real figure across the board is likely to be in the middle somewhere – much higher than 1%. With 14.6 million Australian Veda Advantage credit files alone 1 per cent of errors amounts to 140,000 Australians’ financial lives potentially in ruins through no fault of their own.

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

    Unfortunately consumers are often not aware across the board of their responsibility to check the accuracy of their own credit file, so many errors go undetected.

    Errors do occur, but often it is not until people apply for a loan that they learn they have an adverse listing on their credit file, but by then it is too late to correct errors and they are generally refused credit or forced to take on non-conforming loans at sky-high interest rates to secure the home.

    When disputing any adverse listing, it is up to the credit file holder to provide reason as to why the creditor has not complied with legislation.

    Unfortunately many people find this process difficult at best – negotiating with creditors is not always easy for the individual to undertake.  Our job as credit repairers is to check the creditor’s process of listing defaults for legislative and or compliance errors, any such errors could deem the credit file default listing unlawful, at which time we advise the creditor to remove the default.

    If you want a home loan, or to re-finance, but are weighed down by credit rating defaults, contact us to see how we can repair credit fast.

    Image: renjith krishnan / FreeDigitalPhotos.net

    Image: digitalart / FreeDigitalPhotos.net

  • 5 things every young person needs to know about credit

    It’s back to school for most teenagers in Australia. Here is a lesson you might not learn there…Just because you currently aren’t credit active, does not mean you can’t learn about how to make credit work best for you when you are. We show you how the actions you take NOW could lead to being unable to get a phone, a home, a car in the future because of a surprise bad credit rating.

    By Graham Doessel Founder and CEO of MyCRA Credit Repairs and www.fixmybadcredit.com.au.

    We believe this important financial information should be taught in high schools across the country. So if you know a student or young adult, flick them this link or print this page. We want all young Australians to have the luxury of a clear credit rating when they turn 18 and beyond.

    1. What is a credit rating?

    Once you turn 18, and become ‘credit active’, a credit file is initiated in your name. This contains all financial information on you, including any credit you have taken out, the amount of credit, and any negative listings – like court Judgments, writs, bankruptcies, clear outs, and defaults. A default occurs when an account has not been paid more than 60 days, and the creditor (bank, telephone company, electricity company etc) places a record of this ‘default’ on your credit file to alert future creditors. A clear out is when the creditors are unable to get hold of you over late payments, agents have been sent to your house and they record this as a ‘clear out’. By accessing your credit file, a potential creditor can assess your credit rating, based on any negative listings which are present there.

    2. What happens to me if my credit file has negative listings on it?

    Generally, a negative listing on your credit file tells banks or other people you might want to borrow money or services from, that you have had problems repaying credit in the past. They will most often decide that you are a bad ‘risk’ to lend money to, and will refuse you the car, money, credit card, electricity account or mobile phone plan.

    A negative listing stays on your credit file for 5-7 years, depending on the listing and ‘drops off’ after this time. A negative listing will affect you for the entire time it is present on your credit file. You need to ask yourself: what do I want to be doing in 5 years????

    3. How do I end up with a negative listing on my credit file?

    It is estimated there are approximately 3.47 million Australians with negative entries on their credit file. (Veda Advantage 2008).
    The most common negative listing is a default. This is put there when you don’t pay your bills on time.
    But there are other reasons why you could have a negative listing, which are not always completely your fault.

    Change of address. Sometimes people move and their mail continues to be sent to the old address. This is a really common scenario, particularly for young people who tend to move around a lot, or go overseas. The problem is – you don’t know your bills are late and don’t know you are being defaulted. It is important to update contact information regularly with anyone you have taken credit out with. No news is not good news!!!

    Identity theft. Sometimes people’s personal information can be used for purposes of fraud – for crooks to construct a fake identity, and use it to take out credit. The thing is, they are using your name so you are the one that ends up with the bad credit rating, and it can be a nightmare to recover the good credit rating you once had.

    It is important to keep all your personal information as secure as possible. One important change you can make right now, is to change the way you use the internet.

    Keep your passwords and social networking settings as strong as possible.

    The information you post today, could come back to haunt you in a big way.

    There are reports from Australian Federal Police of the likelihood of crooks scrolling through thousands of social networking pages looking for personal information from young people – who usually have the most lax privacy settings. That information is not used right away, but the data is ‘warehoused’ until the young people turn 18. They can then use that information to construct a fake identity (identity theft) and go on a ‘spending spree’ with the young person’s clean credit file. You could be ruined by identity theft before you even take out your first piece of credit yourself.

    Share accommodation. Any accounts which have your name on them, regardless of who intends to pay them are your responsibility – this includes rent. Sometimes people get caught out sharing houses, and someone leaves bills unpaid which then have dire consequences for your future.

    Mistakes. Sometimes mistakes happen. The wrong person gets the bad credit rating. The wrong details get put in the computer. Creditors are human. Don’t let a mistake affect your credit file.

