MyCRA Specialist Credit Repair Lawyers

Tag: CRIAA

  • Know about your credit score before you buy a home.

    Media Release

    buy a homeKnow about your credit score before you buy a home.

    27 March 2014

    A massive overhaul of Australian credit reporting law now means big brother is watching you like never before, and a consumer advocate for accurate credit reporting says there are some actions you should take now to minimise your risk of being locked out of a home loan.

    On March 12, Australia moved to ‘comprehensive credit reporting’ when amendments to the Privacy Act had final implementation.

    Mr Doessel, Non-Legal Director of MyCRA Lawyers, a firm focused on credit disputes, says new information about your credit habits is now open to prospective lenders who check your credit score.

    “More credit information unfortunately means there’s more reason for lenders to say no to your home loan application or to increase the interest rate offered,” Mr Doessel says.

    Recent statistics from credit reporting bureau Veda Advantage reveal 80% of Australians have never checked their credit history and 53 per cent were not aware that they could ask for a copy of their credit file.

    Mr Doessel says “with over 16.5 million consumer credit files held by Veda Advantage alone, we’re talking millions of Australians who may be at a disadvantage under the new laws through simple lack of education.”

    To help promote understanding of our new laws Mr Doessel identifies seven key points which you should be aware of, especially if you intend to buy a home over the next few years.

     7 credit score health tips

     1. Repay all accounts by the due date -especially your credit card and loan accounts. Any time you are more than 5 days late paying your credit card and loan accounts, a notation can be made in your ‘repayment history’ and remains there for two years. If payment on any credit account over $150 (including telco and energy bills) is more than 60 days overdue, you can have a default applied against your name which has a five year ‘shelf-life’.

     2. Repay more than the minimum amount on credit cards. You don’t want to unknowingly end up in arrears and with a late payment notation against your name because you didn’t pay enough.

    3. Be careful with the amount and type of credit you apply for and use. Too many credit accounts and cards could reduce your score, even if you’re not using them. Also restrict the type of credit you apply for. Too many ‘alternative’ or high interest accounts could see you with a lower score. Reducing your number of credit enquiries is also a good idea.

     4. Ask for help if you need it. If you have circumstances which mean you temporarily can’t make repayments on time, contact your Credit Provider as soon as possible – preferably before your accounts are overdue. You can ask for a financial hardship variation to help ease the burden while you get back on your feet.

     5. If you disagree with an account or bill – act quickly. The earlier you can get to the bottom of an unfair bill the less likely it could impact your credit file. If the Credit Provider ends up listing the account on your credit file as either a late payment or a default, you can ask the credit reporting bureaus to list the bill as disputed on your credit file while you sort it out.

     6. Check your credit score. This is available once a year at no charge from Australia’s credit reporting bureaus – Veda Advantage, Dun & Bradstreet and TASCOL (if in Tasmania). You can also pay to have them sent the same day. Try sites like www.freecreditrating.com.au. You’ll see whether you’ve got any black marks and also whether you’ve been the victim of fraud or identity theft. Veda Advantage also allows you for a fee to see your Vedascore.

     7. Dispute errors as soon as possible. Creditors can and do make mistakes. If you find something on your credit file you don’t agree with – get it sorted out. You can ask the credit reporting bureau which holds the listing to identify it as disputed, and then go about fixing the problem.

    There are avenues you can source to dispute your own listing. You can also seek out external help from a third party such as a lawyer focused on credit law, or a credit ‘repairer’.

    Mr Doessel recommends those who use a credit repairer to do their homework to avoid getting ripped off.

    /ENDS.

    For interviews and more information please contact:

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

    Lisa Brewster – Media Liaison MyCRA Lawyers media@mycralawyers.com.au Ph 3124 7133

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

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

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

     Link: http://www.veda.com.au/sites/default/files/images/ycai_launch_infographic_final_190913.pdf

    Image: Stuart Miles/ www.FreeDigitalPhotos.net

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  • Charging for credit repair – What method is best?

    Credit repair is a fairly new phenomenon. But it has been borne out of a real gap in the ability for the average consumer to handle the information on their credit report as it relates to agencies, the creditor and credit reporting legislation. So we are very much needed. But we also need to act with integrity. So what is the best way to charge clients for the service of credit repair? What is in the best interests of the consumer – a fee for service approach or a no-win-no fee approach? And what are the rules for how to best help consumers ethically?

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

    Recently I read an article in the Sydney Morning Herald Tougher Stand Taken on Credit Files about the new credit laws currently in Parliament and how they could help consumers. But it came with it a warning at the end about credit repair companies. It seems on the whole we don’t get a good rap out there. Consumers are warned against credit repairers because we are charging for something people can technically do for themselves.

