MyCRA Specialist Credit Repair Lawyers

Tag: defaults

  • Consumer debt struggles and solutions

    A recent survey revealed that about one in three Australians said they will struggle to repay their debts in the coming September quarter. If this many Australians have money problems, then more should be done to educate people on our credit reporting laws, and what can happen to people’s finances, should they end up with a bad credit rating.

    When things get bad enough that repayments are getting missed, people need to be aware of the cycle they may be getting themselves into.

    Black marks on people’s credit reports remain there for 5 – 7 years, and can severely hinder their chances of getting further credit, from mortgages to mobile phone plans.

    If people are struggling to make repayments, they need to take a pro-active approach to managing the solutions.

    It is human nature for people to not want to admit their failings, but it is important for people to realise that the choices they make with their debts today can affect them as far as seven years down the track.

    All forms of credit, from mortgage repayments through to our utilities bills have the potential to affect our credit rating should they get too far in arrears.

    Debt survey

    Credit reporting agency Dun & Bradstreet released its bi-annual debt survey recently. The survey revealed that almost one third of Australians will struggle to meet their credit commitments in the September quarter. It also revealed that 37 percent intend to use their credit card to purchase something they could otherwise not afford. Twenty-one percent say their household debt will increase over the next three months, and almost half say an interest rate rise in the September quarter would negatively affect their household’s finances.

    “…the reliance on credit for household purchases in spite of apprehension about their ability to meet these commitments is worrying, as an issue that can affect their future credit rating and ability to access credit – often when they need it the most,” Dun & Bradstreet’s CEO Christine Christian says.

    Credit reporting explained

    Current legislation allows creditors of any form to list a default on a person’s credit file when the repayment is more than 60 days late. These default listings remain on a person’s credit file for 5 years. In the current market, most major banks are currently rejecting loan applications because of defaults, and many even for excess credit enquiries. So anyone who wishes to obtain credit should be ensuring they sort out any debt problems before they escalate to default stage.

    Under current legislation, people can see what is reported about them on their credit file, by obtaining a free copy of their credit report every 12 months. They may contact one or more of the credit reporting agencies, Veda Advantage, Dun & Bradstreet and Tasmanian Collection Services and it will be posted to them within 10 working days.

    If people find defaults, writs or Judgments which they believe are unjust, contain errors or just simply shouldn’t be there, they do have the right to have them removed. Credit rating repairers can assist with this removal by negotiating directly with creditors on a person’s behalf.

    Solutions for debt to avoid a bad credit rating

    1. Contact creditors immediately. People may be able to negotiate either a short-term or long-term change to their repayments. Many creditors, especially the major banks have options available to struggling families to help them keep up with repayments. Many appreciate people keeping in touch and working out solutions everyone can live with.

    2. Put the spotlight on spending. Paul Clitheroe advises those who can’t make repayments to keep a spending diary for a week or two.

    “This will show you exactly where your money is going, and chances are you’ll find plenty of little-but-often outlays that quickly add up to much larger amounts. Cut back on these and you’ll free up money for repayments,” Mr Clitheroe says.

    3. Consider the difference between wants and needs. People
    should consider how many of the items they regularly spend money on are necessities, and how many can be sacrificed for the short term in order to ensure their long term financial future is safe? People could choose to live without life’s little perks – like the Foxtel account, magazine subscriptions, or eating out while they get on top of their credit issues.

    4. Downgrade if necessary. For people in serious financial trouble, it may be a matter of swallowing their pride and downsizing or selling the family home, or moving to cheaper rental accommodation until they get back on top of things.

    For people who have defaults, writs and Judgments which are unfairly disadvantaging them, and they feel they should not be there – they can contact MyCRA Credit Repairs. We permanently remove black marks from credit files.

    Image: nuttakit / FreeDigitalPhotos.net

  • Australia part of ‘Quintet’ of nations meeting to discuss cyber-crime

    Identity theft is proving to be the new wave of crime, and the worst part of it is – it hits twice, once when the initial fraud takes place, and secondly when the victim’s credit rating – their good name, is tarnished, leaving them unable to take out credit for up to 5 years.

    Cyber-crime is now such a serious global threat – to individuals, businesses and governments that nations will continue to join together in its fight.

    Discussions on cyber-crime are being held in Sydney later this week with Attorneys-General from Australia, the U.S. and their counterparts in the U.K., Canada and New Zealand attending.

    The ‘Quintet’ as it is termed, will meet 14-15 July, and will focus on joint and cooperative actions that can be taken to address the growth of international cyber threats. This is the first time the U.S. Attorney General has been to Australia in several decades.

    Australian Attorney-General, Robert McLelland says fighting cyber-crime is a global task.

    “It is a complex policy and law enforcement challenge because of its transnational nature and use of rapidly evolving technology.

    “The global nature of cyber crime is such that no nation alone can effectively combat the problem, making international cooperation and engagement essential components of an effective response.”

    “That’s why renewed international vigilance is such a priority for all five countries,” he says.

    This meeting also follows the recent introduction into Australian parliament of the Cyber-crime Legislation Amendment Bill 2011. Swift changes to Australia’s laws were made late last month, in order to bring them in to line with the other 40 countries which have joined the European Convention on Cybercrime.