    Too many credit enquiries. Only apply for credit you feel you have a very good chance of being approved for, and only apply for credit you have full intention of pursuing. Sometimes too many credit queries are enough to get you declined for credit.

    4. How do I know what is said about me on my credit file?

    Many people don’t know this, but it is so important for everyone to keep track of the accuracy of your own credit file. To avoid the disappointment and embarrassment of finding out about your bad credit rating only after being declined credit, we recommend you check your credit file every 12 months to ensure there are no black marks against your name, just as you would check your bank statements or your super account.

    You can request a copy of your credit file for free from the major credit reporting agencies – Veda Advantage, Dun & Bradstreet, or Tasmanian Collection Services (if you are Tasmanian). Your credit report will be provided within 10 working days – or for a fee it can be provided urgently.

    5. What do I do if something is not right – there are errors on my credit report?

    Don’t put up with any errors or inconsistencies on your credit report – a clear credit rating is your ticket to financial freedom.

    Most times a credit reporting agency will tell you that defaults are never removed, but can be marked as paid. You are then stuck with a dodgy credit rating for 5 years. But you shouldn’t have to put up with it, as it is possible to have many defaults removed.

    If there are errors, inconsistencies, or the listing should not be there, you do have the right to have it removed. The best course of action is to ask for help from a credit rating repairer. They can then use their knowledge of credit reporting legislation to see where any errors in credit reporting were made, and help to enforce the legislation that creditors are bound to comply with. If they are successful, you not only get help with removing credit file errors, but many times you are able to start off with a completely clean credit rating. You have a clean slate and can go for any credit you need.

    For more information contact MyCRA Credit Repairs tollfree on 1300 667 218 or visit the main website.

    Image: imagerymajestic / Freedigitalphotos.net

    Image: David Castillo Dominici / Freedigitalphotos.net

  • 2012: A new year, a new money plan

    5 steps to help clear your debts; clean up your credit file and pave the way for new finance goals in 2012.

    For those of you who have made a New Year’s Resolution in 2012 to get back in control of your finances and reign in all those outstanding debts from last year, you are not alone.

    According to a recent survey by ING Direct, of the two thirds of Australians who will make a New Year’s resolution for 2012, more than half will focus on their finances.

    ING Direct says among those making financial resolutions, 34 per cent resolved to save more in 2012, 24 per cent resolved to reduce their debt, 16 per cent said they intended to take control of their spending and another four per cent said they planned to switch banks in the New Year.

    ING’s Executive Director Brett Morgan says “It’s good to see Australians are focusing on the importance of financial goals for 2012 and there are steps we can take to stay on track with these resolutions throughout the year.”

    “Make sure your resolutions aren’t too big or difficult to achieve. It also helps to quantify your goals – aiming to save $50 each week is a more concrete goal than simply aiming to ‘save more’.”

    So here are five practical, positive steps anyone can take to improve their finances.

    1. Understand your debt.

    Before you can start saving a significant amount, you need to really understand how much you owe. Savingsguide Australia recommends for anyone who has made a New Year’s resolution to get out of consumer debt, they should first tally up everything they owe.

    “Without the big number, however terrifying it is, you won’t be able to start a serious schedule of getting yourself clear of consumer debt,” Savingsguide recommends.

    The good news is – generally with Christmas and New Year celebrations and expenses out of the way – the next month’s credit card statements should automatically look better before you even start.

    2. Make a plan to repay your debt.

    Most people with significant debt generally have it stacked up on a credit card – or cards. Unfortunately most are at high interest rates which make it often impossible to get on top of. Many experts recommend switching all debt to one card with a lower interest rate, or even swapping to a personal loan. But the best advice we can give on credit card debt is to repay above the minimum amount set by the bank – which will allow you to actually make progress on clearing the debt because you will be saving interest.

    If you continue to have multiple cards, the Government’s Money Smart website has these recommendations:

    Dealing with multiple credit cards

    Got more than one credit card? Step your way to credit card freedom and feel the stress go away.

    Step 1: Keep up your repayments
    Pay off as much you can on the total amount owing on the main credit card you are using each month. This will let you take advantage of any interest-free period and help you pay off the whole debt (not just the interest, fees and charges).

    Step 2: Pay the smallest debt or highest interest rate
    Choose one of the two strategies below:
    Pay off the smallest debt first – Continue making minimum payments on all cards but aim to clear the one with the smallest debt first. Then work on paying off the next smallest debt, and so on. You will reduce the risk of incurring multiple charges for late or missed payments and save on annual fees. The money you save can be used to pay off other debts.
    Pay off the card with the highest interest rate first– Continue making minimum payments on all cards but pay off the credit card with the highest interest rate first, then work your way through your other cards. This may save you money on interest payments.

