MyCRA Specialist Credit Repair Lawyers

Tag: dispute credit rating

  • Your home on the line: be vigilant with bills this Christmas.

    Media Release

    repayments ChristmasYour home on the line: be vigilant with bills this Christmas.

    28 November 2013

    Australian consumers need to be extremely careful with their repayments over the Christmas period as paying even ONE DAY late on some accounts could mean their credit rating is weakened, warns a consumer advocate for accurate credit reporting.

    Graham Doessel, Non-Legal Director of MyCRA Lawyers, a national firm which helps clients dispute their credit rating, says regardless of the size of the Christmas credit card bill – delaying payment on licensed credit could prove to be a long term credit disaster and reduce the chances of securing a home loan.

    “The majority of Australian consumers seem unaware that as of December last year if you default on making a licenced credit payment by the due date, it is noted, and from March 2014, this information will show as part of your credit history for two years,” he warns.

    This new data set of repayment history information (RHI) is part of amendments to the Privacy Act 1988 (Cth) and is intended to capture those individuals who are at risk with credit.

    Mr Doessel says it is unclear the weight lenders will give to RHI when assessing credit worthiness.

    “We don’t know precisely how many notations will be too many and mean credit refusal.  We also don’t know if having as little one late payment notation will move the individual to a higher ‘risk’ category with lenders, which will mean they are charged more in interest,” he says.

    March 2014 will see a new Credit Reporting Code of Conduct come into force, which will include a probable grace period of 5 days for late payments, but until the time frame is set – there is no room for mistakes.

    5 Tips For Saving Credit File Over Christmas

    1. Watch out for identity theft.
    Be aware fraudsters are out in full force at Christmas. Don’t be lax with personal information, and take care online to minimise the risk to your credit rating from misuse by identity thieves.

    2. Stay organised.
    With the busy lead up to Christmas, repayment of your accounts should still remain a priority. Develop a system so you don’t forget – or you will pay the price later. Try to pay at least a couple of days before the due date to allow for any systemic delays with banks or BPay.

    3. Pre-pay your bills before you go away.
    Don’t get caught out with a bill sitting at home unpaid while you’re away – pre-empt any bills which may come up during that time period.

    4. Spend within your budget.
    Whilst using credit at Christmas fosters the ‘pay later’ mentality – remember that you will pay at some point for what you spend now -so consider what you can really afford.

    5. Police your Credit Provider.
    Credit Providers can also be affected by Christmas. The volume of transactions may increase while staff decrease, putting pressure on systems.Check statements – make sure they are correct, and also keep abreast of which bills are due and when. If you notice you haven’t received a bill and you believe it’s due, you should chase it up.

    Christmas is also a good time for people to check their credit rating, to ensure the accuracy of their information.  They can request a copy of their credit file at no charge, from one or more of the credit reporting agencies and a credit report will be sent within 10 working days. Contact MyCRA Lawyers on 1300 667 218.

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

    /ENDS.

    Please contact:

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

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

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

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

    Links:
    http://www.oaic.gov.au/privacy/privacy-resources/privacy-fact-sheets/credit-and-finance/privacy-fact-sheet-16-credit-reporting-repayment-history-information
    http://www.austlii.edu.au/au/legis/cth/num_act/pappa2012466/sch2.html

    Image: “repayments Christmas” – Naypong/www.FreeDigitalPhotos.net

  • Online shoppers preyed on by fraudsters this Christmas

    Media Release

    christmas shopping onlineOnline shoppers preyed on by fraudsters this Christmas.

    26 November 2013

    More Australians will shop on the internet this Christmas, but a consumer advocate warns the increase in online trading could bring out more fraudsters looking to prey on time-poor and budget conscious consumers with schemes to not only take money, but personal information for purposes of identity theft.

    Graham Doessel, Non-Legal Director of MyCRA Lawyers, a firm which helps clients dispute their credit rating, says any unfamiliar retailer should be treated with caution, particularly those seeking personal information.

    “Consumers should be weary of those retailers seeking more personal information than would normally be necessary for a standard transaction, as we know that personal information can be stored and used to commit identity theft against unsuspecting consumers,” Mr Doessel says.

    “If fraudsters are able to get enough personal information they can request replacement copies of identification in your name and gain hold of your credit rating, so it may be your personal details that the crooks are really after.”

    He warns that unlike cases of bank fraud, where consumers may be reimbursed for stolen funds, an identity fraud case can be much more complicated and harder to recover from.

    “An identity theft victim may not always know the exact circumstances leading to debts in their name. In some cases they don’t even know they’ve been a victim until they apply for credit. There can be defaults and Judgments against their name which see them locked them out of credit for 5 years,” he says.

    According to the ACCC’s annual report on scam activity, online shopping scams have increased by 65 per cent since 2011. The ACCC cites the increase in online activity as the reason for the rise in scams.

    The Government’s Stay Smart Online website provides some online transaction safety advice:

    • Be wary if the website looks suspicious or unprofessional or makes unrealistic promises. Bargains which look too good to be true often are.
    • Only pay via a secure web page-one that has a valid digital certificate.
    • Use a secure payment method such as PayPal, BPay, or your credit card. Avoid money transfers and direct debit, as these can be open to abuse. Never send your bank or credit card details via email.
    • Always print and keep a copy of the transaction. Keep records of any emails to and from the seller.
    • Always conduct transactions within the auction website. Avoid private contact or payment directly with buyers or sellers-scammers will often use this ploy to ‘offer a better deal.

    Mr Doessel says if people worry they may have been caught out by identity theft this Christmas, they should act quickly to prevent credit file repercussions.

    “They should contact Police immediately, as well as their bank. They should also order a copy of their credit report – which would indicate if their credit file had been misused,” he says.

    In some cases victims may need the services of a credit reporting lawyer following identity theft to help with recovering their good name.

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

    /ENDS.

    Please contact:

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

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

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

    MyCRA Lawyers     246 Stafford Rd, STAFFORD Qld

    http://www.accc.gov.au/publications/targeting-scams-report-on-scam-activity/targeting-scams-report-of-the-accc-on-scam-activity-2012
    http://www.staysmartonline.gov.au/home_users/protect_yourself2/smart_online_shopping

    Image: sixninepixels/www.FreeDigitalPhotos.net