    Increased episodes of cyber-attacks and cyber espionage have sparked these changes, and have prompted many countries to increase their vigilance in what has now been termed a ‘war’ against cyber-crime.

    “In the last six months alone, Australia’s Computer Emergency Response Team has alerted Australian business to more than a quarter of a million pieces of stolen information such as passwords and account details, allowing them to rectify and protect against potential attacks,” Mr McLelland said when announcing the new legislation in June.

    Identity theft is the fastest growing crime in the country, according to the Australian Crime Commission. In addition, an identity theft survey released by the Government last week showed that 1 in 6 people have been a victim, or know somebody who has been a victim of identity theft or misuse in the past six months. The majority of identity theft or misuse
    occurred over the Internet (58 per cent), or through the loss of a credit or debit card (30 per cent).  Stolen identify information was primarily used to purchase goods or services (55 per cent) or to obtain finance, credit or a loan (26 per cent).

    Those are frightening statistics for ordinary individuals who are trying to navigate the cyber-world. To know governments are running up hill trying to catch these crooks and prevent cyber-attacks in their own offices – leaves little hope for those who may not be so computer savvy in trying to protect themselves against identity theft.

    The problem with identity theft is, often it goes undetected until people go to apply for credit and are flatly refused due to blemishes on their credit file they did not initiate. Unfortunately when a creditor places a default on a person’s credit file, it remains there for 5 years, greatly hindering someone’s chances of obtaining further credit. Some are even unable to take out a mobile phone plan.

    Keeping identity theft at bay online

    Education and action are the winning combinations in preventing cyber-crime at home and its corresponding evils – identity theft, identity fraud and credit file destruction.

    Here are some quick tips to help people protect themselves and their credit rating:

    1. Keep virus software up to date. Install automatic updates and perform
    regular virus scans.

    2. Keep privacy settings secure on all social networking sites.

    3. Change passwords regularly and use a variety of passwords for different purposes.

    4. Check all credit card and bank statements each time they come in.

    5. Do not give over personal information or credit card details online unless the site is secure, and company details can be verified.

    6. Be aware of who gets our personal information and for what purposes. What can these people do with the information they are gathering? For instance, is it really necessary for the site we are registering on to have our date of birth?

    7. Visit the government’s stay smart online website, and sign up for alerts.

    8. Check our credit file for free every 12 months. By requesting a copy of our
    credit file from one or more of the major credit reporting agencies,Veda Advantage, Dun & Bradstreet and Tasmanian Collection Service (TASCOL) we can be aware of any discrepancies which may need to be investigated. Often it is only through a credit check which comes back with defaults on our credit file do we realise we have been victims of identity theft.

    9. Report any incident of identity theft, no matter how small, or even if we have been reimbursed for the damage – to the Police. The more of us who report identity theft, the more effective will be our Government and Police response to it in the future.

    For people who are already identity theft victims, it can be difficult to navigate the current credit reporting system to have the offending defaults removed from their credit file.

    MyCRA Credit Repairs can completely remove defaults from credit files that have errors, are unjust or just shouldn’t be there.

    Visit MyCRA for more help with credit rating repair following identity theft.

    Image: jscreationz / FreeDigitalPhotos.net

  • Caught affluenza? How it can affect your credit rating health

    Affluenza is a disease of the 21st Century that can make us sick, and it can make our credit file sick with it –pulling us into a crazy cycle of spending and debt. Many of us are struggling to stay happy under a pile of ‘things’ and a pile of debt.

    The Wikipedia explanation of affluenza refers to it as “a painful, contagious, socially transmitted condition of overload, debt, anxiety and waste resulting from the dogged pursuit of more.”

    It is the disease of consumerism and it is being fuelled by big corporations urging us to buy more, persuading us with clever advertising aimed at selling to our emotions. It drives us to work crazy hours leaving no time for ourselves and our families. It drives up the mental health problems, the suicide rates, the divorce rates, the drug addictions, fraud, the stress related health problems – all these things seem to be a curse of living in the 21st Century in the Western world.

    Recently Fran Sidoti from SavingsGuide.com.au posted an interesting article about this topic titled Affluenza, And What It Might Mean For You. She says it starts by wanting a big house, and then all of those things that go in it, and with it – but that when we have everything, we are still not happy. She suggests we take a step back and employ old-fashioned values like “building a strong family, especially with an awareness of role models like grandparents who wouldn’t recognise affluenza if it bit them. A respect for hard work and the money it earns is crucial, as is emphasis on philanthropy and charity.”

    Australians Clive Hamilton and Richard Denniss’ book, Affluenza: When Too Much is Never Enough, poses the question, “If the economy has been doing so well, why are we not becoming happier?”

    Here is an excerpt from that book:

    “Our houses are bigger than ever, but our families are smaller. Our kids go to the best schools we can afford, but we hardly see them. We’ve got more money to spend, yet we’re further in debt than ever before. What is going on?

    The Western world is in the grip of a consumption binge that is unique in human history. We aspire to the lifestyles of the rich and famous at the cost of family, friends and personal fulfilment. Rates of stress, depression and obesity are up as we wrestle with the emptiness and endless disappointments of the consumer life.