    Step 3: Close the account as you clear each card
    Whatever option you choose, stop using all but one of your credit cards (and try to only use it for emergencies). As you clear each card, cut it up and close the account. If you don’t, you may still have to pay fees on the account, even if you aren’t using it.

    Step 4: Lower the limit on your last card
    Finally, lower the limit on your last credit card to an amount that you can repay within 3 months, say $2,000.

    3. Be more aware of what you are spending.

    Make a resolution to not bury your head in the sand about bills. Pay them straight away if you can or diarise their repayment. Read all of your bank and credit card statements when they come in. While you are attempting to implement the new savings pattern, read and keep all of your receipts.

    If you are not particularly organised – you may even like to resort to the ‘shoebox method’ – which is basically keeping every receipt for the week or month in a shoebox, and transferring it after that time onto a spreadsheet which allows you to track your spending and gives more focus to where you might be blowing out your budget.

    You may find after reviewing your spending you can see where you are wasting money. Maybe taking lunch to work or eating out less can make a significant dent in your spending – or perhaps just skimping on all those takeaway coffees will give you enough extra money that you can squirrel away.

    4. Commit to savings.

    Savingsguide’s Must Do Moves for 2012 include striving to save 20 percent of your income, albeit after repayments are made on existing debt. They also advise setting up a separate savings account which can’t be accessed easily.

    “Look for an account with a high interest rate and rewards for accounts that don’t have withdrawals,” they recommend. “Set up automatic deductions, and don’t touch it.”

    5. Clear your credit file of errors.

    There is no point making a significant dent in your consumer debt and saving regularly if you are unable to make use of your new found financial prowess. Many people find they do all the hard work of saving towards a home or car loan, only to find their past comes back to haunt them.

    They may apply for a loan, only to be refused due to credit file defaults which show up on their credit report. Basically any creditor is able to place a default on a person’s credit file if a repayment is later than 60 days. There may be times when this has occurred and you are unaware of it.

    Whatever the situation, credit file defaults need to be treated very seriously. They are most times an instant negative for any bank who is thinking of lending you money. And the thing is…they hang around for 5 years. What are your financial goals 5 years from now????

    It is good financial practice to get a copy of your credit report each year, and make sure everything is as it should be. This report is FREE every year from the credit reporting agencies. You may have listings with one or more of the credit reporting agencies.

    There is a potential for errors to be present on your credit report.

    Credit reporting mistakes do happen, but the watchdog is YOU!

    If a default has been listed ‘unlawfully’ you have the right to request its removal from or amendment of your credit file.

    Many people get the run around from creditors when they try to do this – or they get bogged down in all the legalities. Unfortunately the potential is there to ruin your chances of getting the default removed if it is not handled the right way. We suggest you get a credit repairer on the case, they know the legislation and can work within it to force creditors to honour their obligations under Australian law and negotiate the removal of any errors from your credit report.

    Visit MyCRA’s main site www.mycra.com.au for more information.

    Image: digitalart/ FreeDigitalphotos.net

    Image: tungphoto/ FreeDigitalphotos.net

  • The identity theft victim’s guide to recovery

    Have you been locked out of your Facebook account? Fallen for a request to give over personal details to a fraudster? Or had that horrible sinking feeling when you realise someone has been taking money out of your bank accounts? Or perhaps as was recently the case in W.A., you may have had a property sold from underneath you while overseas?

    These are all forms of identity theft in varying degrees. Someone steals your personal information in order to set up a fake identity for the purposes of using your good name, your financial identity, and possibly your credit rating for their own purposes.

    You are not alone, and you should not be too embarrassed to take action against this crime, however sheepish you may feel. It is an ever-growing problem – the fastest growing crime in Australia. A recent survey commissioned by the Attorney-General’s office shows 1 in 6 people in this country currently have been victims of identity theft, or know someone who has had their identity misused.

    Some instances of identity theft are relatively easy to recover from, others are a major source of heartache and disruption to people’s lives.

    The Attorney-General has produced an Identity Theft booklet which includes the steps you need to take as soon as you discover you may be an identity theft victim:

    •Immediately inform the police. All incidents of identity theft should be reported to your local police even if only small sums are involved. Ask for a copy of the police report—most banks or other financial institutions will ask you for a copy.

    •Close all unauthorised accounts. Contact the credit providers and businesses with whom any unauthorised accounts have been opened in your name. Remember this includes phone and other utility providers, department stores and financial institutions. Inform them that you have been a victim of identity theft and ask them to close the fraudulent accounts.

    •Alert your bank or financial institution. Contact your bank or financial institution immediately and cancel all cards and accounts that may have been breached. Ask for new cards and accounts with new Personal  Numbers (PINs).

    •Get a copy of your credit report. Inform the credit reporting agencies that you are a victim of identity theft. Ask that an alert be placed on your file that advises this. This should stop additional fraudulent accounts being opened in your name.