    Yes, technically they can. There is no secret to that. But in reality, this is not happening.

    Consumers we meet are getting told that they can’t get their listings removed – at best they can be marked as paid if the debt has been settled. They have been told the debt is valid when it isn’t; they have also had information changed on their accounts; they have not been given the right amount of notice and more.

    Consumers are meant to know how to tackle these big guys without knowing the legislation. With this in mind, how are they meant to have success in removing their own credit rating errors?

    However NSW Consumer Credit Legal Centre, Karen Cox, in this article reports on some pretty dodgy practices amongst credit repairers out there, and this is also a concern of mine.

    “Some have used aggressive tactics to try to persuade the lender or credit reporting agency to remove legitimate listings.
    And in some instances that Cox’s staff have dealt with, the credit repair company has persuaded the consumer to enter Part IX insolvency arrangements, which they subsequently administer for a fee,” the SMH reports.

    So how do we rise out of these criticisms as an industry and provide the much-needed ethical version of credit rating repair? By addressing our fees and in turn our ethics.

    Earlier this year, I wrote an article on fee structure in the credit repair industry http://grahamdoessel.com/wp/credit-rating-repair-customer-costs-a-tale-of-two-business-models/, investigating the two customer payment business models current in the credit rating repair industry, ‘fee for service’ and ‘no win no fee’ payments.

    I also found in my research that the credit rating repair industry was falling way down in its credibility. Some companies weren’t advertising their fees, some were charging way too much and delivering too little – and this was creating mistrust across the board and tarnishing the reputation of what is actually a necessary service.

    Here are the two types of payment structure I investigated:

    Fee for service
    ‘Fee for service’ in the credit rating repair industry, means a fixed amount charged to a client for an agreed level of service. This is charged based on the level of service and or performance. This means that the fee structure is provided to the client up front, and as the client approaches each stage of service, the fee for that service will be due.

    No win no fee
    ‘No win no fee’ cost agreements are also known as conditional cost agreements. No win no fee broadly means that the client only pays credit rating repair costs if their claim is successful. I found that the definition of a “successful claim” varied greatly between credit rating repairers.

    I found that no one single method suited the industry entirely. Both had their merits for consumers and should be allowed to co-exist alongside some basic best practice methods which crossed both approaches.

    Pros of fee for service
    Upfront fees give the consumer more reassurance they will be told what they are going to get, how much it will cost, and because money has changed hands – the credit rating repairer will be bound to deliver what they have promised.

    This model allows the credit rating repairer to give better service to the consumer, through the increased level of commitment by the consumer.

    What I found important in a fee for service model, was the refundable assessment fee. This takes the benefits of fee for service to another level – by assuring those that enter into this business payment model are refunded any monies should they not proceed beyond the assessment stage of credit rating repair.

    Cons of fee for service
    The difficulty in a fee for service model is its restriction on consumers who can’t afford upfront payment, and can’t borrow due to a bad credit rating. At the same time, the fee for service credit rating repairer would likely impose less ‘defaults’ on consumer credit files.

    Recently MyCRA Credit Rating Repairs (who runs a fee for service model) implemented a payment plan system, to accommodate those clients who couldn’t afford to pay a large sum up front.

    Cons of no win no fee
    I found hidden costs let down this customer payment method significantly from a ‘best practice’ standpoint. Extra costs; and hidden costs dumped on consumers regardless of their success in credit rating repair can lead to confusion and anger over fees and charges.

    There is also the potential to skip vital steps in assessment which can lead to an inadequate volume of information prior to the engagement of credit repair – potentially leading to promises of credit repair not based in fact.

    Furthermore, should non-payment arise, the company may be forced to place defaults on credit files– a woeful situation that no credit rating repairer wishes to be in.

    Pros for no win no fee
    I found the no win no fee business payment model had merit due to the ability to help those people who otherwise could not afford credit repair.

    Other industries
    In deciding which customer business payment model to adopt for the credit rating repair industry, I address other professions where these debates have occurred.

    The financial planning industry is on the cusp of streamlining a fee for service payment model across the entire financial planning sector. This has been in response to demand for better transparency to combat criticism of conflict of interest – and uses a ‘best interest’ approach.

    This consumer ‘best interest’ approach has strong merit when constructing any best practice customer payment model in the credit rating repair industry.

    In the legal arena, the no win no fee model popular in personal injury claims has been criticised for misleading advertising and hidden costs, something which the credit rating repair industry should keep in mind when making any reforms.

    Recommendations for payment models
    I found both business models had merits for credit rating repair, provided these changes were made:

    – Refundable upfront fees
    –  Full disclosure of all fees, charges, terms and conditions on advertising.