    Affluenza pulls no punches, claiming our whole society is addicted to overconsumption. It tracks how much Australians overwork, the growing mountains of stuff we throw out, the drugs we take to ‘self-medicate’ and the real meaning of ‘choice’. Fortunately there is a cure. More and more Australians are deciding to ignore the advertisers, reduce their consumer spending and recapture their time for the things that really matter.”

    How many of us know someone who has gotten really sick – so sick that they lose everything – the house, the car, the job. If they are lucky enough to survive it, they always seem to have this new-found view of money. They often make that life changing decision to cut back on all those material things. They say they appreciate that the real joy in this world comes from spending time with family and friends and also dedicating some time to themselves.

    A new perspective on credit

    We should think of our credit file as a mirror on our finances. It can reflect our assets, our good history, but it can also reveal our financial shortcomings. It can be a reflection of our inability to stick with something, our disregard for repayments and it shows the financial potholes we fall into that are sometimes impossible to climb out of.

    How healthy are we looking?

    It is perfectly okay to use credit, as long as we make it work for us. We should use it to enhance our lives so that we can spend time with the ones we love, or to really improve our quality of life.

    Maybe we throw that long sought after holiday on the credit card and take the family away? Or take out repayments on an educational course that will change our working lives forever? Or perhaps we do buy a home, but after years of good saving. One that fits all the requirements of what we need, rather than what we want. A home we don’t have to work 24/7 to pay off because it is priced within our means.

    What we shouldn’t do, is spend money we don’t have, on things we don’t need, and ultimately find ourselves with what we don’t want – debt, unhappiness and a bad credit history.

    A bad credit rating can completely change our financial situation. The black marks placed there by creditors show up on our credit file for 5 years. Bad credit can limit our choices and can perpetuate the debt cycle by leading us to choose loans with higher interest rates and more fees, so the struggle to make repayments can be even harder.

    A clean slate

    If we want to try and start again with credit, it may be possible to wipe the slate clean, particularly if our bad credit rating should not be there.  Firstly, we can obtain a  free copy of our credit report from one or more of the credit reporting agencies, Veda Advantage, Dun & Bradstreet and Tasmanian Collection Services (TASCOL). If after checking our credit file we find inconsistencies, we may be a good candidate for credit repair.

    A credit repairer can work with creditors on our behalf to completely clear our credit file of all defaults, clear-outs, writs and Judgments which contain errors, are unjust or just should not be there. This means we no longer have a bad credit rating, but a completely clear credit file, giving us the financial freedom to use credit whenever we need to.

    The rest is up to us.

    Visit MyCRA’s website www.mycra.com.au for more information on credit repair.

    Image: Salvatore Vuono/ FreeDigitalPhotos.net

    Image: photostock/FreeDigitalPhotos.net

  • Identity theft warning: Microsoft phone scam

    Microsoft customers should be alerted to possible identity theft, as a phone scam involving fake computer security engineers who contact them personally offering to fix problems they have detected on their computers escalates in Australia.

    The scam, which Microsoft has been warning its customers about since last year, has even affected the head of CPA Head of Accounting Policy, Denis Pratt – according to a story ‘Microsoft Tech-Support Phone Scam Escalates,’ posted by business website SmartCompany yesterday.

    Mr Pratt told SmartCompany he was contacted on his home phone this week by people claiming to be from “Windows technical support” who knew his name and address. He said the callers claimed they could see problems on his computer, and asked whether he
    had noticed his computer becoming slower recently.

    “They wanted to take over the machine and fix the problems,” Mr Pratt said.

    Mr Pratt was luckily alert to the scam before any damage was done, but many people have lost thousands of dollars giving away credit card details to these fraudsters who claim to provide computer maintenance subscriptions.

    Microsoft Australia released a statement in August 2010, warning Australians about these fraudsters, who conduct themselves in a professional manner, and sound genuine.

    They say the scam typically unfolds in the following manner:

    •A cold caller, claiming to be a representative of Microsoft, one of its brands or a third party contracted by Microsoft, tells the victim they are checking into a computer problem, infection or virus that has been detected by Microsoft.

    •They tell the victim they can help and direct them to a website that then allows the scammers to take remote control of the computer.

    •The cold caller will then spend some time on the computer trying to demonstrate where the ‘problems’ are and in the process convinces the victim to pay a fee for a service that will fix the computer.

    MyCRA’s own Documentation Quality Assurance officer, Christina had also received a strange email last week from a Microsoft ‘gmail’ account, claiming to be advising about a Microsoft system error.

    “I just deleted the email without even opening it – it was obvious to me it was a scam designed for me to send them my personal information, or some kind of virus,” Christina says.

    The message is clear – be wary of anyone who calls or emails to request money or personal details from you and verify their information before parting with any information.

    Microsoft delivered this advice a couple of weeks ago to its international English-speaking countries who had reported problems with this scam:

    • Be suspicious of unsolicited calls related to a security problem, even if they claim to represent a respected company.

    •Never provide personal information, such as credit card or bank details, to an unsolicited caller.