    •Review your credit report carefully. Ensure you can authenticate all ‘inquiries’ made into your credit history. Contact all companies and organisations that have made inquiries under your name that you did not authorise.

    •Keep all documentation. Take notes that include dates, names, contact details and what was said during your contact with those agencies. Follow up all conversations and requests in writing, and send these by certified mail if you need to post them. Keep copies of all forms and correspondence.

    •Report loss or theft of documents to the relevant government or private sector agencies. Contact the relevant government and private sector agencies if you have lost specific documents or items, or had them stolen.

    •Contact the Office of the Privacy Commissioner if you feel your privacy has been breached. If you feel that your privacy has been breached because of identity theft, or an agency or organisation is being difficult about rectifying privacy matters, then you can contact the Office of the Privacy Commissioner. Their Enquiries Line is available to help you work out if a privacy breach may have occurred. However, it is important that if you intend to lodge a complaint, that you first try and resolve matters with the agency or organisation concerned.

    Government-assisted Recovery

    Recovery from identity theft can be assisted in some instances if you are eligible to apply for a Victims of Commonwealth Identity Crime Certificate. Generally Police will advise you if the crime against you falls under this jurisdiction. It can improve the chances of recover greatly by having this certificate to provide to Government agencies, and financial institutions in which a Commonwealth indictable offence was committed against you.

    The Attorney General’s website says a Commonwealth identity crime occurs where a person makes, supplies or uses identification information (yours, or a third party’s). They do this intending that either they or someone else will pretend to be you or another person (who is living, dead, real or fictitious), and the act of pretending would be done to commit or help commit a Commonwealth indictable offence.

    But the instances in which an actual Commonwealth indictable offence is committed may be less common.

    Examples of victims of Commonwealth identity crime are:

    ■your birth certificate was used by someone else to falsely claim a payment from Centrelink in your name
    ■a person pretended to be you by using your identification details to have your Medicare rebates redirected to their bank account
    ■a person used your credit card without your permission to purchase and import illegal substances
    ■a person established a false business in your name to fraudulently claim GST, and
    ■a person used your passport or citizenship details to pass themselves off as you and travel overseas.

    The common identity theft victim who has had their personal details stolen and fraudsters have taken out credit cards in their name, it seems would not be eligible for the Commonwealth Victims of Crime certificate.

    For other very common type of identity theft through scams that were initiated outside Australia where victims have provided personal details and money – the Government’s SCAMwatch website warns victims recovery and restitution may also be difficult for victims:

    “due to the ‘fly by night’ nature of many scammers, it is extremely difficult to track them down and take action against them. Though it depends on the circumstances of each case, the ACCC may not be able to take action or enforce Australian Court orders against the many scammers that are based outside of
    Australia.” the SCAMWatch website explains.

    Identity theft and credit ratings

    If your bank accounts have been skimmed, the bank may have insurance to cover your loss due to this fraud. But if your credit rating has been damaged, and there are defaults, writs and Judgments on your credit file that should not be there, recovery can be a complicated matter. Basically your credit reports show you as owing debts and you are considered unsuitable to lend money to.

    Some identity theft victims find they hit a wall when attempting to recover their credit rating as the laws which govern credit reporting and the listing of negative data on people’s credit files are difficult for them to navigate. Victims say it is up to them to prove the case of identity theft, to prove to creditors they did not initiate the credit and some say this is confusing and frustrating for them.

    Instilling the services of a credit repairer may be helpful to your case, as the credit rating recovery can be enhanced by having a person better skilled at dealing with creditors and with complete knowledge of relevant laws and regulations which would apply to your circumstances.

    The way lending works in Australia, one default makes it just as difficult to get credit as does 3. So even if people can strike a helpful creditor in one or two instances, they may be unsuccessful in removing all negative listings by themselves. Each default remains on a person’s credit file for 5 years, so if you want the best chance of getting a home loan, a car loan or even credit cards and mobile phones over the next 5 years, it could be best to leave it to the professionals.

    For more help with clearing a credit rating following identity theft, contact MyCRA Credit Repairs Tollfree 1300 667 218 or visit our main website www.mycra.com.au.

    Image: graur razvan ionut/FreeDigitalPhotos.net

  • National Identity Fraud Awareness Week: Keeping your credit file safe from fraud

    Identity theft and fraud is again on the agenda for Australians. This week is National Identity Fraud Awareness Week (NIFAW) – which runs from 17 to 23 October.

    To tie in with this week, the Australian Federal Police have today gone live with an Identity Fraud survey on their website, aimed at empowering people to protect themselves from the serious consequences of identity crime.

    We encourage everyone to take this survey. Currently the statistics on identity theft may be skewed due to a lack of reporting of the crime. Sometimes this is due to embarrassment, and other times it is because people believe the financial loss is minimal. Unfortunately, that may paint a less scary picture of identity fraud than should be the case.