    These changes would make customer payments fair and simple to understand.

    These best practice reforms would create transparency and credibility and would vastly contribute to providing a valid place for credit rating repair in Australasia’s credit reporting landscape in the future.

    Ethics in credit rating repair
    Ethics in credit rating repair should not be an anomaly.

    ”It [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”][credit rating repair] is a completely unregulated area,” Ms Cox says in the SMH article.

    But this is no longer true. The necessity for regulation has prompted an industry body to form – the Credit Repair Industry Association of Australasia (CRIAA).

    The newly published CRIAA Code of Conduct for the credit rating repair industry gives weight to ethical practice, fee structure and advertising, and sets some benchmarks in this area. See their website for more details as well as the full CRIAA Code of Conduct www.criaa.org.au.

    The opinion of Graham Doessel reflected in this article is personal and does not necessarily reflect the opinion of the CRIAA or any of its members.

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

  • Consumers face war over credit blacklist errors – whether the bill was big or small.

    Media Release

    Consumers face war over credit blacklist errors – whether the bill was big or small.

    24 July 2012

    Australians are seeking help in droves to fight devastating credit listings which are seeing them blacklisted from credit for up to 7 years and losing dreams of homes, cars and business opportunities often for overdue bills as low as $100.

    A leading national credit repairer says the complexity of disputing credit rating defaults has led many people to seek help from the professional credit repair industry.

    MyCRA Credit Rating Repairs CEO, Graham Doessel says complaints can be just as difficult to dispute whether the bill is for $100 or $10,000 and are very seldom as simple as calling up the Creditor and telling them they got it wrong.

    “There are a host of laws which must be adhered to by Creditors when adding credit listings to consumer credit files, and likewise when disputing potential errors and mistakes – the same laws apply to be able to show cause why a Creditor should remove a default.”

    “Most consumers trying to resolve their own credit issues don’t have the knowledge of legislation or processes to effectively argue their case. They are often brick-walled by their Creditor and forced to put up with the default – banned from affordable mainstream credit for the term of the listing,” he explains.

    He says with tight lending criteria following the Global Financial Crisis, any black mark is generally going to prevent people from obtaining credit in the current market.

    “Some can’t even get a mobile phone on a plan and most that need credit are forced to pay much higher interest rates with non-conforming lenders – potentially costing them tens of thousands more in interest,” he says.

    Mr Doessel is echoing criticism from the Australian and New Zealand Ombudsman Association which yesterday, said too many people are being put on debtor blacklists for owing small energy and phone debts.

    “Often they didn’t even know that they had been credit-listed until they had applied for a mortgage or a credit card or a business loan and then they found they had been credit-listed for small amounts, were denied that credit and lost deposits, were not able to start up their business and so experienced quite severe consequences,” the Association’s Chairwoman Clare Petre told the ABC yesterday.

    Ombudsmen are calling for the threshold for credit listings to be raised to $300.

    Ms Petre also expressed her concern that people are paying private agencies to solve their problem, when public authorities such as the Ombudsman’s office can help.

    “For people who are already often financially vulnerable they’re huge costs, but they’re desperate and they’re prepared to pay that money when they could come to us for free,” she added.

    But Mr Doessel says the services of Professional Credit Repair firms are of assistance to many of the Ombudsmen and most times enhance the likelihood of a successful outcome for the client. He says they have a duty of care to exhaust all avenues of complaint, some of which may not have been within the realm of the Ombudsman to investigate.

    “It’s actually a requirement of the Code of Conduct of the Credit Repair Industry Association of Australasia (CRIAA) that the credit repairer has conducted an exhaustive investigation into the conduct of the Creditor and can provide that investigation to the Ombudsman if the Ombudsman is ever actually required to help at all,” Mr Doessel says.

    He goes on to say “Many of the Ombudsmen Bodies have seen a massive increase in the number of consumer complaints recently and some (Ombudsmen Bodies) have extensive waiting lists that many consumers cannot afford to be on.”

    /ENDS.

    Ref: http://www.abc.net.au/news/2012-07-23/ombudsman-concern-small-debt-credit-ratings/4148476

    Please contact:

    Graham Doessel – Founder and CEO MyCRA Ph 3124 7133

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

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

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

    Image: nuttakit/ www.FreeDigitalPhotos.net

  • CRIAA Code of Conduct seeks to stamp out dishonest credit repair practice

    Media Release

    CRIAA Code of Conduct seeks to stamp out dishonest credit repair practice.