    •Do not go to a website, type anything into a computer, install software or follow any other instruction from someone who calls out of the blue.

    •Take the caller’s information down and pass it to the authorities.

    •Use up-to-date versions of Windows and application software.

    •Make sure security updates are installed regularly.

    •Use a strong password and change it regularly.

    •Make sure the firewall is turned on and that antivirus software is installed and up to date.

    If people do suspect they have been scammed, firstly they should report the identity theft to the Police, and secondly obtain a copy of their credit file, to ensure it has not been tarnished by defaults resulting from identity theft.

    Visit MyCRA Credit Repairs for more information on how to repair your credit file following identity theft.

    Image: Idea go / FreeDigitalPhotos.net

    Image: Maggie Smith/ FreeDigitalPhotos.net

  • What thieves can do with your mail

    Media Release: Australians are warned to keep their letterbox locked and all personal information at home secure if they want to reduce their risk of identity fraud.

    A national credit repairer says mail is a prime target for fraudsters, who can gather enough personal information from it to steal someone’s identity and ruin them financially for up to seven years.

    “Crooks are working in gangs, grabbing mail from letterboxes and even rifling through rubbish bins to find our personal details. The information there can often be enough to request ‘replacement’ copies of identification. Once this is accomplished, they can open bank accounts, obtain credit and even mortgage properties in our name” says Graham Doessel, Director of MyCRA Credit Repairs.

    Mr Doessel says identity theft can often hit twice, because if the fraud is not detected early, it can amount to defaults on people’s credit files which are difficult to just wipe away.

    “First we have to prove we didn’t create the defaults – and that can sometimes be really tricky. But until the matter is resolved, we can be black listed from even simple things like getting an internet connection or mobile phone plan in our name,” he says.

    This comes as NSW Police warn residents of inner-Sydney suburbs to lock their letterboxes after up to 1000 mail items were stolen from letterboxes in the area yesterday.

    Detective Inspector Leanne McCusker says residents need to secure their letterbox the way they would a house.

    “You need to be securing your house,” she said yesterday. “Your letterbox contains a lot of valuable property and your identification.” She also advises residents to know their neighbours and call police if they see someone not from the area acting suspiciously.

    The Australian Crime Commission now sites identity theft as the fastest growing crime in the country, costing upwards of $1 billion to the Australian economy, and possibly affecting at least 500,000 Australians per year.

    Mr Doessel recommends people put a few simple preventative measures in place to reduce their risk of identity fraud at home. “We should install a lock on our mailbox. We should buy a shredder and cross-shred every piece of personally identifiable information we no longer require before throwing it in the bin. We should also keep our personal documents locked away at home,” he says.

    “As far as online security goes, we should keep our virus protection up to date on our computers; change passwords frequently; only use secure sites for credit card transactions and be extremely conservative with our social-networking settings,” he says. He also recommends people obtain a report on their credit file regularly.

    “Often credit file discrepancies can be the first sign we have been victims of identity theft. We should obtain a free credit report to ensure that everything on our file is as it should be. That way if there are any problems, they can be rectified while there is no urgency” he says.

    Under current legislation, Australians can check their credit file for free every 12 months from the major credit reporting agencies Veda Advantage, Dun and Bradstreet and Tasmanian Collection Service. A report is sent to the owner of the credit file within 10 working days. For those who are vulnerable to identity theft, they can pay extra with Veda Advantage to have their file on an ‘alert’ system, which tracks any changes to their credit file that may occur within a 12 month period.

    He says identity theft victims should contact the Police immediately, although he says many of his clients don’t, due to embarrassment or because the fraud may not be a significant amount. “Our government may not have accurate statistics on identity theft numbers, just purely because we don’t report it often enough. But reporting to Police may be an essential step when trying to clear defaults if our credit file has been affected,” he says. He says if people find their credit file has been tarnished, a credit repairer can usually give people the best chance of complete default removal following identity theft.

    “Unfortunately in most cases, attempting to remove the default ourselves can do more damage than good by not understanding the process fully, almost like trying to defend ourselves in court. We might do OK, but we only get one shot at it and if we don’t get it 100% right, we will be unsuccessful. There is no appeal in most cases” he says. “Using a credit repairer usually gives people the best chance of getting defaults, writs and Judgments completely removed from their file if they contain errors, are unjust or just shouldn’t be there. Complete removal gives people back their right to obtain credit in the future,” he says. /ENDS

    Read more

    ACCC IDENTITY THEFT REPORT: Click Here

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  • Caught in the credit card trap

    CREDIT cards are easy to come by, but not so easy to make work for you. Consumers are warned being caught out by credit cards could cost you your financial future.

    National credit rating repair company Director GRAHAM DOESSEL urges people to educate themselves on credit cards and their credit rating – to avoid paying the price for years to come.

    “Overdue payments on all bills, including repayments on credit cards are the biggest reason for defaults on your credit rating. These defaults can remain on your credit rating for 5 years, and impact your chances of obtaining further credit in the future” he says.