    The Herald Sun in its article,’If you think you’re identity is safe, think again’ reported NIFAW spokesperson, Peter Campbell as saying it was worrying that most Australians underestimated the prevalence of identity fraud in this country.

    “A total of 52 per cent of those surveyed estimated that less than 100,000 Australian were victims,” he said.

    “However, this latest survey shows the true figure to be 2.6 million – a very significant difference. Mr Campbell says these victims all lost over $1000.

    “We all need to be aware of the risks and take responsibility for our personal information to prevent becoming a victim.”

    An important point coming from these statistics, is the impression amongst Australians that identity fraud is not serious, or doesn’t really have the potential to ruin someone’s life. Even at low amounts, fraud can have significance beyond the minimal monetary loss.

    When identity fraud is initiated due to criminals having access to a person’s personal details and new credit is issued in the person’s name – often the victim is unaware of non-payments until they have defaults attributed to them on their credit file. Many people don’t pick up on it until they attempt to take out credit in their own right and are refused because they have these adverse listings they have no knowledge of.

    The difficulty in this instance is in investigating the origin of the fraud, and convincing creditors the credit file holder has been the victim of identity fraud. This generally requires lots of documentary evidence that may or may not be available, and Police reports.

    Not only can people potentially lose money through identity fraud, they can also lose their ability to obtain credit in the future.

    Defaults through late payments, once listed by creditors remain there for 5 years if the victim is unable to convince them the fraud occurred and have the adverse listing/s removed. People can’t even get a mobile phone plan when they have defaults, let alone personal loans or mortgages.

    The other nightmare that can come about when fraudsters’ gain access to their victim’s credit file, is the potential that they can generate significant amounts of credit debt in the victim’s name. Some victims have had large amounts of credit taken out in their name, white goods and cars purchased, even in some cases properties mortgaged and sold in their names.

    The AFP urges people to take a stronger stance on personal protection from identity fraud, as the circumstances in which fraud occurs are not always simple.

    “Identity fraud is an emerging threat to Australia and is growing rapidly.  Be aware that identity fraudsters are specialists at manipulating their victims, including their trust, friendliness, loneliness, fears, concerns or financial situation”, Commander Chris McDevitt from the AFP says.

    The AFP hosts multi-agency Identity Security Strike Teams (ISST’s) in Sydney, Brisbane and Melbourne.  The teams work closely with state law enforcement partners, financial institutions and government agencies to address the issue of identity theft for financial gain.

    Whilst banks have fraud insurance to help reimburse identity fraud victims, Australians should be aware there is no ‘reimbursement’ for future monies lost due to identity fraud affecting a person’s credit file 5 years. A bad credit rating can severely financially disadvantage individuals. People are unable to obtain credit through normal channels while defaults are present on their credit file. Often they are forced into finance at higher interest rates which can cost them tens of thousands over the term of the default.

    Our message at MyCRA Credit Repairs is: please take steps to protect your credit rating from fraud!

    Educate yourself – visit the government sites like SCAMwatch, Stay Smart Online, and the Attorney-General’s website. If people are interested in keeping up to date with what could be occurring – say in cyber-circles they can visit technology sites like ZD Net Australia or even subscribe to MyCRA’s RSS Feed for updates on security issues affecting credit files.

    Know what’s on your credit file – grab a free copy of your credit file today from one or more of Australia’s credit reporting agencies, Veda Advantage, Dun & Bradstreet, and TASCOL in Tasmania which will be mailed to you within 10 days.

    Your credit report is free every 12 months – take advantage of this by ordering a copy every year. Make sure there are no defaults currently attached to your file. If they shouldn’t be there or there are errors – you may be eligible for credit repair.

    If you feel vulnerable to fraud, for a fee Veda offers an ‘alert’ service, which informs you of ANY changes to your credit file such as a change of contact details or a credit enquiry, which would point to you being a victim of identity theft – possibly BEFORE there are harmful defaults put against your name.

    For more information on identity theft, or help with credit repair following identity theft, contact MyCRA Credit Rating Repairs tollfree on 1300 667 218 or visit our website www.mycra.com.au.

    Image: Chris Sharp / FreeDigitalPhotos.net

  • Being credit file savvy can save you money

    Media Release
    19 September 2011

    Concerned Australians focusing on saving and reducing debt in the wake of the GFC, are overlooking how maintaining a clear credit file can be a simple way of making significant household savings, according to a national credit repairer.

    Director of MyCRA Credit Repairs, Graham Doessel says people eager to save are busy reducing debt and going without life’s luxuries, but in the process are overlooking a key way they can save themselves thousands.

    “A clear credit file allows consumers to shop for the best credit at the lowest interest rate. For instance, on a $400,000 home loan, those with a bad credit rating are potentially slugged around $550 extra per month in interest when comparing a non-conforming loan with a loan at a current standard variable rate,” Mr Doessel says.

