MyCRA Specialist Credit Repair Lawyers

Tag: fix my bad credit

  • Credit Repair Guide – Consumer Advocate Graham Doessel Answers Your Questions About Fixing Bad Credit

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    Credit Repair is still a relatively unknown profession outside of the finance industry.

    It is often not until a person is refused a loan due to adverse listings on their credit file that they begin to look for avenues to fix what is being said about them on their credit report – especially if they believe they have an incorrect credit report.

    Research on the subject can produce some contradictory advice, so we thought we would clarify the basics of credit restoration or credit repair as an industry in Australia, and explain the instances in which it will be the best solution for those people who are refused mainstream credit due to defaults, Writs or Judgments on their credit file.

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

    As Credit Repair Lawyers, we find clients are often unaware of just what is involved with repairing their credit rating. Most times they don’t even know what’s on their credit rating until they apply for a loan and are refused – let alone know what to do to fix it. And even those savvy clients who have done a bit of homework and attempted to correct a wrong credit listing by themselves can get brick-walled by their Creditor, told that the listing can only be marked as paid but will not be removed. So often their broker will suggest professional a credit repair law firm to them, or they may have found us on an internet search.

    Here are some of the main questions we get asked by our new credit repair clients – we hope they help you too if you want to know more about what credit repair is all about.

    What is professional credit repair?

    Professional credit repair involves a credit repair law firm working on your behalf to remove inconsistencies or errors which are found on your credit file, in order to give you the best chance of obtaining credit with the lender of your choice.

    How have professional credit repairers come about?

    The Credit Repair Industry in Australia has grown significantly over a short period of a couple of years. There are many reasons for this.

    • One is due to the tightening of bank lending criteria following the Global Financial Crisis (GFC) and then the Banking Royal Commission.
    • The decline in sub-prime lenders has meant that many non-conforming loans that were previously available to many people have since folded.

    Put simply, credit repair has grown from the need for potentially millions of credit file holders with black marks on their credit report to find some way to buy a home, a car, get a credit card and even a mobile phone plan.

    Because of tight lending criteria, the need for greater accuracy in credit reporting has arisen.

    When deciding whether to lend someone money, banks are looking at any reason people may default on a potential loan – which includes any suspect credit history.

    The mistakes creditors make every day in reporting negative listings may have previously gone unnoticed, but since the GFC, the royal commission and now Covid, they can be the very reason many people are refused credit.

    So with many instances of credit reporting ‘inconsistencies’, coupled with very little consumer knowledge on credit reporting law and a great need for a third-party negotiator when dealing with creditors, the credit repair industry has been driven forward.

    What are credit rating errors?

    Credit rating errors are quite common, and the onus of ensuring the accuracy of your credit file rests with you.

    But how do you know if a listing has been placed accurately on your credit file, or if it should be there in the first place?

    A credit repair lawyer with their knowledge of credit reporting legislation will find and address those instances where a credit listing may have been placed unlawfully on your credit file.

    Credit rating errors could be anything from

    • the listing placed on the wrong credit file; to
    • the basis of the credit listing being unfounded; to
    • incorrect notices being provided to the client; right through to
    • system errors and incorrect spelling, to name a few examples.

    Is credit repair legal?

    Yes. Credit repair lawyers work to ensure accurate and legal credit reporting.

    Creditors are bound by a large volume of legislation and codes of conduct to do with placing information on consumer credit files.

    These laws are in place to protect consumers from unfair and damaging credit reporting.

    What a credit repair lawyer does is investigate the procedures taken by the creditor when placing the listing on the credit file, and if necessary, alert creditors and other relevant authorities to the instances where they believe the listing was placed on the credit file unlawfully and for this reason request the listing’s removal from the client’s credit file.

    “If the listing has been placed unlawfully on the credit file, then it should not be there and should be removed.”

    What’s the process to fix my bad credit?

    Credit repair law is not an exact science, because every case is different but there are some common threads which run through credit reporting law which we follow.

    1. Firstly, we order a copy of your credit files on your behalf from one or more of Australia’s credit reporting bodies which tells us exactly who and what we are dealing with in relation to your bad credit.
    2. Then we investigate any avenues for disputing your credit listing or listings with your creditor.
      1. This involves requesting documentation from your creditor about your account, and
      2. cross referencing the procedures taken prior to and during the listing of the default, writ or Judgment with our knowledge of credit reporting legislation.
      3. This can be a lengthy process of review, and likewise, the creditor can at times take a while to provide the information they should.
    3. After we have all of the information, and reviewed it all against the legislation, we have the basis for a case for default, writ or Judgment removal.
    4. Then we formally communicate with your creditor to request the removal of what we would then deem to be a listing placed on your credit file unlawfully.

    This process can be a bit ‘back –and- forth’, as there are procedures that we, and they have to follow in accordance with industry and the law as well as negotiations which take place behind the scenes with creditors.

    The complaint may also need to be escalated to a higher authority such as an industry Ombudsman if there is no satisfaction with the creditor.

    If the creditor agrees to remove the listing, you will need to contact the credit reporting body to confirm it has been removed.

    The reason for this is that you do not create a credit ‘enquiry’ on your credit file by requesting information about your own credit report.

    If you want the best chance of obtaining credit, then you want to reduce the number of credit enquiries as much as possible.

    How long will it take to fix my bad credit?

    The length of time it will take to remove bad credit from your credit file is very much an unknown factor.

    It could depend on the particular facts relating to your application, including the evidence required to support each party’s claims; on the amount of cooperation we receive from your creditor/s including how quickly they respond to our requests; on the number of issues raised in your application; the volume and relevance of information and supporting documents provided by you and the complexity of the legislation relating to your particular defaults.

    We have had a previous success rate of up to 91.6% of removal on every case we take on, and this is on average taking 45 – 60 days (but as little as a couple of weeks) to achieve once we have deemed you suitable for credit repair.

    If my credit file shows an outstanding amount, should I pay it off?

    It depends on the nature of your credit listing dispute. We have in the past negotiated for the removal of many credit listings which still hold an outstanding amount. Your credit repair lawyer can give you further advice based on your individual case. This is why at MyCRA, the costs involved are not based on the amount owing but are on a per-listing basis. For more information on MyCRA Lawyers costs, visit our main website.

    If you have more questions about credit repair, contact our team on 1300 667 218 or visit the main website www.mycralawyers.com.au.

    Images: Stuart Miles/ www.FreeDigitalPhotos.net

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  • How You Can Give Yourself the Best Chance of Being Approved For Your First Home

    A great deposit and a great income is not enough to ensure you get the home loan that’s right for you. We show you how your credit rating can have just as much impact as your savings record and show you the steps you can take to ensure your credit file accurately reflects your ability to repay a home loan.