    According to new figures from the RESERVE BANK OF AUSTRALIA, we are sinking into record levels of credit debt. We now collectively owe close to $49 billion, having been approved for 14.8 million credit cards – more than ever before. More than two-thirds of this whopping bill, or $35.5 billion, is accruing interest every day at an average punitive rate of 19.7 per cent per annum. It means Australians are wasting $7 billion a year in interest on credit cards.

    Mr DOESSEL says more education is needed to ensure people are aware of the implications of both applying for and repaying credit debt.

    “The statistics, and our experience shows Australians are struggling with credit. People need to develop the ethos that credit is not something that is granted, it is something that is earned. What they do right now can affect them for at least five years – good and bad” he says.

    5 WAYS TO MAKE CREDIT CARDS WORK FOR YOU

    1. Set yourself a limit and set your credit limit to this – then you won’t be tempted to overstep what you can afford to repay.

    2. Don’t exceed the credit limit.

    3. Don’t pay just the minimum balance on your card. If possible, pay off the entire balance within the interest free period. If you don’t, you will be charged interest right back to the date of purchase on each item thus forfeiting the interest-free period on those PAST purchases. What’s worse, you must pay the balance off in full before you will get any interest-free period on CURRENT and FUTURE purchases. If you have debt that remains on your card month to month you should look at a card that has a lower interest rate. It may not offer an interest free period, but the lower interest rate should save you more in the long run.

    4. Be aware that interest usually applies immediately on any cash advances from credit cards – whether the withdrawal is within the interest free period or not.

    5. Read the fine print on all credit applications and make sure the deal is right for you. Don’t be lured by promises of rewards or other special deals – concentrate on the fees, interest and repayments.

    Mr DOESSEL advises anyone who has ever been credit active to obtain a copy of their credit file and check for any discrepancies. They can do so for free from the major credit reporting agencies – Veda Advantage, Dun & Bradstreet or Tasmanian Collection Services (if you are Tasmanian). This will be provided within 10 working days – or for a fee it can be provided urgently.

    “It is common for people to not even realise they have a default until they apply for a car or home loan and are declined due to a bad credit rating” he says.

    A credit file is compiled on any person who has ever been ‘credit active’. It lists personal details like name and address, but also any times the person has applied for credit, any defaults (overdue accounts), court judgements, writs and bankruptcies.

    “A clear and healthy credit file really is the ticket to financial freedom. It allows people to do things on a whim – travel, borrow money, buy goods and go into business” Mr DOESSEL says.

    If a credit file check does uncover some nasty surprises – it could be possible to repair the damage done by seeking out a reputable credit file repairer.

    If people have any default, writs or judgements which have errors, have been entered unfairly, unjustly or just shouldn’t be there at all, a credit file repairer can help to remove the offending black mark and clear the file – something which people find very difficult to do on their own.

    “Most times a credit reporting agency will tell clients that defaults are never removed, but can be marked as paid. People are then stuck with a dodgy credit rating for 5 years. But they shouldn’t have to put up with it, as it is possible to have many defaults removed. MyCRA has had up to a 91.7% success rate in removing defaults on files we’ve take on. Usually the turn around is 3-21 days” Mr DOESSEL says.

    (Update: turn around times have increased on some files to 45 – 60 days due mainly to the delays in processing from creditors and ombudsmen services.)

    The MY CRA website has more information for people who need advice on their credit file. There are fact sheets on how to go about removing defaults and more information on credit and its consequences in AUSTRALIA today.

    ###

    Links:

    http://au.pfinance.yahoo.com/credit-cards/features/credit_card_tips/index.html http://www.adelaidenow.com.au/australians-hit-record-credit-card-debt/story-e6frea6u-1225988447714 http://www.adelaidenow.com.au/money/money-matters/tips-for-reducing-credit-card-debt/story-fn3hwldr-1225995954494

    Please contact:

    Graham Doessel             http://www.mycra.com.au/

    Ph: 07 3124 7133

    246 Stafford Road, STAFFORD QLD.

    About MyCRA.com.au MyCRA.com.au is 100% Australian owned and operated and we are based in Stafford, a northern suburb of Brisbane in Qld. My CRA was developed for the sole purpose of giving clients access and ability to work with their Credit File. This is in order to give them the best chance of getting approval, getting a lower interest rate or just to reduce the upfront fees that can be associated with obtaining credit.

    My CRA are able to help you get a copy of your credit file and from that determine how we can help repair a credit file. We have more than 15 years combined experience in working with and helping clients with their credit files. We are the fastest known credit rating repair agency in Australia. We can often remove judgements in as little as 3 days.