    He says if people have a bad credit rating, it sticks for 5 to 7 years, and they are most times shut out of credit with the major banks for this period.

    “Unfortunately those people with a bad credit rating will generally be refused credit by mainstream lenders and funnelled into higher interest rate loans and cards which only seem to perpetuate the debt cycle for the very people who would benefit from saving money,” Mr Doessel says.

    Current information from the Australian Bureau of Statistics on household savings show for the first time since 2003, household savings have dramatically increased. The ABS revealed in March 2011 the saving ratio rose to 10.1% in seasonally adjusted terms in the September quarter 2010.

    Mr Doessel says many of his credit repair clients are in a better financial position than they have been in years for loan qualification, but are held back from taking advantage of competitive interest rates and stable house prices by black marks on their credit rating.

    “Many clients have everything in place for obtaining loans, until they apply for credit with a lender and are knocked back due to credit rating defaults they were previously unaware of – and often those defaults should not be there,” he says.

    He says the best way people can prevent this scenario is to get familiar with their credit file and the ways their good name can be compromised. He provides 6 tips for being credit file savvy:

    1. Make repayments on time. Any bills which are more than 60 days in arrears can be listed by the creditor as defaults on a person’s credit file. This includes home loans all the way through to phone and power bills.

    2. Dispute bills correctly. Many people find themselves with a bad credit rating following bill disputs with creditors such as phone and power companies. Many people are unaware that regardless of whether the bill has been disputed by the customer, if it is more than 60 days late the creditor will generally still list the non-payment as a default on the customer’s credit rating – whether the customer believes the amount is accurate or not. To avoid a bad credit rating when disputing bills, people should pay the bill by the due date and attempt to recover the money from the credit provider afterwards.

    3. Ensure the accuracy of your credit file. All credit active individuals are entitled to a free yearly credit file check from all the credit reporting agencies that may hold a file on them. People should take advantage of this, and ensure there are no errors on their credit file. Mistakes can and do occur on credit files. If there are inconsistencies, people do have the right to have them rectified.

    4. Educate yourself on identity theft. Identity theft is the fastest growing crime in Australia, and it can potentially ruin a person’s good credit rating. Typically, the fraudster extracts personal details from the victim and goes about obtaining credit under their name. Often the victim is not aware of the fraud until they attempt to obtain credit and are refused. Fraudsters have taken out credit cards, racked up thousands of dollars of debt, and in some cases have taken out mortgages in their victims’ names.

    The best way to prevent identity theft is to be aware of how it can occur. The Government’s SCAMwatch website www.scamwatch.gov.au is a great place to start getting educated on what to watch out for. For help with preventing online identity theft, the Government’s Stay Smart Online www.staysmartonline.gov.au website also offers ways to combat identity theft through internet use.

    5. Beware excess credit enquiries. Every time a person other than the credit file holder makes an enquiry on the credit file, this entry is noted. Unfortunately the credit file doesn’t show the nature of the enquiry, or whether the credit was approved or declined. Generally excess credit enquiries on the credit file will also hinder people’s chances of obtaining the best loan.

    People can avoid this by not shopping around for credit, or by ensuring that all banks/brokers they deal with do not run a credit check on them until absolutely necessary. Potential borrowers can obtain a copy of their own credit file without incurring a credit enquiry, and this may be a better option to maintain a clear credit rating.

    6. Keep credit limits to the minimum needed. Reducing credit limits not only prevents overspending – it is also beneficial for a person’s credit rating. Credit limits are recorded on all credit that has been taken out by the credit file holder. This amount shows on a person’s credit file, not the amount they have actually used. People should reduce lofty credit limits closer to the actual debt amount.

    Mr Doessel says all credit active individuals will benefit from educating themselves on credit reporting in Australia, and for those that discover inaccuracies on their credit file they will save themselves money by having them removed.

    “People can greatly benefit from clearing their credit file of errors. Sometimes people have neither the time, nor knowledge of legislation that is required to deal with creditors, and in this instance a credit repairer can do the work for them,” he says.

    /ENDS

    Please contact:

    Lisa Brewster – Media Relations   Mob: 0450 554 007 media@mycra.com.au
    Graham Doessel – Director  07 3124 7133

    http://www.mycra.com.au/ www.mycra.com.au/blog

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

    Link: Australian Bureau of Statistics Household Saving

    Image: Arvind Balamaran/ FreeDigitalPhotos.net

  • Gen Y could be hazardous to their parents’ credit health

    Media Release
    4 August 2011

    Parents who piggy back their children into the property market are not only risking their financial health by doing so, but their good credit rating, a national credit repairer warns.

    Director of MyCRA Credit Repairs, Graham Doessel says the trend of placing the family home as collateral to assist kids into the property market could easily see people up against credit problems if loan repayments aren’t met.