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

    There is more to applying for finance than wages and savings records. One of the key factors to home loan approval is your credit report.

    What is a credit report?

    A credit report is a report on your credit file status (or credit rating), held by one or more of Australia’s credit reporting agencies.  Your credit file is checked by the lender when you apply for a home loan. It contains all of your personally identifiable information as well as your repayment history, and is used to assess both the amount you are able to borrow and your ability to repay the loan.

    Anyone who has borrowed money, or has established an account for services is credit active and will have a file in their name. This includes mobile phone plans, accounts with utility companies, rates accounts and of course loans of any kind.

    What is defined as a ‘bad’ credit rating?

    In broad terms, any credit defaults, court actions or writs, external administrations and bankruptcy are all recorded on your credit file and would be considered ‘bad’ credit history by most credit providers.

    In this current economic climate defaults and even too many credit enquiries or applications for credit may be considered to be tarnishes on your credit rating.

    How do I know if I have a bad credit rating?

    If you are unsure what is on your credit file, it would be worth taking the time to find out.

    There are three major credit reporting agencies in Australia: Veda Advantage – which holds the credit file of over 16 million Australians, Dun and Bradstreet and Tasmanian Collection Service.

    You can write to or email one of these agencies and request a copy of your file.  If you are not in a hurry there is no charge to you but it will take 10 working days from application to receive this information.

    What many people do not realise, is how easy it is to have a default slapped on their credit file.  If you fall into arrears on your account for more than 60 days (including rates, power and mobile phones) then the credit provider has the right to notify you of their intention to record this default against you on your credit file. Even if this bill is later paid, this ‘paid’ default still remains on your record for 5 years.

    Will I always know I have bad credit?

    NO! This is one of the key things we want all home buyers to know. Mistakes can and do happen, and it may not be until you are sitting in front of the bank getting rejected for a home loan that you find out you have bad credit history.

    There are a great number of credit files which contain errors or listings on credit files which shouldn’t be there, so even if you think you have never paid a bill late, you may still have a bad credit rating. It is always worth taking the time to find out before you apply for a home loan.

    I have found defaults on my credit rating, what are the consequences of this?

    If you discover you have an adverse listing or ‘bad credit rating’, you will find it very difficult to find a home loan with a mainstream lender. Generally this problem will keep occurring for the 5 years the default is on your credit file. If you decide to enter a non-conforming loan, you may be up for tens of thousands more in interest repayments just over the first three years of the loan.

    What can I do to fix my bad credit rating?

    Once you have obtained a report there are three things to consider:

    1. Check the accuracy of the report. If there are errors, be aware you do have the right to have errors rectified.  Likewise, if there are numerous strange defaults and or applications for credit that you don’t recognise – you would need to immediately investigate these and notify Police in case of identity fraud.

    2. Check you were informed of any intention to list. Current legislation requires you to have been informed in writing of any intention from creditors to list you as a defaulting on credit.

    3. Check the fairness of the listing. Only serious credit infringements should be recorded, or overdue bills in which 60 days have elapsed since payment was due.

    How does a credit repairer work to repair my credit rating?

    In many cases where people have attempted to dispute or remove the default themselves, they have come across difficulties and defaults have not been cleared. Most times the creditor will explain to the client that defaults DONT EVER get removed. The best they can do is mark the listing as paid (if it’s been paid).  This may not be sufficient to ensure credit is obtained with most lenders.

    If you have a default, writ or Judgment that has errors or just shouldn’t be there – there is a good chance that My CRA can actually remove it – meaning your financial future is looking a whole lot brighter.

    The credit repairer works with creditors to negotiate on your behalf and work for your best outcome based on the creditor’s compliancy with the current legislation. We will also look at any other extenuating circumstances to determine if there is an avenue we can investigate which results in having the listing removed.

    Should I try to cut out all credit from now on?

    Credit is not all bad.  In fact, not having ever taken out credit can harm your chances of obtaining a home loan just as much as having a bad credit rating.

    However, we do advise you to be cautious with credit. Start small, for instance a mobile phone plan or store credit card and repay the account on time, every time.

    What can I do to maintain a good credit rating?

    1. Make all payments on time. This is the easiest way to ensure there are no discrepancies or defaults on your credit file.
    If you are unable to make a payment on time, contact the creditor. They may be able to set up a payment plan for you until you get back on your feet. Soon overdue accounts that are as little as one day late will be recorded on your credit file as ‘overdue payments’ and will stay there for 2 years, so it is important to repay on time, every time to avoid bad credit.

    2. Regularly obtain a copy of your credit file – once a year is recommended and this is free in Australia annually.

    3. Keep credit card limits within a set budget. Don’t be tempted to accept the sky high limits some banks offer as it could encourage you to spend needlessly and blow out your budget. A lower credit limit is also better when lenders are assessing your ability to repay a loan.

    5. Be aware of excessive credit enquiries. If you are not sure about your credit health, get it checked before applying for new credit so as not to rack up unnecessary credit enquiries. You do not record a credit enquiry when you enquire about your own credit file. Also, ensure you do not apply for credit all over town – and beware of filling any forms out online.  You should only apply for credit you have full intention of pursuing. Every application for credit will be noted on your file, but it does not say whether the application was approved or declined. It could look to creditors like you have been declined multiple times.Too many credit applications on a person’s file can hinder their chances of obtaining a loan. Some lenders are rejecting loans for as little as two enquiries in 30 days, or six enquiries within the year.

    For help repairing your bad credit, contact MyCRA Credit Rating Repairs today 1300 667 218 or see more information here:

     

    Image: annakml/ www.FreeDigitalPhotos.net

  • How can I fix my bad credit rating fast?

    “Fix my bad credit” – Sounds good  – so what’s that all about? As credit rating repair specialists, we get asked time and again to rebuild your credit history so you can get that car, that home, that credit card or basically restore your financial future. Here is a look at how we can help you rebuild your credit and rebuild your life.

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

    “Hello MyCRA Credit Repairs. I am going for a home loan, and the broker tells me when they checked my credit report, they found a default against my name. I had no idea! How can I find out what went wrong and how I fix my credit rating? Our family really has its heart set on this house and it looks like we’re going to lose it! Can you fix my credit report so I no longer have a default?”

    This is the story of many of our clients. It is not until they apply for credit that the lender obtains a copy of their credit report.  It can be devastating to find out you have a bad credit rating and even more devastating to know that your dreams of owning that home could be slipping away because of it.

    Let me tell you, it might not be all lost.

    If there are any adverse listings on your credit file which you believe are incorrect, contain errors or just should not be there – then you have the right to have those credit file errors removed.