    17 July 2012

    The credit rating repair industry now has an official Code of Conduct, with the newly formed Credit Repair Industry Association of Australasia (CRIAA) publishing its ASIC-inspired code yesterday.

    Spokesperson for the CRIAA, interim board member Graham Doessel says the Code takes into account comment from ASIC within its framework and aims to promote credibility and transparency within the credit repair industry.

    “The credit repair industry has gone largely unregulated up till now, and this has led to dodgy practices from some credit repairers, and to broad criticism of the industry from outsiders.”

    “This Code of Conduct will give a strong framework for what is acceptable practice for credit repair, in so doing raising the service level for consumers who choose a CRIAA member credit repairer,” Mr Doessel says.

    The CRIAA Code of Conduct is a comprehensive 15-point document which outlines the rudimentary requirements for membership to the CRIAA, including education standards, and specific requirements for behaviour, including the ramifications for non-compliance which may include sanctions and fines for its members.

    “The Code insists on transparency of advertising and fees as basic requirements of CRIAA Members, and specifically insists on conduct which does not mislead the consumer at any stage – we see this as paramount to bringing the industry forward with credibility,” Mr Doessel says.

    The Code of Conduct also outlines internal and external dispute resolution parameters for the credit repair industry.

    “It is important for an emerging industry to have some avenue for consumers to make complaint and resolve disputes, from both within the industry and to external dispute resolution services,” he explains.

    Mr Doessel says the CRIAA and its Code of Conduct will assist in bringing validity to the industry of credit repair as part of the credit reporting landscape.

    “Credit repairers have been highly sought out by more and more consumers because they have had difficulty in correcting credit rating inconsistencies themselves. So credit repairers continue to play a crucial role in maintaining accuracy in credit reporting, he says.

    The CRIAA interim board currently includes 6 credit repair industry members, and two finance industry members, including President of the Finance Brokers’ Association of Australia, Peter White.

    The CRIAA has had interest from a variety of stakeholders both inside and outside the industry and intends to allow different categories of membership to accommodate this diversity.

    “The CRIAA will be the genuine representative body of the credit repair industry and all its stakeholders, so we’re not going to be exclusive – it will incorporate brokers, credit reporting agencies, Ombudsmen and any other stakeholders which impact the industry within its membership categories,” Mr Doessel says.

    CRIAA INTERIM BOARD

    Colleen Halls – Chairperson

    Peter White

    Graham Doessel

    Alicia Candido

    Ilias Bafas

    Gavin Symes

    Andrew Bell

    Darren Brits
    For a full copy of the CRIAA Code of Conduct, visit the CRIAA website: http://www.criaa.org.au/code/

    /ENDS.

    Please Contact:

    Spokesperson – Graham Doessel – CRIAA Interim Board

    The Credit Repair Industry Association of Australasia Pty Ltd (CRIAA)
    C/- 246 Stafford Road, Stafford, QLD 4053
    alerts@CRIAA.org.au | www.criaa.org.au

     

  • Gillard Government finally recognises the prevalence of credit rating errors, says Graham the ‘Credit Corrector’

    Media Release

    Gillard Government finally recognises the prevalence of credit rating errors, says Graham the ‘Credit Corrector.’

    29 May 2012

    An advocate for accuracy in credit reporting says Australia’s new Privacy Laws finally recognise the prevalence of credit rating errors, and the damage that can be wreaked on the consumer’s reputation and life if they are incorrectly listed with bad credit.

    Graham Doessel – CEO of MyCRA Credit Rating Repairs, and Board Member of the Credit Repair Industry Association of Australasia (CRIAA), says new Privacy Laws which are set to make some massive improvements in the area of correction of inconsistent data on Australian credit files, are long overdue.

    “Someone who presents with bad credit is going to be refused mainstream credit for between 5 and 7 years – depending on the listing type. It’s serious stuff, and if the listing shouldn’t be there, it’s very unfair,” he says.

    Mr Doessel says it is timely that the Government address the difficulties consumers face when they are incorrectly listed with bad credit.

    “Creditors can and do make mistakes when placing listings on credit files, and the onus is on the consumer to identify and address those inconsistencies. But it has very much been a case of David and Goliath – with some consumers finding they are lumbered with listings that just shouldn’t be there due to not having the extensive skills and knowledge required to address their complaints in the appropriate way,” he explains.

    The Privacy Amendment (Enhancing Privacy Protection) Bill 2012, which had its second reading in Parliament last week, is part of the Gillard Government’s ‘modernisation’ of credit reporting, which they say will make the credit reporting regime more flexible and less prescriptive by emphasising industry-led complaint resolution.

