MyCRA Specialist Credit Repair Lawyers

Tag: Experian

  • Why Women Could Be Locked Out Of Home Ownership Simply Because They Are Female

    Why Women Could Be Locked Out Of Home Ownership Simply Because They Are Female

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    It’s disgusting to think this could actually be true in 2020, worse still that’s it’s hidden in plain sight.  This release lifts the lid on financial gender inequality and

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    Why Women Could Be Locked Out Of Home Ownership Simply Because They Are Female!

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    Are women being secretly discriminated against by credit reporting bodies?

    Exactly how credit reporting bodies like Equifax, Illion and Experian come up with your credit score is somewhat of a mystery as each uses a slightly different formula to assess your creditworthiness.

    We do know, however, that they do discriminate, in fact, that is their whole job, to discriminate.

    To discriminate who is good with money and who isn’t, and who should get credit and who shouldn’t.

    We assume (we say assume because it’s all a big secret), for example, you are discriminated against based on:

    1. where you live,
    2. on the job you have,
    3. how long you’ve been in that job and of course
    4. how good you’ve been at paying your debts in the past.

    But do they discriminate based on gender?

    Well leading Australian consumer and financial law firm MyCRA Lawyers says it’s highly likely they do.

    MyCRA Lawyers CEO Graham Doessel says there is no shortage of evidence around the world that women are worse of financially than men, so it’s highly likely credit reporting bodies mark women down on their credit score simply because they are women.

    A 2009 the Australian Human Rights Commission released a report ‘Accumulating poverty?

    Women’s experiences of inequality over the lifecycle’ which puts a magnifying glass over a host causes to why women are worse off than men financially.

    “The report looks at issues like:

    1. the gender pay gap,
    2. career progression,
    3. maternity and parental leave,
    4. gendered ageism, and
    5. their effect on women’s financial position.

    “All factors I am willing to bet, Credit Reporting Bodies would take into account when assessing a person’s creditworthiness, and could easily be grouped under the box male or female when ticked in your credit score calculation,” Mr Doessel said.

    According to OECD figures, a host of statistics could be broadly attributed to women like their level of employment or unemployment and at what age they are likely to leave or re-enter the workforce.

    “Problem is we don’t know for sure because Credit Reporting Bodies keep secret exactly what data they use, and what they give each factor when it comes to calculating a credit score.

    “We believe it’s high time that gender was taken out of the equation, to ensure women have equal access to finance, after all, numbers don’t lie and your sex shouldn’t affect someone’s ability to repay a loan.

    “I know many women who are far better with a budget than many men,” Mr Doessel said.

    “It is quite possible Credit Reporting Bodies are in fact breaching anti-discrimination legislation but we just don’t know because they aren’t transparent.

    “How do you test this, well short of someone checking their credit score before changing genders as male then again after transitioning to female, its almost impossible.

    “Why is this a problem? If women indeed have a tougher time getting credit, it may exclude them from a host of wealth-building opportunities like buying a home or getting small business loans.

    “We believe it’s time they were made disclose how they calculate a person’s credit score and made remove gender from the calculation,” Mr Doessel said.

    If you need to check your credit score now, go to www.FreeCreditRating.com.au today for instructions and free access links.

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  • Till debt do us part: Navigating joint finances

    Some people are great with money – but can still experience financial downfalls and sprial into debt and a bad credit rating due to the shortcomings of their partners.

    Often people are unaware their partner is generating defaults on their credit rating until it is too late. They apply for credit in their own right and are unable to proceed due to debts and bad credit their partner has initiated while they are together.

    Often we hear from clients “I’m not sure how this happened – how can I be responsible for something my partner did?” Unfortunately when couples go into joint debt, both credit files are at risk if repayments aren’t made.

    So how do people protect themselves, their assets and their good credit rating, BEFORE they marry or move in together?

    Recently savingsguide.com.au looked into this issue in their post ‘The Debt Affair: When your partner is hiding debt’.

    They talk about establishing financial boundaries when people are new in a relationship. The article talks about the signs to watch out for when people suspect their partner is hiding debt.

    Some of those include:

    -Assume that the truth may be stretched when it comes to money
    -Often money problems can be a result of another issue: stress, addiction, self-esteem.
    -Discussing money is taboo
    -Do their spending patterns show they spend more than they have?
    -Ask for full disclosure

    People should remember that relationships in their new stage are some of the most exciting times in our lives. But when it comes to taking the next step and moving in together, everyone should ask about their partner’s financial past.

    Otherwise they may be forced to suffer with a bad credit rating due to mistakes made by partners – past or present.

    Bad credit is such a phenomenal problem in this day and age, with lots of people living beyond their means and creditors eager to issue defaults.

    Many people come unstuck by not asking the tough financial questions about their prospective partners early in the relationship.

    People should sit down together before any ties are made and discussing what financial position the other is in. Ask whether they have any debt; talk about paying bills; get a general feel for how this person regards money and finances. If they appear too blasé about money, this should ring alarm bells. It may not mean the relationship needs to end, but it should mean you keep finances separate for a significant period of time. You could also suggest getting a copy of your credit files to see if there are any blemishes.