    The problem with attempting to dispute errors on your credit file with creditors yourself is two-fold. Without knowledge of the legislation, people almost invariably get caught in legal ‘loop-holes’ which see the default, writ or Judgment left on the credit file, or at best see the listing marked as ‘paid’. Both of these results DO NOT give you that home or car loan as lenders still consider even a paid listing as bad credit history.

    Secondly, by talking to creditors themselves about credit file errors, people can accidentally ‘alert’ creditors to any mistakes they may have made in the initial method of credit reporting – allowing them to fix up their mistakes and negate the need to remove the credit file default which was placed in error.

    If you are just starting out and wondering “How can I fix my bad credit?” then the best course of action is to instill the help of a credit repairer before you do anything yourself. Ask them to check if they can rebuild your credit.

    What does a professional credit repairer do?

    A professional credit repairer will help you get a copy of your credit file and go through the bad credit history with you. They can then use their knowledge of credit reporting legislation to see where any errors in credit reporting were made, and help to enforce the legislation that creditors are bound to comply with.

    If they are successful, you not only get help with removing errors, but many times you are able to start off with a completely clean credit rating. They have the ability to completely rebuild your credit rating, allowing you to start off with a clean slate and give you the opportunity to go for any loan you choose at the best interest rates.

    Find out more by going through these 6 simple steps to credit repair:

    Or call MyCRA Credit Repairs tollfree on 1300 667 218.

    Image: m_bartosch / FreeDigitalPhotos.net

  • Are you sleep deprived? Ask your boss if you can take a nap!

    Learn how our team has become more productive and more effective at credit repair in this unique way.

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

    When Elizabeth Faumina is caught napping under her desk – nobody bats an eyelid. In fact, she gets applause when she wakes up.

    She has been part of a training program designed to nurture staff and help them be at their most productive for credit repair by allowing them to nap for 30 minutes after lunch every day.

    The daily ‘siesta’ has been a huge success.

    “I get really tired after lunch, as do most people. Since having a nap every day I have felt so refreshed and awake and I can easily work productively through to 5 o’clock without lagging,” Elizabeth says.

    Elizabeth has been listening to a specific sleep program while she naps, which allows the listener to come in and out of sleep at the perfect times for energising the body and refreshing the mind.

    The 30 minute ‘power-nap’ is deeper and more effective, with sleepers getting the equivalent of 2 hours normal sleep.

    As a Legislative Compliance Officer, Elizabeth has an essential role in credit repair. She spends long amounts of her day in front of the computer reviewing documents and drafting complaints. A job which she says requires lots of persistence and focus.

    “I would say on average I have doubled my output just due to being so alert which is crucial in my job, and in credit repair. If your mind is foggy you’re going to go over and over the same information, whereas now I can scan through, do what I need to do with it and move on,” she says.

    Elizabeth’s success has resulted in all credit repair staff having access to a siesta in the afternoon when they feel they need it.

    According to a Choice study on sleep deprivation, Australians are getting less sleep while expecting to achieve more.

    But Choice says one night of insufficient sleep can result in a 20%-32% increase in mistakes and 14% increase in time needed to perform a task.

    If people have a job which is repetitive or requires solving lots of problems, losing sleep is not ideal. Concentration and thinking ability deteriorate the longer people remain awake, the result being decreased accuracy and efficiency in the workplace.

    Choice says if people take less than 5 minutes to fall asleep in the evening or fall asleep while watching TV regularly, they may be sleep deprived. Grogginess, clumsiness and moodiness are also strong indicators of sleep deprivation.

    Since implementation of the program began, productivity amongst credit repair staff has gone up, and they are generally happier. That has meant we have been able to help more people restore their credit rating than ever.

    If you have ever wondered ‘how can I fix my bad credit?’ or ‘how can I get my credit report?’ then visit our main website www.mycra.com.au or call us on 1300 667 218.

    Image: graur codrin / FreeDigitalPhotos.net

  • How to improve your credit score: what to do when you have a bad credit history

    Help for frustrated Australians who find out they have a bad credit rating.

    By GRAHAM DOESSEL – CEO and founder of MyCRA Credit Repairs and www.fixmybadcredit.com.au.

    There are approximately 3 million Australians* with adverse listings on their credit file, also known as a ‘bad credit rating’. Adverse listings can include, default listings, writs, Judgments, bankruptcies*, even excess credit enquiries. All of these can impact your ability to obtain credit. The consequences of having any issues with your credit file include home loan refusal, personal loan declined, and even being turned away from getting a mobile phone plan.

    One problem is many people go searching on the internet for help with ‘improving their credit score’. This is most commonly an American term which has no bearing on Australian credit reporting law.

    The Australian credit reporting system is currently a ‘negative’ reporting system. Only negative entries are included, and generally when a lender requests a credit report and sees listings on your credit file, they will be seeing these entries as negative. The laws are currently undergoing changes – but as a general rule – you don’t want late payments, defaults or credit errors holding you back from an otherwise perfect ability to service a loan or forcing you into choosing a loan at sky-high interest rates. You could pay thousands extra on a higher interest rate than your standard variable rate.

    So you may be wondering, how then, can I fix my bad credit?

    Well it depends on what comes up on your credit report….

    The first thing you need to do is request your credit report. This can be obtained from one or more of the credit reporting agencies, and is a file on all of your credit information. You can request a copy of your credit file for free every 12 months.

    If there are any adverse listings on your credit file which you believe are incorrect, contain errors or just should not be there – then you have the right to have those credit file errors removed.

    The problem with attempting to dispute errors on your credit file with creditors yourself is two-fold. Without knowledge of the legislation, people almost invariably get caught in legal ‘loop-holes’ which see the default, writ or Judgment left on the credit file, or at best see the listing marked as ‘paid’. Both of these results DO NOT give you that home or car loan as lenders still consider even a paid listing as bad credit history.

    Secondly, by talking to creditors themselves about credit file errors, people can accidentally ‘alert’ creditors to any mistakes they may have made in the initial method of credit reporting – allowing them to fix up their mistakes and negate the need to remove the credit file default which was placed in error.

    If you are just starting out and wondering “How can I repair my bad credit?” then the best course of action is to instill the help of a credit repairer before you do anything yourself. They can help you get a copy of your credit file, and go through the bad credit history with you. They can then use their knowledge of credit reporting legislation to see where any errors in credit reporting were made, and help to enforce the legislation that creditors are bound to comply with.

    If they are successful, you not only get help with removing errors, but many times you are able to start off with a completely clean credit rating. You have a clean slate and can go for any loan you choose at the best interest rates.

    Once you have those defaults removed, then you can certainly ‘improve’ your credit history in the future with these 5 easy steps:

    1. By ensuring all bills are paid on time. Keep track of and be aware of any stray bills – particularly when major changes are occurring in your life like moving house, divorcing, death, and illness.