    “There is no doubt it is very difficult for Gen Y to break into the property market, but it is essential that parents understand the risks involved in going guarantor on their child’s home loan. The decision can affect their finances and their ability to obtain credit in the future if things go bad,” Mr Doessel says.

    This comes as the Herald Sun revealed on Sunday Gen Y is using any means possible to break into the property market – one method of which is to use their parent’s property as collateral for their purchase in what is known as a ‘Family Equity Loan.’

    “Aussie Carnegie mortgage broker Mark Daly said family equity loans, which can allow applicants to borrow the entire value of a home and avoid costly mortgage insurance, were becoming more popular with younger cash-strapped buyers,” the article says.

    But Mr Doessel says the risks are often very high on this type of loan. The guarantor is liable for repayments should they not be met, plus all interest, fees and charges, so if the child fails to make repayments, the family home and the parent’s credit file could be put at risk.

    “In instances where repayments are not met, the creditor can place a default on both credit files. Often parents are not made aware the repayments are late until they find the default on their credit file. By then it is too late for their credit rating, and they face being blacklisted from obtaining credit in the future,” Mr Doessel says.

    He says defaults remain on a person’s credit file for 5 years.

    “So for 5 years both parties are unable to obtain further credit and often unable to take out even a mobile phone plan. Parents who may have been close to financial freedom are now facing debt, and a shaky retirement,” he says.

    He says the situation is amplified if the guarantor is unable to cover the repayments.

    “The bank begins to use the property the guarantor put forward as collateral, to recover lost debts. There is a danger the guarantor can lose their home.”

    “By far the most important question parents need to be asking is ‘could we make the repayments on this loan should our child be unable to?’ If there is any doubt of this don’t go guarantor,” Mr Doessel says.

    The Sydney Morning Herald’s Personal Loans Smart Guide provides some other points to consider when making the decision whether or not to go guarantor on a home loan:

    •How much is being borrowed?
    •How responsible is the borrower?
    •How stable is their employment?
    •Does the borrower have any other means of repaying the loan should he or she fall ill, be injured or become unemployed?
    •Can I afford to repay the total sum of the loan?

    Mr Doessel recommends parents seek third party and or legal advice before proceeding. He also recommends a few other policies be put in place:

    1. Insist children have adequate insurance to cover anything that may go wrong during the term of the loan, such as life insurance and income protection insurance.
    3. Set a specific amount that will be guaranteed, and ensure there is an ending to the time period of the guarantee –otherwise the guarantor could be liable for the loan for years to come.
    4. Ask that a copy of all bank statements be provided during the course of the guarantee, so that parents are aware of any late payments. This way, payment problems can be addressed while the parent’s good credit rating is still intact.
    5. If the need for a guarantor is purely due to black marks on the child’s credit file, they may still be able to access credit on their own terms. If the credit file contains a default listing which has errors, is unjust or simply should not be there, under current legislation they do have the right to have that inconsistency removed. This would result in a clear credit file and negate the need for a guarantor.  People can contact www.mycra.com.au for more information.

    /ENDS

    Please contact:
    Lisa Brewster – Media Relations    Mob: 0450 554 007 media@mycra.com.au
    Graham Doessel  – Director   Office Ph: 07 3124 7133

    http://www.mycra.com.au/ 246 Stafford Road, STAFFORD QLD.

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

    Links:
    http://www.heraldsun.com.au/money/young-bank-on-family-home-for-loan-security/story-e6frfh5f-1226133621971
    http://www.smh.com.au/money/tools-and-guides/step-4-going-guarantor-20100529-wmcd.html

    Image: Ambro / FreeDigitalPhotos.net

     

  • 7 ways to improve your credit rating in Australia

    There are countless pieces of advice available to people out there, aimed at offering to ‘improve your credit rating’ or ‘fix your credit score’, and they are read by many people hoping to get the best chance of approval for home loans, personal loans or other forms of credit.

    What many Australians don’t realise when they read these articles is that many of them are written in countries like the U.S. and U.K., whose credit reporting systems are very different from Australia’s. So the information, whilst good, often doesn’t apply for people in this country.

    In fact, many times if Australians follow that information they may actually be hindering their chances of obtaining credit in the current market, not helping it.
    So here is some information for people concerned about their credit rating, to have as a reference for what applies in this country.

    What exactly is my credit file?

    A credit file is made for every person who is credit active in Australia. Veda Advantage, Dun & Bradstreet, Tasmanian Collection Service (if Tasmanian) and new entrant Experian may all hold information on credit active individuals.

    A person’s credit file contains their personal information. It also records any credit applications, all loans which are current and also records any adverse listings such as Defaults, Writs, Judgments, Clear-outs or Bankruptcies which are under that person’s name.

    It is from this file that creditors make a decision whether or not to lend people money. This information is then available to banks and building societies; finance companies like GE and Avco; mobile phone companies and retail stores like Myer, Harvey Norman and Wow Sight & Sound.  These companies are all known as credit providers or creditors.