    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.
    Prospective partners can request a copy of their credit file for free from the major credit reporting agencies – Veda Advantage, Dun & Bradstreet or Tasmanian Collection Services (if you are Tasmanian) and Experian. This will be provided within 10 working days.

    Any black marks on a person’s credit file remains on their file for 5 years and can greatly hinder a person’s chances of receiving further credit.
    A bad credit rating sticks. Most clients find they are black listed from credit for a five year period following a default on their 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.

    My CRA Credit Repairs has some tips for people entering into a new ‘financial’ relationship:

    •When you enter into any financial agreement with another person – don’t bury your head in the sand when it comes to the repayments. Regularly check your statements and bills so you can catch problems early.
    •Be aware that as high as emotions can run, they can also get just as low. Your financial generosity now could become the very thing that is used against you if the relationship sours. Consider carefully how secure you would be in each transaction if things did take a turn for the worse.
    •Consider keeping some things separate. Just because you have bought a home together doesn’t mean you can’t keep other bank accounts, credit card and previous homes in your name only.
    •Get a copy of your credit file regularly. This will notify you of any problems before you apply for credit in the future.

    Contact MyCRA Credit Repairs on 1300 667 218 for help with credit repair.
    Image: photostock/ FreeDigitalPhotos.net

  • Experian given green light by ACCC to enter Australian credit reporting

    Credit active individuals will have yet another company to contact when obtaining their credit history, and it will be as important as ever for people to check their credit file regularly.

    There is a new player in the credit reporting game, and it has some of Australia’s biggest lenders as its shareholders. Back in May, we blogged about the possibility of U.K. giant Experian entering Australian credit reporting, and speculated on what the issues may be for credit file holders in this country.

    Today newly appointed ACCC Chairman, Rod Simms announced his approval of Experian’s entrance into the Australian market. The Sydney Morning Herald ran a story titled Experian is allowed to report for duty. The article says Experian will challenge the other two major credit reporting agencies, Veda Advantage and Dun & Bradstreet for Australia’s major credit reporter.

    “The Australian Competition and Consumer Commission chairman yesterday decided there would be no substantial lessening of competition if Experian became the third sizeable in the Australian market – even if the big four banks and two other big US-backed lenders (Citigroup and GE Capital) are minority shareholders.

    Veda and the Dun and Bradstreet group have been the big players until now, and the banks are among their largest customers. There was a fear that the banks now have a financial incentive to put all their business through Experian, or at least choke off the supply of customer credit information to service providers that will in future be competitors.

    Sims and the ACCC accepted the banks’ argument that their backing of a new entrant to the market in Experian was in fact designed to increase competition by adding some pricing tension for services,” the article says.

    So where do consumers stand amongst this change? According to the ACCC, they are in an improved state. They acknowledged Experian’s argument that the benefits to having a new credit reporting agency like Experian, is the greater competition for accuracy and efficiency that will result.

    In addition to this, Australia’s move to new positive credit reporting laws will be enhanced by a company like Experian which is experienced in this type of data collection in the U.K.

    But what about the accuracy of credit reporting – will this be enhanced?

    Currently, there are several pieces of legislation, including the National Consumer Credit Protection Act and the Credit Reporting Code of Conduct 2009 which have gone a long way to improving the accuracy of credit reporting, by imposing tougher penalties for creditors who don’t comply with the Acts. The ACCC Chairman, in all likelihood probably found that legislation was strong enough to combat any conflict of interest that could have resulted from having the creditors also being minor shareholders in the credit reporting agency.

    Whilst Experian will be bound to comply with this legislation as the other agencies are, the onus is on the consumer to check the accuracy of their credit report. This is where the system could fall down – through simple lack of public education. Yearly credit file checks are currently not in abundance for most credit active individuals. When disputing any adverse listing, it is up to the credit file holder to provide reason as to
    why the creditor has not complied with legislation if they feel there are errors on their credit file.

    Current statistics from Choice Magazine from 2004 point to up to 34% of credit files in Australia likely to contain errors.

    What is concerning, is that many creditors are getting away
    with not complying with Australia’s strict credit reporting legislation because consumers are simply not checking their credit file for errors. People are only finding out about any defaults, writs or judgments on their file when they apply for credit. This guarantees them an automatic decline with the bank and leaves them angry and stressed if they feel the listing should not be there.

    If more was done to educate consumers as to their right to check their credit file for free every year, then people would have time to repair any errors when it is not urgent. It could also increase pressure for creditors to enhance the accuracy of credit reporting.

    Is there a conflict of interest in terms of accuracy when many major Australian creditors will be small shareholders in the credit reporting agency? The ACCC found this was not the case.

    Currently people can obtain a copy of their credit file for free every 12 months from one of the Australian credit reporting agencies, Veda Advantage, Dun & Bradstreet or Tasmanian Collection Services.

    We recommend everyone should be concerned about the accuracy of their credit file. A yearly check should provide a picture as to its accuracy, and allow them the opportunity to redress any errors which present on their file prior to needing credit.

    And for borrowers whose lender requires a credit check to
    secure finance? We predict their application fee just got more expensive with the introduction of the new agency – potentially paying for three or four credit reports instead of two to three.