    2. By using credit. Having no credit history means there is nothing to calculate and the risk appears high to lenders. We should start by borrowing something small. Repaying mobile phone plans, internet accounts, or store credit on time will appeal to anyone checking our credit report.

    3. Obtain a credit report every 12 months. This ensures there are no errors on your credit file. Sometimes human error means the wrong person gets the bad credit file entry, or adverse listings are entered incorrectly or unlawfully. If in doubt, talk to a credit repairer.

    4. Beware excess credit enquiries. Only apply for credit you feel you have a very good chance of being approved for, and only applying for credit we have full intention of pursuing.

    5. Show stability. If you are thinking about applying for major credit in the near future, consider that lenders are looking for a stable address, stable income stream and regular savings as well as a squeaky clean credit file to help with assessing your suitability for a loan.

    * Veda Advantage 2009

    * MyCRA Cannot remove bankruptcies from credit files

    Image: graur razvan ionut/ FreeDigitalPhotos.net

  • Privacy Commissioner Investigates Sony Data Breach

    On April 27 I posted about the Sony PlayStation data breach which occurred on April 17 and has possibly affected PlayStation users worldwide.

    To update this issue, yesterday the Australian Privacy Commissioner, Timothy Pilgrim revealed findings from his initial investigation into the data breach:

    “Yesterday, Sony Online Entertainment (SOE) advised me it had discovered that hackers may have obtained SOE customer information. SOE has said that the information was held in an out dated database from 2007 and contained approximately 12,700 non-US customer credit or debit card numbers and expiration dates.  It is unclear at this point how many of these customers are Australian citizens or recipients.”

    Australian Victim Ot The Sony PlayStation Identity Theft Issue Lost $2000

     “This latest incident is extremely worrying. I am particularly concerned that it involves information stored on an out of date database. It reinforces my view that organisations need to consider further limiting the amount of information they collect and store about people. They should also make sure that information is destroyed when it is no longer needed as is required under the Privacy Act” he says.

    In my last post I called for Australia’s legislation to come up to date with what is occurring worldwide. Being part of the technological network means we are part of the global network and therefore we cannot deny that security threats in any country and particularly the United States could have an impact on us here in Australia as it has done in this instance.

    In fact, current statistics show that high-tech crime costs Australians $15billion per year, and the Australian Crime Commission now sites identity theft as the fastest growing crime in Australia.

    What is encouraging is the Australia Law Reform Commission’s recommendation that consideration should be given to the introduction of mandatory data breach notification laws. This means that when something of the nature of the Sony PlayStation data breach or the recent Dell Computers data breach occurs in the future, there will be an obligation for the company to notify its customers in this country of the occurrence.

    What is also being considered by the Government is more power for the Privacy Commissioner to impose penalties following an ‘own motion investigation’, such as enforceable undertakings and civil penalties for serious breaches of privacy. So if this part of the recommendations becomes legislation, the Privacy Commissioner would be able to penalise those companies which are found liable in relation to privacy breaches.

    In the meantime, Sony recommends its customers take these steps to help protect their personal data:

    “For your security, we encourage you to be especially aware of email, telephone, and postal mail scams that ask for personal or sensitive information. Sony will not contact you in any way, including by email, asking for your credit card number, social security number or other personally identifiable information. If you are asked for this information, you can be confident Sony is not the entity asking.

    When the PlayStation Network and Qriocity services are fully restored, we strongly recommend that you log on and change your password. Additionally, if you use your PlayStation Network or Qriocity user name or password for other unrelated services or accounts, we strongly recommend that you change them, as well. To protect against possible identity theft or other financial loss, we encourage you to remain vigilant, to review your account statements and to monitor your credit reports” says Sony’s Patrick Seybold.

    In Australia we can check our credit file for free by obtaining a credit report with credit reporting agencies Veda Advantage, Dun & Bradstreet or Tasmanian Collection Agency. A copy of our credit rating is then sent within 10 working days. Or for a fee they will supply one urgently.

    If there are any errors on this file, including evidence of identity theft, it is possible the credit file can be repaired.

    Contact www.mycra.com.au for more information.

  • Australians are battling with creditors and agencies over their credit rating

    CREDIT rating defaults are very easy to come by, but not so easy to remove on your own, according to credit repair company MY CRA.

    Director GRAHAM DOESSEL says it would surprise most people that thousands of Australians have black marks against their names, and many are unaware they have them until they apply for credit. When they attempt to remove those blemishes themselves, they are coming up against a brick wall.

    “Every day I deal with people who have experienced difficulty in removing defaults themselves with the credit reporting agencies. Effectively even if the default is not yours, even if you have suffered from identity theft, many times all a credit reporting agency will do is mark the listing as paid.”

    “In these economic times, any black mark will stop people obtaining a home loan with most lenders.  In fact at the moment, even having a few ‘credit enquiries’ on record can be enough for an automatic decline, even if there are no defaults” Mr DOESSEL says.

    There are different types of what may be considered ‘bad’ credit ratings from external administrations and bankruptcies through to credit defaults and even excess credit enquiries. If people have overdue power bills, rent and phone bills of more than 60 days late then a provider has the right to notify you of their intentions to record this default on your credit file.  This default will stay on record for 5 years regardless of whether it has been paid.

    “A couple we worked with recently went to apply for a home loan and were told the loan was denied because they had a default on their credit rating.  They were really surprised as they had genuine savings and what they thought was no debts.  It turned out they had missed a payment of $180 on an electricity bill and the company had listed the default on their credit file even though the bill had later been paid.  They were not notified of this listing”.

    “When they attempted to clear the default they had a terrible time and were eventually told by VEDA that defaults are never removed but can be marked as paid. The couple thought this was not good enough and contacted us (My CRA) to see what could be done.  We were able to step in and actually remove the default.  Luckily the couple were able to purchase a home in the future” Mr DOESSEL says.

    Mr DOESSEL says this is a common complaint amongst his clients “Generally speaking, because people don’t have experience and don’t know the appropriate legislation, the creditors bluff their way out of doing anything. Many clients are jaded wasting months and sometimes missing out on houses, basically getting very frustrated with the whole process”.

    A study conducted by AUSTRALIAN CONSUMER ASSOCIATION (now CHOICE magazine) in 2004 found as much as 30% of all credit files contained errors. Often the defaults have been listed without due process followed and before clients have been notified of the creditor’s intention to list a default.

    Under the current legislation, errors on your credit file can and should be removed. So with the difficulties faced by clients in negotiating with creditors, third party credit file repairers like MY CRA have been sought out by time poor and frustrated clients.