    The new laws around complaints correction will:

    • Streamline the correction and complaints process for credit reporting; and

    • Force the Creditor to justify credit listings and actually substantiate the information it reports on credit files; and

    • Allow consumers to complain directly to the appropriate Ombudsman rather than having to go through the organisation’s complaints process first; and

    •  Provide for remedies such as compensation for consumers who are negatively impacted by a Creditor who has failed to comply with credit reporting law (penalties for breaches of the Privacy Act could be up to $220,000 for an individual and $1.1 million for an organisation).

    The introduction of the new laws are too late for Brent Uchtman, who sought MyCRA’s credit repair services last year to fight a disputed credit listing which saw him refused finance.

    Brent applied for a loan after purchasing some land last year, only to be told by his bank that he had a bad credit rating from a phone company that out and out shouldn’t have been there.

    His credit file was finally cleared in November last year, but not before he lost the land contract.

    “I ended up losing the land because someone it got from under me while I struggled with this bad credit,” Brent explains.

    He says his case was slow because the company took so long to provide documentation.

    Mr Doessel says the speed of Brent’s case could have been improved if the Creditor would have had some obligation to substantiate the credit listing, or if the complaint could have been taken directly to the Creditor’s Ombudsman.

    “Finally there is some real incentive for Creditors to take due care with adding listings to credit files and to justify their actions, and we as credit repairers ultimately have a better avenue to help our clients remedy their credit rating errors,” he says.

    /ENDS.

    Graham Doessel – Founder and CEO MyCRA  Board Member CRIAA    Ph: 07 3124 7133

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

    Client details available on request.

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

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

  • A credit reporting accuracy advocate says ‘about time’ for new laws delivering a better credit reporting complaints process.

    Media Release

    A credit reporting accuracy advocate says ‘about time’ for new laws delivering a better credit reporting complaints process.

    29 May 2012

    A leading credit rating repairer has welcomed amendments to Privacy Laws which will allow consumers easier dispute resolution for credit rating errors, but still worries about new information available to lenders about repayment history.

    CEO of MyCRA Credit Rating Repairs and Board Member of Credit Repair Industry Association of Australasia, Graham Doessel says up till now consumers have done it tough trying to address the inconsistencies on their credit files, and the new changes will allow for a more defined process of complaint and recourse for creditors not complying with the law when adding listings to credit files.

    “The new laws will definitely benefit consumers when trying to address listings which are placed in error on their credit file. At the moment people are basically blacklisted from credit for between 5 and 7 years if they have bad credit history, and if that history should not be there, the process of complaint has been difficult to say the least,” Mr Doessel explains.

    The Privacy Amendment (Enhancing Privacy Protection) Bill 2012, which had its second reading in Parliament last week, is part of the Gillard Government’s ‘modernisation’ of credit reporting, which they say will make the credit reporting regime more flexible and less prescriptive by emphasising industry-led complaint resolution.

    Some of the major changes to what information will be available on credit files as part of comprehensive credit reporting include:

    • the types of credit accounts and when they were opened and closed;
    • the current credit limits of each account; and
    • information about repayment history-for example, when a credit card was paid off on time, and including information about overdue payments.

    Attorney-General Nicola Roxon says the introduction of new information will be a positive change for consumers.

    “These reforms will mean more families can access credit. And it will mean the banks can assess credit risks more accurately,” she said in a speech to Parliament last week.

    When the new legislation comes in, late payment notations will be added to credit files by licenced creditors even if a bill is one day late. The notation remains on the individual’s credit file for 2 years.

    This extra information will be further used to assess credit risk by lenders. The Government says these reforms will lead to decreased levels of over-indebtedness but will also allow people who have a credit file listing the chance to ‘make up’ their negative listing with consistent positive repayment data.

    But Mr Doessel says initially he forsees less people eligible for credit with the introduction of this new information and is concerned it could push some borrowers into the non-conforming market unnecessarily.

    “This information is being collected now, despite most people not knowing the implications of late payments. If lenders err on the side of caution with late payment notations, it could force more people into the non-conforming market with higher interest rates if they are refused mainstream credit,” he says.

    The saving grace, Mr Doessel says is the greater insistence on credit reporting accuracy which has been brought in with the new laws.

    “Creditors can and do make mistakes when placing listings on credit files, and the onus is on the consumer to identify and address inconsistencies. Up till now, the consumer has been forced to address these errors with little legislative support,” he says.

    The new laws around complaints correction will:

    • Streamline the correction and complaints process for credit reporting; and
    • Force the Creditor to justify credit listings and actually substantiate the information it reports on credit files; and
    • Allow consumers to complain directly to the appropriate Ombudsman rather than having to go through the organisation’s complaints process first; and
    • Provide for remedies such as compensation for consumers who are negatively impacted by a Creditor who has failed to comply with credit reporting law (penalties for breaches of the Privacy Act could be up to $220,000 for an individual and $1.1 million for an organisation).