    As Director I [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”][GRAHAM DOESSEL] previously owned a very successful mortgage brokerage company “Mortgage Now” before establishing My CRA because I saw a great need in the industry for credit repair.[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • What Young People Need To Know and Do

    As a young person, you should be extra vigilant with your credit file.
    Generation Y is responsible for more than one third of Australia’s total consumer credit defaults, despite making up 20% of the entire credit active population. Gen Y also has more personal loan and telecommunication defaults than any other generation, relative to population size. (Statistics from Veda Advantage)
    The system of credit we have is eager to suck people in but shows no remorse for people who fall off track. Young people have got to be wise and ensure they are making credit work for them, not letting it beat them.
    Your credit file lists personal details like name and address, but also any times you have applied for credit, any defaults (overdue accounts), court judgements, writs and bankruptcies.
    Many young people don’t realise how easy it can be to end up with a bad credit rating.
    Here are some of the typical situations where you can find yourself with a black mark against your name:
    Unpaid accounts: Any credit accounts or loans – including mobile phones and electricity that run over the due date are considered unpaid accounts. If they are not paid by the due date, creditors will make a note of it. If the account is not settled within 60 days from the due date, creditors can list this unpaid account or loan on your credit file as a default.
    Moving/traveling: If you move around a lot, the danger can be ending up with defaults on your credit rating due to unpaid accounts you were not aware of. Typically an account gets sent to your previous address and remains unpaid and then listed as such on your credit file. Consider a P.O. Box for all your mail or alternatively a parent’s address.
    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.
    Identity fraud: Young people are increasingly victims of identity theft – and often it is someone they know. Typically, someone uses your identity to secure credit in their name – mobile phone accounts, credit cards, store credit – in some cases even mortgages. See our website for more information on identity theft and how it could affect you.
    To avoid the disappointment and embarrassment of finding out about your bad credit rating only after being declined credit, MY CRA recommend you check your credit file every 6-12 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). This will be provided within 10 working days – or for a fee it can be provided urgently.
    The consequences of a bad credit rating:
    A bad credit rating sticks. Many times you will find you are black listed from credit for a five year period following a default on your record. Even having too many credit enquiries or a default from a simple unpaid phone bill can be enough to be refused a home loan with most lenders in the current economic climate.
    Think of everything you want to achieve in the next five years. Maybe you would like to buy property, start a business, buy a motor vehicle, borrow money for travel, or even just take out a credit card. The chances of you being able to do this are greatly hindered with a bad credit rating.
    A clear and healthy credit file really is the ticket to financial freedom.
    How to repair your credit rating:
    If a credit file check does uncover some nasty surprises – it could be possible to repair the damage done by contacting MY CRA.
    If a default, writs or judgements has errors, has been entered unfairly, unjustly or just shouldn’t be there at all, we can help to remove the offending black mark and clear the file – something which you could find very difficult to do on your own.
    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.
    MY CRA has a 91.7% success rate in removing defaults on every case we take on. Usually the turn around is 21 working days though some can be longer depending on the difficulty of the case.
    But, prevention really is better, and cheaper than the cure.
    Credit reporting agency Veda Advantage suggests some further ways for young Australians to keep their credit rating clean:
    • Pay bills on time.
    • If people are having trouble paying, they should contact the organisation they owe money to, It may be possible to set up a payment extension system if people are honest about their situation. It is often the failure to respond to a bill or notify a business of your intention to pay that causes them to proceed to default stage.
    • Don’t take submitting credit applications lightly. Current legislation in place means organisations running credit checks can’t see whether or not an application was successful – all they can see are the number of applications.
    • Consider pre-paid mobile phone services.
    • Keep addresses and other details accurate and up to date to ensure credit providers are sending notices to the correct address.

  • What Is A Credit File?

    Many people are not aware of what a credit file is, or whether they have one.

    Anyone who is or who has ever been ‘credit active’ has a file in their name.

    Veda Advantage, Dun & Bradstreet or Tasmanian Collection Service (If you live in Tasmania) are the three main credit reporting agencies in Australia, who share information. Any one of these will have your file on hand if you are credit active.

    The information on this file includes:

    Name

    Date of Birth

    Address

    Gender

    Driver’s Licence Number

    Credit enquiries: Your credit file contains a detailed list of every time in the last 5 years you have applied for credit, it contains when, how much, with which company and what for.

    Loans: Any current loans are recorded

    Defaults: Any accounts in default of more than 60 days.  Any overdue accounts that have been paid are then listed as paid and the date the default was fixed.  If the lender believes the debtor has decided not to pay the debt it will be listed as a Clearout Listing – these remain on your file for 7 years.

    Dishonoured Cheques: Any dishonoured cheques over $100.00 which were presented more than once.

    Judgements: Any court judgements, writs or summons you have been involved in.

    Bankruptcies: All bankruptcy orders, which includes Part IX Debt Agreements.

    It is from this file that creditors make a decision whether on not to lend you 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.

    If there are any blemishes on your file, it is highly likely credit providers will decide against lending you money.

    For more information on removing bad credit listings from your credit file, visit www.MyCRA.com.au or phone 07 3124 7133 for free information and advice.

  • Identity Theft – How to avoid it – What to look for – What to do…

    Identity theft – how to avoid it; what to look for; what to do

    A 2007 Australian Bureau of Statistics survey shows over 500,000 people in Australia have been victims of identity fraud, with the majority coming from credit or bank card fraud.

    Not only does identity theft cause financial hardship at the time, but can amount to a great number of defaults on your credit record.  Often by the time the Police become involved, you may have credit applications, possibly defaults, mortgages, and mobile phones already on your file incorrectly.

    The culprits can range from scammers working overseas to local gangs.  It can also be someone you know. It’s important to be vigilant with keeping your personal information Image of Man stressed lookin through papers worried about Identity theftsecure.  Here are some things to be aware of.