    The process of removing a default, writ or judgment is much easier than doing it alone. The client obtains a copy of their credit file, notifies in writing the black marks they feel are listed incorrectly or unjustly and together with authority forms, forwards it all on to the credit repairer.

    The credit repairer then deals with the appropriate parties and negotiates on a person’s behalf to erase these blemishes.

    Mr DOESSEL says if the default, judgment, writ or other black mark is listed incorrectly, unjustly or just shouldn’t be there at all, provided you are using an experienced and skilled credit repair company, then there is a strong chance it can be erased.

    Currently MY CRA’s had up to a 91.7% success rate in default removal and can be removed from as little as 3 days but average is around 45 – 60 days.

    “For example, we had a client who had a single default with a phone company which was due to a mix up with addresses. They had failed to contact her about it, and it was only when she applied for store credit a couple of months later that she became aware of the default. We were able to remove that default in 4 days for her” Mr DOESSEL says.

    He says if people don’t have the time or patience to deal with creditors and need an absolutely clear credit file, then they would be suitable candidates for MY CRA services.

    The MY CRA website has more information for people who are struggling with 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. www.mycra.com.au

    ###

    Please contact:

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

    Ph: 07 3124 7133

    246 Stafford Road, STAFFORD QLD.

    Link to info on ACA report:

    http://www.theage.com.au/news/business/record-class-action-possible-against-veda/2007/05/01/1177788141045.html

    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 Queensland.

    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

    We have more than 30 years combined experience in working with and helping clients with their credit files. We are  the fastest known credit file repair agency in Australia and can often remove judgments in as little as 3 days.

  • Home buyers warned dreams could be shattered by missing bill payments

    AUSTRALIANS applying for home loans are finding simple overdue accounts are coming back to haunt them, with some even being refused finance, according to a national credit rating repairer.

    My CRA’s Director, GRAHAM DOESSEL says a credit rating check can reveal defaults many are not aware of such as small overdue phone bills, electricity bills and rates which may or may not have been settled.

    “It would surprise you how many people there are out there with needless defaults on their credit rating due to unpaid accounts of more than 60 days. It may also surprise you to know these ‘defaults’ can be enough for an automatic decline with some lenders. At the moment, some lenders are even rejecting loans for excess credit enquiries such as two enquiries in 30 days or six within the year” Mr DOESSEL says.

    Research from September 2010 conducted by DUN & BRADSTREET revealed one third of debt referred for collection in the June quarter was amounts under $200.

    “These findings demonstrate that significant portions of Australians are either unaware of the consequences of not paying their bills on time or they are facing quite significant stress and cannot afford to pay these accounts” Dun & Bradstreet’s CEO, CHRISTINE CHRISTIAN says.

    The report also states that the average value of referred debts stands at the highest level in four and a half years.

    Mr DOESSEL says it is extremely important for potential buyers to know there is more to preparing for a mortgage than simply saving the deposit.

    “Your credit rating is as important as your savings record in calculating loan eligibility and borrowing capacity. Having a clear credit record allows you to shop for the best interest rate because you have the financial freedom to choose any bank.

    “At the moment, blemishes on your credit record are viewed unfavourably by most lenders – and defaults remain on your file for 5 years. Never has there been a more important time to understand your credit rating and to keep it looking as healthy as possible” he says.

    MY CRA outlines how home buyers can establish a good track record of credit:

    MAKE REPAYMENTS ON TIME: Repay any bills received by the due date. Bills that are not paid within 60 days may be referred for collection and noted as a default. If people are having trouble paying on time, they should contact the creditor as they may be able to work out a payment plan rather than the creditor listing the non payment as a default.

    USE CREDIT: Having no credit history means there is nothing to calculate and the risk appears high to lenders. Start by borrowing something small. Repaying mobile phone plans, internet accounts, or store credit on time will appeal to anyone checking people’s credit rating.

    HAVE A STABLE ADDRESS: Lenders like to see stability. Furthermore, defaults are easy to come by when bills are sent to the wrong address. If you do travel frequently, consider a trusted family member’s address for all bills.

    APPLY FOR CREDIT WITH CARE: People should only apply for credit if they feel they have a very good chance of being approved. Declined credit applications on a person’s file can hinder their chances of obtaining a home loan. Likewise, people should only apply for credit they have full intention of pursuing. Every application is noted on file, not whether it is approved or not. If a person goes shopping for the right credit and applies everywhere – the lender may consider this person to have been refused credit and therefore a bad risk.

    CHECK CREDIT FILE REGULARLY: People should check their file well before they need to apply for a home loan. That way if there are any problems they can sort it out while there is no urgency, and save themselves embarrassment and disappointment from having their finance declined. The major credit reporting agencies are bound by law to send people a copy of their credit report for free within 10 working days of application.  Or for a fee, Veda Advantage has a service called ‘Veda Alert’ which provides a copy of the credit file, and the person goes on alert to receive notification of any changes to the credit file within 12 months.

    CLEAR YOUR DEFAULTS: If there are defaults, don’t put up with them for 5 years. People can check with a credit file repairer if they can be removed.

    “If people do check their credit file and find defaults, writs or judgements which have been added without a person’s knowledge, have been added incorrectly, unjustly or unfairly there is a good possibility they can be removed by a credit repairer” he says.

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

    “Many of our clients have attempted to deal with creditors themselves and have come up against problems and defaults have not been cleared.  Most times the creditor says defaults are never removed and remain on file for 5 years.  The best they can do is mark the listing as paid if the account has been settled.  This may not be sufficient to ensure credit is obtained with some lenders.”

    “Most clients don’t have the time or patience for negotiation with creditors. On cases we take on, MY CRA has had a 91.7% success rate of actually removing the default” he says.

    MY CRA has information for consumers on their website from how to go about obtaining a copy of their credit file, to tips on spotting identity fraud.  For more information go to www.mycra.com.au.

    ###

     

    Links:

    Link to Dun & Bradstreet article:

    http://dnb.com.au/Header/News/Consumer_debt_referrals_rise_to_record_levels/indexdl_6681.aspx

     

    Please contact:

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

    Ph: 07 3124 7133

    246 Stafford Road, STAFFORD QLD.

     

    About MyCRA Pty Ltd

    MyCRA Pty Ltd 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.

     

    Please Note: Our previous results of up to 91.7% have applied only to consumer applications and past results are no indication of future performance

    [/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

  • 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]

  • Crime storm blows in after Cyclone Yasi

    VICTIMS of CYCLONE YASI are urged to take real and important measures to protect their identities from thieves in the aftermath of the cyclone’s devastation to homes and businesses.

    With homes in absolute ruin and thousands of people still displaced, there is a danger of victims being hit again by identity thieves.