    “Finally there is some real incentive for Creditors to take due care with adding listings to credit files and we as credit repairers ultimately have a better avenue to help our clients remedy their credit rating errors,” Mr Doessel says.

    /ENDS.

    Please contact:

    Graham Doessel – Founder and CEO MyCRA Board CRIAA            Ph: 07 3124 7133

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

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

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

  • Credit repair industry body the Credit Repair Industry Association of Australasia to hold first Board Meeting Thursday.

    Media Release

    Credit repair industry body the Credit Repair Industry Association of Australasia to hold first Board Meeting Thursday.

    28 May 2012

    New industry body for credit rating repair, the Credit Repair Industry Association of Australasia (CRIAA) has scheduled its first Board Meeting this Thursday.

    The nine board members – who were ratified last Tuesday, will meet Thursday 31 May at 9:30am EST to discuss a range of topics which will move towards solidifying the CRIAA as an entity designed to deliver both credibility and voice to the credit repair industry and those promoting credit reporting accuracy in Australia.

    The board includes 6 credit repair industry members, and three finance industry members, including President of the Finance Brokers’ Association of Australia, Peter White. The meeting will comprise establishing formal positions on the board, and reviewing the ASIC-inspired draft Code of Conduct for the CRIAA.

    Board Member Graham Doessel – CEO of MyCRA Credit Rating Repairs says the drive of the Code of Conduct will be to develop a framework to ensure that members conduct themselves with high standards and ethics.

    “Credit rating repair is largely unregulated and some dodgy practices have caused the overall impression of the industry to at times be less than savoury,” Mr Doessel says.

    He says this impression overshadows the crucial role credit rating repairers play in correcting credit rating inconsistencies for consumers and the real place credit repair has in the credit reporting landscape.

    “The CRIAA Code of Conduct is a vital step to move the industry forward with credibility. It will provide some formal standards and minimum qualifications for members and cement a set of ethics that members can uphold,” Mr Doessel says.

    /ENDS.

    Please contact:

    Graham Doessel – Founder and CEO MyCRA Board CRIAA         Ph 07 3124 7133

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

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

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

  • Credit reporting accuracy supporters choose a board to front new Credit Repair Industry Association of Australasia

    Media Release

    Credit reporting accuracy supporters choose a board to front new Credit Repair Industry Association of Australasia

    22 May 2012

    Nine board members for a new industry body designed to give both credibility and voice to the credit repair industry and those promoting credit reporting accuracy in Australia have been ratified today.

    The Credit Repair Industry Association of Australasia (CRIAA) held its second meeting today to ratify expressions of interest for board members, with 9 key players from inside and outside the credit repair industry now appointed to an interim board.

    The meeting was chaired by President of the Finance Brokers’ Association of Australia (FBAA) Peter White.

    The board now includes 6 credit repair industry members, and three finance industry members, including Mr White.

    “I believe the Credit Repair Industry Association of Australasia will ensure that consumer rights are at the forefront of decisions made by the Credit Repair Industry,” he says.

    The CRIAA has also been shown support from Ombudsmen, various external stakeholders and credit reporting agencies including credit reporting agency Dun & Bradstreet President, Tim Lord.

    “We are interested in the role D&B could play in regard to the Board Structure and or the Advisory Panel,” Mr Lord says.

    The CRIAA is now looking to establish formal positions on the board, with one of the first tasks of this being to establish a framework for a Credit Rating Repair Code of Conduct.

    The Code of Conduct is planned to be devised to Australian Securities and Investments Commission (ASIC) guidelines to ensure members conduct themselves with high standards and ethics.

    Foundation member and now board member of the CRIAA – MyCRA Credit Rating Repairs CEO Graham Doessel has seen the need for a strong and consistent foundation for credit repair clients in an industry that has been largely unregulated and lacking formal standards.

    “The introduction of best practice standards for the credit repair industry means reputable credit rating repairers can stand above dodgy operators and set the standard for the industry. This will allow the real issue of credit reporting accuracy for consumers to be given the voice it deserves,” Mr Doessel says.

    This is a viewpoint shared by new CRIAA board member, Colleen Halls from Fix Credit Australia.

    “I most wholeheartedly agree that the industry needs to be regulated and needs definitive standards set with minimum qualification requirements,” Ms Halls says.

    The CRIAA also seeks to have an influence on decisions of credit reporting law moving forward – whether directly or indirectly.