    The main ways your identity can be stolen:

    Stealing your wallet or purse.  From there thieves may be able to gain your address, credit card details, bank details, drivers licence and more.

    Forwarding your mail – Offenders can have your mail redirected to another address, where they will probably receive bank statements, phone bills, rates notices, or car registration information that they can use to steal your identity.

    Card skimming on ATMs – where thieves set up a machine which skims your card’s details when you use the ATM.  There may also be a separate camera installed to record you entering your PIN number.  Or dodgy shops and restaurants have a separate ‘skimmer’ which they zip your card through, which reads your personal information and card details.

    Online accessing of your personal information – this can be via social networking sites, where people often post information on birth dates, addresses, phone numbers and email addresses.  The internet can also be used to access credit card and bank details by hackers.  Sometimes they use a combination of all in order to gather enough information to steal your identity.

    Dumpster diving – Organised gangs can go through your rubbish looking for old rates notices, bank correspondence, phone bills, any documents that the organisation can then use to send some one to get a copy of a marriage certificate, a copy of your birth certificate, then a ‘replacement’ copy of your driver’s licence.  Once this is accomplished they can go as far as opening bank accounts or buying properties – all in your name.

    Phishing scams –You receive an e-mail from your bank or trusted company, asking you for information. It looks real, but it’s designed to fool you into handing over important information.

    Fraud ‘alerts‘ – Scammers pretend to be from your bank or similar place and contact you about possible fraud to your account – tricking you into handing over your information so they can rectify the problem.

    Career Advertising – Scammers post fake job applications and then steal the personal information you provide to them.

    The signs of identity fraud:

    -Suspicious entries on your credit card statements, bank statements or statements for accounts you were not aware of holding.

    -Money missing from your bank account/s

    -Missing mail – eg not receiving mail from your bank, Centrelink etc.

    -Credit refused somewhere.  If you feel there is no reason for the credit refusal, take     steps to get a report on your credit rating to find out where the default originated.

    -Mail about credit applications you have not taken out yourself

    -Phone calls or emails from ‘banks’ asking for your account details to be verified

    What you can do to protect yourself from identity theft:

    From this day forward, make sure your personal details are guarded very closely.

    Buy a shredder for home and ‘cross shred’ every piece of personally identifiable information that is no longer required.  Never ever just throw away a bank statement or credit card statement.

    Sign up to ‘My Veda Alert’ from credit reporting agency Veda Advantage to receive email alerts whenever a change to your credit file takes place for 12 months.  You also get a free copy of your credit file dispatched within one working day. Check all entries on your credit rating, and make sure each entry is valid and you have not already become a victim.

    Be protective of your cards. Check the ATM before you use it for anything that looks out of the ordinary – particularly strange looking boxes attached to it.  If you are unsure, use another ATM and report your suspicions to the bank.

    Also make it a habit to watch when someone swipes your credit card at a shop or restaurant.  This should only be done once from the one machine.

    Make online safety paramount. Some recommendations from the government’s Stay Smart Online website are:

    • Install security software and update it regularly.
    • Turn on automatic updates so all your software receives the latest fixes
    • Set a strong password and change it at least twice a year
    • Stop and think before you click on links or attachments
    • Stop and think before you share any personal or financial information – about you, your friends or family
    • Know what your children are doing online – make sure they know how to stay safe and encourage them to report anything suspicious.

    Always check your credit card statements and bank statements when they arrive and make sure every entry is yours.

    Chase up missing mail. Be suspicious if you don’t receive bank statements or bills and contact the companies if it seems they have missed sending you statements for any reason.  It may not be a case of ‘no news is good news’.

    Be wary when strangers call.  Be reluctant to give out personal information to anyone     who calls or emails claiming to be from a bank or similar institution.  If in doubt hang             up and verify the identity of the caller with the main phone number you have on file.

    The Privacy Commissioner’s website has a great online questionnaire. This gives you an assessment of how vulnerable you may be to identity fraud. http://www.privacyawarenessweek.org/id_theft_tool/index.html

    What to do if you find yourself a victim of identity fraud:

    1. Contact your local Police immediately.

    2.  Contact your banks and any other relevant institution such as Medicare, Department of Transport, Department stores, anywhere where thieves might request ‘replacement’ copies of cards.

    3.  Gather evidence of the identity fraud, and make copies of any discrepancies on your statements for the relevant authorities.

    4.  Contact a reputable credit repairer such as My CRA, who will order a copy of your credit rating report, be able to check each entry on your file and remove the defaults completely from your file – which shouldn’t have been there in the first place.  This could save you money on lawyers and months of your time talking to creditors with the process taking from 3-21 working days (average).  We have a 97.1% success rate of removing defaults if we take on the case.

    Read more on identity theft:

    http://www.abs.gov.au/ausstats/abs@.nsf/Latestproducts/1301.0Feature%20Article13012009%E2%80%9310?opendocument&tabname=Summary&prodno=1301.0&issue=2009%9610&num=&view

    http://www.ag.gov.au/identitysecurity

    http://www.scamwatch.gov.au/content/index.phtml/tag/identitytheft

    http://www.staysmartonline.gov.au

    http://www.vedaadvantage.com/personal/mcf/my-credit-file.dot

  • Has Telstra Put 220,000 Clients At Risk Of Identity Theft By Their Error?