    These fraudsters could pose as insurance people or attempt to remove personal information from homes and businesses while they are vacant and in disarray, according to credit rating repair company MY CRA’s Director GRAHAM DOESSEL.

    “Victims should not be preyed upon again by criminals, but the fact is they are prime targets for identity thieves” Mr DOESSEL says.

    This warning follows the deployment of 35 extra police to NORTH QUEENSLAND following the arrest of six looters in TOWNSVILLE.

    The state’s disaster co-ordinator, IAN STEWART, says there had been 11 reports of looting since CYCLONE YASI hit north and far north QUEENSLAND, including an “opportunistic” break and enter at a pharmacy in CAIRNS during the height of the storm.

    “It really is a disgrace that people would even consider doing this sort of thing at a time when the trauma being suffered by our community is so great,” he said.

    The SOUTH-EAST QUEENSLAND floods produced scammers who tricked victims in to giving their bank details to people claiming they would help them obtain emergency funds. Scammers also claimed to be tradesmen offering to repair flood damage – they requested payment in advance before disappearing.

    MR DOESSEL says cyclone victims may not only be targets for this type of crime, but particularly for other types of looting where thieves obtain personal information from vacant homes and use that information to steal someone’s identity or to claim compensation in their name.

    “People could be at great risk of identity theft, due to their homes being vacant and possibly unsecured for significant parts of the day and night” he says.

    He suggests if displaced victims are unable to secure important documents in their homes at present and are able to retrieve them and store them in a safe and secure place they should do so.

    “Documents like marriage, birth and death certificates, past tax returns and even utility bills could all be stolen and used to appropriate someone’s identity” Mr DOESSEL says.

    The AUSTRALIAN CRIME COMMISSION now sites identity theft as the “fastest growing crime in AUSTRALIA.”

    Compromised financial information can be used directly to attempt to access the victim’s accounts, or be used to obtain credit cards/ loans in the victims’ name.

    Fraudsters have even been known to send SMS and emails from a compromised identity to victims’ friends and associates, asking for money on the victims’ behalf. This often involves a story in regards to the victim being stranded somewhere and requiring the funds urgently.

    Mr DOESSEL says his office has experienced an increase in credit rating repair due to identity theft – from card skimming through to professional gangs who ferret for personal information at a person’s home or in their rubbish bin. 

    “Identity crime hits twice. People are not only ripped off at the time, but their credit rating is destroyed generally for 5 years once defaults are listed on the victim’s credit file. This is regardless of how the defaults got there. A default on a person’s credit file is usually enough for an automatic decline on a home loan” he says.

    The nature of credit ratings in AUSTRALIA, is once a default has been listed on a person’s file – it is very difficult to have it removed. Creditors will generally only mark the listing as paid.

    “Effectively people are robbed of their financial future. The best course of action for most people fighting a default that is unjust, incorrect or just simply shouldn’t be there is to contact a reputable credit file repairer. “

    “A credit rating repairer is generally more aware of the appropriate legislation, experienced at researching case by case and presenting that information in the most effective manner to ensure the best possible chance of having the default removed – as it rightly should be” Mr DOESSEL says.

    People can visit the MY CRA website for more information on identity theft – what to look for, tips on preventing it and what to do if people have been scammed or their identity stolen.

    ###

     LINKS

    http://www.theaustralian.com.au/news/nation/police-head-north-to-crack-down-on-theft/story-e6frg6nf-1226000442845

     http://www.crimecommission.gov.au/media/faq/financial_crime.htm

     http://www.smh.com.au/environment/weather/vultures-descend-on-victims-with-scams-20110116-19sm0.html

     

    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]

  • Identity Theft the ticking time bomb in Australia

    SAFETY of personal information needs to be taken more seriously in this country, to avoid Australian identity theft statistics rising to the percentages of those in the UNITED STATES, GRAHAM DOESSEL CEO of credit rating repair company MY CRA warns.

    “Identity theft is the curse of the 21st Century and that is becoming more evident in our industry of credit rating repair. There are more and more people needing help with repairing their credit file due to having their identity misrepresented in some way.”

    “With exposure of our personal information greater than ever before, opportunities for fraud are higher than ever” he says.

     This follows a recent investigation into VODAFONE for allegations of possible breaches of privacy by having customer information available on a publically accessible internet site.

     This investigation conducted by the Privacy Commissioner found the allegations were unsubstantiated, but his report, released 16 February did illustrate other areas of concern at VODAFONE in relation to privacy.

     “Vodafone did not have appropriate security measures in place to protect customer’s personal information at the time. Consequently Vodafone was in breach of their obligations under the Privacy Act. I was particularly concerned by Vodafone’s use of shared logins and passwords for staff and the broad range of detailed personal information available to them.” Privacy Commissioner TIMOTHY PILGRIM says.

    Vodafone agreed to review its IT security, and all appropriate staff including employees in retail stores and dealerships will be issued with individual login IDs and passwords.

    Mr Pilgrim said that this case should serve as a reminder to all businesses using customer management systems to ensure that they have robust privacy protections built in.

    The latest AUSTRALIAN BUREAU OF STATISTICS data from a Personal Fraud Survey conducted in 2007 shows over 800,000 Australians were victims of at least one incident of personal fraud in the 12 months prior to interview, with over half of these victims incurring a financial loss.

    Research in 2009 conducted by Galaxy Research for VEDA ADVANTAGE showed 4.4 million Australians were affected in some way by identity theft, compared to 3.8 million in the previous year.

    The AUSTRALIAN CRIME COMMISSION now sites identity theft as the “fastest growing crime in AUSTRALIA.”

    The A.C.C. says compromised financial information can be used directly to attempt to access someone’s accounts, or be used to obtain credit cards, loans or any other credit in the victims’ name.

    Fraudsters have even been known to send SMS and emails from a compromised identity to victims’ friends and associates, asking for money on the victims’ behalf. This often involves a story in regards to the victim being stranded somewhere and requiring the funds urgently.

    Current U.S. statistics point to 8.1 million people being victimized in 2010, according to a report by JAVELIN STRATEGY AND RESEARCH. Although that’s still a huge number, it’s 3 million fewer victims than in 2009.

    So why have the U.S. statistics begun to improve? JAVELIN sites the top reason for the decrease is due to a significant drop in data breaches, or situations in which batches of personal information have become vulnerable to identity thieves.

    The number of breaches last year was down by almost one-third, to 407 incidents, or 26 million records exposed, according to the DataLossDB project. Again, still a huge number, but down – from 604 breaches, or 221 million records exposed, in 2009.

    “We definitely see evidence that the banks and other institutions are taking stronger precautions to prevent data breaches. Data breaches are a big deal. You are eight times more likely to be a victim of fraud if you get a data-breach notice.” James Van Dyke, president and founder of Javelin says.