    “The aim is to increase the legislative voice for those who are ultimately responsible for ensuring credit reporting accuracy. This voice belongs to consumers and the credit rating repairers who act on their behalf,” Mr Doessel says.

    CRIAA Interim Board Members

    Peter White    (FBAA)
    Graham Doessel    (MyCRA Credit Rating Repairs)
    Colleen Halls    (Fix Credit Australia)
    Alicia Candido   (We Fix Credit)
    Ilias Bafas   (Clean My Credit File)
    Gavin Symes   (Credit Repair Australia)
    Andrew Bell   (Fix Bad Credit)
    Darren Brits   (Alpha Lending)
    Kevin Allen   (Educated Finance)

    /ENDS.

    Please contact:

    Peter White – National President FBAA Board CRIAA
    Phone: (07) 3847 8119  president@fbaa.com.au

    Graham Doessel – Founder and CEO MyCRA Board CRIAA
    Ph 07 3124 7133

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

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

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

  • Credit reporting accuracy advocate throws credit rating repair fee structure under the spotlight

    Media Release

    Consumer advocate for credit reporting accuracy throws credit rating repair fee structure under the spotlight.

    26 April 2012

    A consumer advocate for accurate credit reporting says the fee structure for the credit rating repair industry must be investigated with a view to creating some best-practice reforms in the interests of consumers.

    Graham Doessel, foundation member of an industry body in the early stages of development, the Credit Rating Repair Industry Association of Australasia (CRIAA) and CEO of credit rating repair company MyCRA, says the industry is ripe for criticism for confusing consumers due to the vast differences in fee structure across credit rating repair companies and lack of clear guidelines for advertisement and configuration of customer payments.

    “Where the credit rating repair industry falls down, is that there are some inconsistencies in the way companies are delivering and advertising their services – some are not advertising their fees, some are charging way too much and delivering too little – and this creates mistrust across the board and tarnishes the reputation of what is actually a necessary service,” he explains.

    This mistrust was apparent in 2010 from credit reporting agency Dun & Bradstreet, who advised consumers in a media release to be wary of third party promises to remove negative listings from credit reports.

    “Dun & Bradstreet urges consumers to think carefully about these services arguing that not only are the third party fees unnecessary but promises to remove adverse events are often unfulfilled. Instead consumers should contact regulated credit reporting agencies directly to obtain a copy of their report and if they believe it contains any errors they can discuss that with the agency at no charge. If consumers do feel they need third party advice they should seek assistance from an independent financial counsellor or advisor,” Dun & Bradstreet advised (1).

    Mr Doessel says a good credit rating repairer is not only valid, but crucial to getting errors removed from consumer credit files.

    “Consumers are just not getting creditors to remove inconsistencies on their own. Yes, you can contact creditors and credit reporting agencies yourself and get credit file inaccuracies addressed – but it is a bit like defending yourself in Court. There’s just too much time involved in investigation, knowledge of legislation and negotiation ability required to make a successful case yourself,” he explains.

    He believes the implementation of the CRIAA as an industry body to help regulate codes of conduct for its members such as fee structure should give consumers and all associated entities the chance at being able to select a credit rating repairer whatever the customer business payment model and have faith that they will do the right thing by the consumer.

    “It’s about creating a level playing field for consumers – making it fair, and reasonable and giving them a system of redress from within the industry for any dodgy practices,” he says.

    Mr Doessel has published a White Paper titled Credit Rating Repair Customer Costs – A Tale of Two Business Models, which examines fee structure within the credit rating repair industry and sets out some recommendations for improvement on both models (2).

    One of the main points uncovered in the paper is the lack of clear advertisement of all fees and charges and definition of terms and conditions of payment across the board from credit rating repairers.

    “For instance, some no win – no fee customer business models can be vague in their advertising of both when payments are due, and exactly what defines a ‘win’. Also, some customers could be left angry when they find out they are charged administration costs regardless of success when it is not stated clearly these will be charged prior to the engagement of business,” he says.

    He hopes opening up for discussion customer business payment models in the credit rating repair industry will be the starting point for all relevant groups both in and out of the industry to provide their opinion on a best practice structure for customer fees.

    “Both the CRIAA and myself hope that by bringing credit rating repair customer costs into focus from all arenas we can come up with a framework which is successful and fair and which we can carry forward as the first stone which cements the entire industry and takes credit rating repair to new heights of credibility,” Mr Doessel says.

    /ENDS.