    Telstr has sent out 220,000 ‘botched’ letters to clients with other customers information showing what Plans, Phone numbers, even Silent Numbers  and Names of other clients.

    This could SERIOUSLY affect the privacy of 220,000 people in a real way and The Australian Privacy Commissioner is not happy.

    The Australian Communications and Media Authority Chairman, Mr. Chris Chapman said yesterday “The main priority initially is to limit the damageto consumers caught up in

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    Chris Chapman photo
    Chris Chapman, Chairman of the ACMA

    this mail out and where possible to ensure remedies are quickly implimented.”

    “I have spoken with Telstra and they have assured us they will fully co-operate with the ACMA and other regulatory agencies to minimise the fall out for customers,” Mr Chapman said.

    Mr. Timmothy Pilgrim  (The Australian Privacy Commisioner) has advised that his office will commence an investigation into the matter.

    Mr. Pilgrim went on to say, “While I welcome Telstra’s prompt advice that this incident occurred and that it has taken steps to contact affected customers, I am concerned about the amount of personal information that has been disclosed which includes potentially sensitive information such as silent numbers.”

    “Customers expect their personal data to be protected by organisations and incidents such as this are very serious. For this reason my Office will be opening an investigation into the matter today,” Mr. Pilgrim continued.

    Telstra has acted quickly to set up a hotline for its affected customers 1800 307 987.

    Graham Doessel CEO of National Credit File Repair Firm My CRA said, “While Telstra,

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    Graham Doessel Photo
    Graham Doessel, MyCRA CEO

    The Privacy Commissioner and The ACMA are all working together to get this mess cleaned up, the simple truth is the damage has already been done.  The amount of information contained in these letters could be the last piece in the Identity Theft Puzzle.”

    “There are organised gangs that actually go through peoples rubbish just looking for discarded rates notices, phone bills, credit card and bank statements, old rego papers and anything else they can use to convince the authorities that they are you,” Graham Doessel continued.

    Mr. Doessel also commented, “Once the organised gangs have come back enough times (can take many months), got the paperwork they need, they will systematically go about building a copy of your identity.  Then they can access bank accounts, get credit cards, apply for loans, phone accounts, and in some cases, buy property in your name. Some have even mortgaged or sold the family home of their Identity Theft Victims.”

    A 2007 Australian Breau of Statistics survey shows over 500,000 people in Australia have been victim of Identity Fraud, with the majority coming from Credit or Bank Card Fraud.

    If you think there is even a small chance that you may be the victim of Identity Fraud, (also known as Identity Theft) the simplest thing you can do is to contact www.MyCreditFile.com.au  and request a Free copy of your credit file.

    You are entitled to one free copy of your credit report ever year and it will arive within 10 working days.  If you need a copy of your credit rating any sooner, you can pay a small fee to have it emailed to you within a couple of hours.

    If you do discover there are concering entries on your credit rating, you have hte right to contest those and potentially have them ammended or removed.

    Contact your creditor and ask that the items are updated or removed though we do find that unfortunately many clients are bluffed by their creditors and are unsuccessful after many months of trying.

    If you are time poor or just want he best chance of repairing your credit rating, investigate the option of engaging a professional credit repair firm.

    All professional credit repair firms will have a detailed website, publish all of their prices, have success stories from real clients and display their success rates.

    Do your home work and then get your financial integrity back.[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • YOUR CREDIT RATING HEALTH – & How To Check And Maintain It..

    Your credit rating is just like your health.  You can get regular check ups and maintain it, or you can wait until something goes wrong before you get it fixed. Being aware of your business’ credit file history can go a long way to not only keeping it afloat, but allowing for future expansion. GRAHAM DOESSEL addresses some common questions.

    WHAT is my credit rating?

    Your credit rating is really a file on your personal or business credit history and is collated by the major credit reporting agencies on anyone who has ever been credit-active.  Your credit rating is then checked by any financial institution or credit provider and is used to assess both the amount you are able to borrow and your ability to repay the loan.

    read the whole story…

  • CBA Judgment Removed…

    Joe M. From WA found out yesterday that we had successfully negotiated the removal of his Commonwealth Bank Judgment.

    This judgment had been hanging over Joe’s head for quite a while as he believed that you just had to wait it out..

    This one took longer than the 21 day average but we got there In the end.

    Joe has one more default and his credit rating will be repaired, he can then get the cheap interest rates for his home loan that he could only dream about with a bad credit rating

  • Another Optus Default removed

    Today we notified our Client Juan M. of WA that his OPTUS default was removed.

    We began work on the 21st of September and the default was removed today (the 30th of September 2010)  Just 7 working days…

    Case Study.

    Client went overseas for 3 months and was unaware of the outstanding account.  As soon as he was made aware of the bill he paid it immediately.

    The Client provided detailed and accurate accounts of dates he traveled, amounts paid, dates paid, evidence of travel and payments etc to back up his claims.  This greatly assisted in the speedy removal of the default.