    He also sites consumer-education efforts as possibly another factor.

    Mr DOESSEL says this demonstrates the importance of vigilance in the war against identity theft.

    “It is so important for Australians to educate themselves on how to keep their information secure, and to demand that any information they are required to give over to any person or company be treated with the utmost privacy” Mr DOESSEL says. 

    “Our message at MyCRA to someone who has found themselves a victim of identity theft is two-fold. Firstly don’t be embarrassed to report it to police – it is only through identity theft being reported that data gets collected and appropriate preventative measures eventually get put in place.”

    “Secondly don’t put up with the damage it causes to your credit file and to your life, get in touch with a reputable credit rating repairer who can help you to clear your credit file and restore the financial freedom you rightly deserve” he says.

    Visit www.mycra.com.au  for more information on identity theft.

                                          ###

     LINKS

    PRIVACY COMMISSIONER’S STATEMENT:

    http://www.oaic.gov.au/news/media_release_vodafone_omi.html

     

    VEDA ADVANTAGE:

    http://www.vedaadvantage.com/news-and-media/article.dot?id=505933

     

    AUSTRALIAN BUREAU OF STATISTICS:

    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

     

    A.C.C. IDENTITY CRIME STATEMENT:

    http://www.crimecommission.gov.au/media/faq/financial_crime.htm

     

    U.S. STATISTICS:

     http://www.washingtonpost.com/wp-dyn/content/article/2011/02/09/AR2011020906064.html

     

     

  • 7 Reasons a Broker should recommend a credit rating repairer

    When brokers meet clients many times they find that all the finances stack up well for approval, until a credit check is performed and it reveals some defaults that will not get the deal over the line. GRAHAM DOESSEL was a broker with his own company ‘MORTGAGE NOW’ before founding his credit rating repair company MY CRA.

    He nominates bad credit ratings as being the number one frustration for many brokers. “Often times the clients don’t even know they have a bad credit rating. It’s only once the credit check is done that these problems arise – and sometimes unpaid bills for as little as $200 can kill the deal”.

    “A loan with a non-conforming lender is not always viable. Also sometimes the clients aren’t willing to pay the higher interest rates for this type of loan” he says. Sometimes a non-conforming lender is not the only option to take to rescue a bad deal.

    A credit rating repairer works by negotiating on behalf of the client to remove defaults from their credit file; thus clearing the file for any future borrowing. Here’s how a credit rating repairer can benefit these clients and your brokerage.

    1. Saves time Turnaround can be slowed down because the credit file is not perfectly clear. Or if a client really needs to repair their credit rating to get approval, they have two options. They can have the default removed by a credit repairer, or they can take out a series of smaller loans and repay those in order to improve their rating. The latter can take months or years to improve someone’s rating, yet employing the services of a reputable credit repairer may only take a few days – depending on the nature of the default. “In some cases, brokers have recommended My CRA and we have cleared the credit file all within the finance clause of the house contract” Mr DOESSEL says. The credit repairer negotiates on behalf of the client to have the default/s removed from their file. This is due to professional knowledge of creditors, processes and current legislation.
    2. Saves clients It could be possible to rescue those hundreds of clients per year who would not qualify for any loan due to crippling defaults. Although not every client is eligible for credit repair due to the nature of their default –for those who are eligible the success rate is high. The first step is to refer that client to a credit repairer who will assess their situation. “We have a 97.1% success rate in removal for every case we take on” he says.
    3. Saves money Credit rating repair allows brokers to get a better deal for their client. Instead of referring people to a non-conforming lender at a high interest rate (of which they will switch in time and possibly pay exit fees to do so) the client can save thousands by having their credit file cleared. This would allow them to go with a lender at a lower interest rate. The fee they pay the credit repairer is miniscule compared with the thousands they will save on interest and exit fees.
    4. Creates trust In business if someone is willing to really help clients with the best thing for them, they will reap the long term rewards. Sometimes the best thing for people is to start fresh with a clean slate. If brokers are able to offer people the best long term deal for them, then they may have that client for the long term and will be seen as their trusted advisor for life.
    5. Creates referrals Clients will tell others how well they were looked after by not only the credit rating repair company but the broker who referred them in the first place. All business is sent back to the referring broker once the credit file is cleared.
    6. Creates financial freedom A clear record can allow clients to take out not only first mortgages, but can be the catalyst that sets them on the road to borrowing for investment properties; business ventures etc – all using their familiar and trusted mortgage broker.
    7. Educates and empowers If brokers were to recommend a credit check at their first meeting – it could save lots of heartache for the client and time for the broker. “More needs to be done to educate people on their credit rating, how easy it is to get a default slapped on their file and the ramifications of this before they are sitting opposite a broker applying for a home loan” “I tell people they should check their credit file every 12 months, much like they do with their super or bank statements to make sure everything is in order. This will pick up any errors straight away” Mr DOESSEL says.

    For more information on credit repair and testimonials from brokers, please visit http://www.mycra.com.au/

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  • Plain English Credit – What you should know about taking on credit