    Please contact:

    Graham Doessel – Founder CRIAA and CEO MyCRA         PH 3124 7133

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

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

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

    (1) http://www.dnbcreditreport.com.au/latest_news/consumers_should_be_wary_of_misleading_credit_report_offers/indexdl_6144.aspx

    (2) http://grahamdoessel.com/wp/credit-rating-repair-customer-costs-a-tale-of-two-business-models/

  • New Credit Rating Repair Industry Body CRIAA positive step for Brokers and consumers

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    UPDATE: The CRIAA has been shut down by Founder Graham Doessel, due to non-compliance of unlicensed credit repair agencies with their own code of conduct.  Mr Doessel realised that if these unlicensed credit repair agencies could not follow their own code of conduct, he as the founder of the CRIAA had no alternative but to shut it down to protect the community.

    “I’m deeply disappointed at having to take such decisive action, but as the CEO of Australia’s only true Specialist Credit Repair Law firm, I have no choice but to distance myself from possible rogue operators that refuse to take the CRIAA Code of Conduct, and associated laws seriously.” Mr Doessel said.

    The CRIAA was closed in 2014.

    It is exciting to see where the credit rating repair industry is heading and I am proud to be a part of the formulation of a new industry body which will improve credit rating repair across the board for Australasia. Australian Broker magazine published an article today on this new industry body the Credit Repair Industry Association of Australasia (CRIAA) of which I am an executive member. We held our first meetings yesterday, chaired by Finance Brokers Association of Australia (FBAA) President Peter White, and it was a great success.

    The Australian Broker story was titled The CRIAA to make tough times for dodgy operators by Adam Smith. Here’s the story in its entirety:

    CRIAA to make tough times for dodgy operators

    Self-regulation of the credit repair industry could involve brokers, and ultimately benefit their clients.

    The burgeoning Credit Repair Industry Association of Australasia has held its first meetings, and executive member Graham Doessel, founder of credit repair agency MyCRA, said the formation of the industry body should help put brokers at ease.

    Doessel said the CRIAA would look to institute a code of conduct and minimum qualifications for the credit repair industry, and that introducing these standards would give brokers peace of mind about working with credit repair agencies.

    “Mortgage brokers referring to a CRIAA member can have more confidence that the work is done correctly, and therefore it protects their reputation and the money of their clients,” Doessel said.

    Doessel said the agency had sought help from ASIC and the FBAA in drafting its code of conduct and standards, and had received strong interest from credit reporting agencies. He commented that brokers may even be invited to become members of the association.

    “We’re trying to set it up to be the genuine representative body of the industry and all its stakeholders, so we’re not going to be exclusive. We’ll be looking at inviting mortgage brokers who refer clients to credit repair agencies. They’re directly affected and I think their inclusion is a good idea,” he said.

    Doessel conceded that the credit repair industry had seen disreputable operators, and said the formation of an industry body could stem the tide of unethical businesses by introducing an industry standard.

    “Any good credit repair firm works within the legislation and makes sure the creditor works within the legislation. The CRIAA is hoping we will ensure that all members have minimum qualifications and workflow standards,” he said.

    Ultimately, Doessel said he hoped the formation of the CRIAA helped to raise the reputation of credit repair agencies.

    “We’re looking to make it harder for less reputable businesses to operate effectively,” he said.

    About the Credit Repair Industry Association of Australasia (CRIAA)

    The Credit Repair Industry Association of Australasia (CRIAA) has been established as the result of an identified need to increase transparency and professionalism across the credit repair industry as a whole.

    The key aim of the CRIAA is to provide a strong and consistent foundation for credit repair clients in an industry that has been largely unregulated and lacking formal standards.

    The CRIAA is in the process of establishing a ‘quality service’ framework for consumers, enhanced by best practice operational standards. This ensures members conduct themselves with high standards and ethics, based on the Association’s code of conduct.

    The CRIAA aims to deliver some significant benefits to consumers which have not been available before from the credit rating repair industry.

    Consumers should be able to confidently select an ethical and reputable credit rating repair company or organisation to look after their personal affairs from the CRIAA member companies.

    A code of ethics is vital for the credit rating repair industry. The credit rating repairer is privy to a large volume of personal information from consumers. A code of ethics upheld by CRIAA members will increase the likelihood high standards of privacy are upheld, minimising the instances of fraud and breaches of privacy.

    The CRIAA ‘quality service’ blue-print, will mean consumers can expect a higher level of service from those CRIAA members. Input on service standards will be provided by key CRIAA members from both inside and outside the credit rating repair industry.

    The CRIAA seeks to have an influence on decisions of credit reporting law moving forward – whether directly or indirectly. The aim is to increase the legislative voice for those who are ultimately responsible for ensuring credit reporting accuracy. This voice belongs to consumers and the credit rating repairers who act on their behalf.

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

    Image: cooldesign/ FreeDigitalPhotos.net

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