    What many people aren’t aware of is that any creditor may place an adverse listing on a person’s credit file if the account has remained unpaid past 60 days. This includes phone companies, utility companies, and gyms as well as banks, finance companies and stores – and the outstanding amount can be for as little as $100.

    A negative credit reporting system

    Currently Australian credit reporting system is a ‘negative’ system. This will change as Australia moves towards positive credit reporting, but until then – the rules of the game are very different from many other countries. Only negative data is recorded on a person’s credit file. From this point of view – there is nothing people can do to counter-balance any negative data which is displayed on their credit file. It is either present – or not.

    So is there anything I can do to change my bad credit rating?

    YES AND NO! There is no ‘score’ as such in Australia. So a person’s credit file is what it is with all adverse listings displayed for creditors to consider, and no amount of ‘positive’ credit information can currently change that. Under Australia’s credit reporting laws these adverse listings have a set time frame they must be listed for. This is 5-7 years depending on the type of listing. Unfortunately most adverse listings guarantee automatic decline on credit approval in the current market. Adverse listings are not removed ahead of time, but a creditor will mark the listing as paid if the account has been settled.

    However, if a person’s credit rating contains listings which should not be there, or there are errors, the credit file holder does have the right to have this information rectified.

    5 ways to improve your chances of obtaining credit under Australia’s credit reporting system:

    1. Reduce credit limits.

    Lofty credit limits do not improve a person’s credit ‘rating’. If the loan applicant has a credit limit of say $20,000 on their credit card, the debt amount on that card will be calculated on $20,000 – even if the actual amount the applicant has owing on that card is only $5,000. So a potential borrower should seek to reduce any credit limits on cards or loans they currently hold.

    2. Reduce credit enquiries.

    Do not shop around for credit. Whenever a person other than the credit file holder makes an enquiry on their credit record – that enquiry is recorded on the person’s credit file. Currently there is no way of seeing on someone’s credit report if the loan was approved or not, only that the application was made. Some lenders are refusing home loan applications due to too many credit enquiries, such as two enquiries within thirty days or six within the year.

    3. Check credit file.

    Anyone has the right to request a copy of their credit file, to see what is being said about them. This report is free for the credit file holder every 12 months. The request should be made to all the applicable credit reporting agencies, and a report will be made to the credit file holder within 10 working days.
    There is the potential for creditors to make mistakes when entering listings on credit files. So anyone who is credit active should check theirs, regardless of how diligent they think they may have been with their repayments.

    A small scale study conducted by the Australian Consumer Association (now Choice Magazine) in 2004, revealed a staggering 30% of credit files were likely to contain errors.

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

    Adverse listings can sometimes occur due to identity theft; some people are caught in issues over separation from their spouse; some have been disputing the bill which went to default stage and many people are just victims of the fallout from inadequate billing procedures – wrong names, wrong addresses errors with creditor computer systems, and sometimes human error.

    Many times people are unaware they have adverse listings on their file until they apply for credit and are refused. Unfortunately at that time it can be stressful, and they can lose the home, or be forced to choose a different loan with a higher interest rate.

    4. Pay any outstanding amounts.

    If a credit file check reveals outstanding amounts on a person’s credit file, paying them can be of benefit to a person’s credit rating. Whilst the creditor cannot remove the listing, they can mark the listing as paid, which in some cases could improve people’s chances of obtaining credit.

    5. Remove errors.

    Unfortunately listings are not removed by creditors unless the credit file holder can provide adequate reason and lots of evidence as to why the listing should not be there. Credit repair also requires knowledge of the legislation and perseverance. But for those people whose financial freedom is hindered because their credit file contains errors, it is a point worth fighting for.

    If people have neither the time, knowledge or patience for credit repair they can seek out a reputable credit repairer who will be able to work on their behalf to negotiate with creditors to have the defaults removed if there are errors.

    A clear credit record can allow potential borrowers the option to choose the best loan to suit them, with the best interest rate.

    6. Make repayments on time.

    Repay any bills received by the due date. Repay over the minimum amount required on credit cards. If people are having trouble paying on time, they should contact the creditor as they may be able to work out a payment plan rather than listing the non-payment as a default. If people are disputing bills with creditors, they should still pay the bill by the due date. Better to be reimbursed the outstanding amount than have the creditor put a default on their credit file in the process.

    7. Show stability.

    Having a stable address, stable income and stable employment can all improve someone’s chances of obtaining credit. Right before someone applies for a home loan is not the time to change jobs – regardless of how good the wages are.

    Interestingly, many errors in credit reporting occur when people change addresses, so keeping a stable address can also decrease the likelihood of bills going to the wrong address and defaults being placed on a person’s credit file unnecessarily.
    People can visit the MyCRA Credit Repairs website for more help with their credit rating, and help to repair a bad credit rating.

    Image: vichie81 / FreeDigitalPhotos.net