    What you should know about taking on credit

    What is my credit rating?
    Your credit rating is a file on your credit history and is collated by the major credit reporting agencies if you have 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.
    What does ‘credit active’ mean?
    Anyone that has borrowed money, or has established an account for services is credit active and will have a file in their name. This includes mobile phone plans, accounts with utility companies, rates accounts and of course loans of any kind.
    What is defined as a ‘bad’ credit rating?
    In broad terms, any credit defaults, court actions or writs, external administrations and bankruptcy are all recorded on your credit file and would be considered ‘bad’ credit history by most credit providers.
    In this current economic climate basic defaults and even too many credit enquiries or applications for credit may be considered to be tarnishes on your credit rating.
    How do I know if I have a bad credit rating?
    If you are unsure what is on your credit file, it would be worth taking the time to find out.
    There are three major credit reporting agencies in Australia: Veda Advantage – which holds the credit file of over 14 million Australians, Dun and Bradstreet and Tasmanian Collection Service.
    You can write to or email one of these agencies and request a copy of your file.  If you are not in a hurry there is no charge to you but it will take 10 working days from application to receive this information.
    What is not realised by many people is how easy it is to have a default slapped on their file.  If a bill is more than 60 days late (including rates, power, mobile phones) then a provider has the right to notify you of their intentions to record this default on your credit file. Even if this bill is paid and noted on your file, this default usually remains on your record for 5 years.
    I have found defaults on my credit rating, what are the consequences of this?
    If you discover you have a bad credit file, you will find it very difficult to obtain credit in the future. Generally this problem will keep occurring for the 5 years the default is on your file. This will probably prevent you from obtaining a home loan with most lenders and possibly lead to credit refusal of many kinds from cards to phone plans.
    What can I do to fix my credit rating?
    Once you have obtained a report there are three things to consider:
    1. Check the accuracy of the report. If there are errors, be aware you do have the right to have errors rectified.  Likewise, if there are numerous strange defaults and or applications for credit that you don’t recognise – you would need to immediately investigate these and notify Police in case of identity fraud.
    2. Check you were informed of any intention to list. Current legislation requires you to have been informed in writing of any intention from creditors to list you as a defaulting on credit.
    3. Check the fairness of the listing. Only serious credit infringements should be recorded, or overdue bills in which 60 days have elapsed since payment was due.
    How does My CRA work to repair my credit rating?
    In many cases where people have attempted to remove the default themselves, they have come across difficulties and defaults have not been cleared. Most times the creditor will explain to the client that defaults DONT EVER get removed. The best they can do is mark the listing as paid (if it’s been paid).  This may not be sufficient to ensure credit is obtained with some lenders.
    If you have a default, writ or judgement that has errors or just shouldn’t be there – there is a good chance that My CRA can actually remove it – meaning your financial future is looking a whole lot brighter.
    My CRA works with creditors to negotiate on your behalf and work for your best outcome based on the creditor’s compliancy with the current legislation. We will also look at any other extenuating circumstances to determine if there is an avenue we can investigate which results in having the listing removed.
    We have had up to a 91.7% success rate with cases we take on.   Many credit ratings are cleared within or around 21 working days though some do take longer depending on the difficulty of the case.
    Should I try to cut out all credit from now on?
    Credit is not all bad.  In fact, not having ever taken out credit can harm your chances of obtaining a loan just as much as having a bad credit rating.
    However, we do advise you to be cautious with credit. Start small, for instance a mobile phone plan or store credit card. Make all repayments on time and work methodically to build up a solid credit history.
    What can I do to maintain a good credit rating?
    1. Make all payments on time. This is the easiest way to ensure there are no discrepancies or defaults on your credit file.
    If you are unable to make a payment on time, contact the creditor. They may be able to set up a payment plan for you until you get back on your feet.
    2. Regularly obtain a copy of your credit file – once a year is recommended.
    3. Sign up for Veda Advantage’s Alert system. For approximately $50 per year they can send you a copy of your credit report and email you of any changes made to your credit file within the 12 months of membership.
    4. Keep credit card limits within a set budget. Don’t be tempted to accept the sky high limits some banks offer as it could encourage you to spend needlessly and blow out your budget.
    5. Be aware of excessive credit enquiries. If you are not sure about your credit health, get it checked before applying for new credit. Declined credit applications on a person’s file can hinder their chances of obtaining a loan. Some lenders are rejecting loans for as little as two enquiries in 30 days, or six enquiries within the year.
    6. Don’t shop around for credit. You should only apply for credit you have full intention of pursuing. Every application for credit will be noted on your file, but it does not say whether the application was approved or declined. It could look to creditors like you have been declined multiple times.
    Please Note: Our previous results of up to 91.7% have applied only to consumer applications and past results are no indication of future performance

  • Divorcing or Separating? – What you can do to protect your credit rating.

    If you are in the middle of a separation, My CRA can’t stress enough how important it is to look forward into the future to ensure that it does not impact on your credit rating.

    Emotions are running high – and sometimes tempers as well.  People often use financial ties to deliberately hurt one another.

    The most important and sensible decision the two of you can make during the separation is to cut all financial ties and as early in the separation as possible.

    Don’t hold on to joint accounts and assets ‘just in case’ you reconcile.  Even the most amicable of separations can potentially turn sour down the track.  The sooner you make the break, the better off your future will be – even if you do decide to get back together in the future.

    What happens if my ex has run up debt in joint names?

    As far as the credit providers are concerned if the debt is in both names, then you are both responsible for it regardless of who accrued it.

    For them, there is no such thing as a broken heart, just a broke person.  Your aim should be to clear that debt and repair your credit rating as soon as possible.

    My CRA can help you formulate a plan of how to attack the problem – starting with the cancellation of the account it originated from, advice on contacting the creditors to arrange repayments and finally helping you to repair your damaged credit rating.

    I have just separated from my spouse – what do I do now?

    It is recommended these steps be taken as early in the separation as possible to ensure protection of your credit rating.  If these steps can be accomplished together, you can both get on with your lives as individuals sooner:

    Cancel joint bank accounts.  We recommended that you use the money from these accounts to go towards paying off any debts you may have together.

    Pay off and cancel joint credit cards. If the debt on the card/s can’t be paid off, inform the creditor that you have separated and ask them to put a stop on the account so there may be no more transactions.  They could even make arrangements to transfer the repayments to two separate accounts.

    Resolve the mortgage debt.  Sell the home and divide the proceedings, or sell your share of the home to your ex-spouse or vice-versa. Before this takes place, notify the bank you have separated.  Make sure no further amount can be redrawn on the loan and that you receive separate statements whilst you are separated and both still own the property.

    Transfer names on other accounts. Phones, electricity accounts, rental properties, rates, car loans and store credit should all be transferred to one name as appropriate.

    Pay any unpaid accounts. No matter who has accrued these debts, the credit providers will still see you as responsible.

    Keep a record of all undertakings. Ensure you keep paperwork related to the separation, including cancellation or changes to any accounts for future reference.

    Employ a good family solicitor.  Legal advice is important as it relates to children, family businesses and property.  Also if anything runs off course with division of debt, they can give good advice on the next course of action.

    Notify credit reporting agencies. Let Veda Advantage, Dun & Bradstreet, or Tasmanian Collection Agency know of your separation and any steps you have taken to separate accounts to date.

    Check your credit score. Request a copy of your credit rating and check each entry.  Sign up for Veda Advantage’s ‘Veda Alert’ facility, which sends you a copy of your credit rating report every 12 months and notifies you of any changes to your file.   This is essential particularly if settlement is drawn out over a number of years.

    Seek help from a credit repairer for any defaults, writs or judgements. Once accounts are paid, if you decide to deal with the credit reporting agencies directly, they will tell you that defaults are never removed but can be marked as paid.  However, at the moment these black marks against your name can be enough for credit refusal, particularly if you are trying to buy a new property on one income.  My CRA will be able to access your file and will assess whether they can remove the default for you. Our current success rate is 91.7% of all cases we take on having their credit file default-free.

    (15/10/2011 Update: turn around times have increased on some files to 45 – 60 days due mainly to the delays in processing from creditors and ombudsman services.)

    MyCRA is contactable on 07 3124 7133 or www.MyCRA.com.au

     

     

    Please Note: Our previous results of up to 91.7% have applied to consumer applications and past results are no indication of future performance.