MyCRA Specialist Credit Repair Lawyers

Tag: free credit rating

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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10/09/2020
Can Your Bad Credit Default Be Removed Because Your Old Debt Is Statute Barred

Can Your Bad Credit Default Be Removed Because Your Old Debt Is Statute Barred

1. What does Statute Barred mean,

2. When is a debt statute barred,

3. When can the time be ‘re-set’.

1. What does Statute Barred mean?

Generally speaking, a debt is ‘Statute Barred’ when it is ‘too old to pursue’.

The ‘limitation’ is usually set by legislation in each State or Territory by an Act such as Limitations of Actions Act

2. When is a debt statute barred?

Australia wide (except NT) is 6 years after you last made a payment or admitted the debt in writing. NT is 3 years.

3. When can the time be ‘re-set’?

The clock resets to zero if you:

1. make any type of payment towards the debt,

2. admit the debt in writing,

3. have a Court Order entered against you.

If the Creditor obtains a Court Judgment, the time is reset to zero from the date of the Court Judgment AND is recoverable for 12 to 15 years depending on which State you’re in.

What does all of this really mean for you?

If your debt is statute barred, it means your creditor can NOT force you to pay the debt. The recovery of the debt is barred by statute.

It also affects the defaults on your credit file. If you have an old default on your credit file, call MyCRA Lawyers on 1300-667-218 and we can confirm your very high chances of MyCRA Lawyers having the debt wiped and your default removed.

Don’t Risk Your Reputation And Your Business, Only Choose MyCRA Lawyers. Call now on 1300-667-218 or .

For your best chance of safely removing a bad credit rating, call MyCRA Lawyers on 1300-667218 for a free, no obligation, confidential chat about your options and how we can help you today. (If it is easier for you, fill in the form below so we can get back to you at a time that suits you better)

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22/07/2016
Nov 2014 UPDATE – 4BC MyCRA’s Graham Doessel and Privacy Commissioner Tim Pilgrim Interview
Below is the original story and where Graham Doessel and Tim Pilgrim were both interviewed on Brisbane’s 4BC Radio

Well a lot has changed since then and one of the biggest changes is the move away for the ludicrous listing a client if they are one day late to the not quite so idiotic listing of a client if they are just 14 days late in making a payment.

Do you have a bad credit rating now as a result? Are you sure? Do you want to to make sure?

to get a free copy of your:
- Veda Advantage Credit Score
- Dun & Bradstreet Credit File
- Tascol Credit Report
- Experian Credit Rating
Another change in the legislation that you probably already know about is that a Bankruptcy only stays on your credit report for 5 years now and not 7… Great news for those doing it tough…

Call MyCRA Lawyers now on 1300 667 218

ORIGINAL UPDATE – (The day after the interview)

Yesterday, Graham Doessel, founder and CEO of MyCRA Credit Rating Repairs was interviewed along with the Privacy Commissioner, Mr Timothy Pilgrim on 1116 News Talk 4BC.

Graham took calls from listeners and explained what Will and Will NOT happen as a result of the new Credit Laws.

Privacy Commissioner Tim Pilgrim argued that adding a listing of every client even one day late is GOOD for credit reporting as…[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”][]

Click HERE to read the original story

Then, Grab a FREE copy of your credit files

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25/11/2014
Protect your credit file campaign fights identity theft

Media Release

‘Protect your credit file’ campaign fights identity theft.

16 May, 2014

As the Attorney-General announces rates have ballooned to 1 in 5 Australians affected by identity theft, a credit reporting advocate is running an awareness campaign aimed at reducing the numbers affected by this terrible crime.

Graham Doessel, who is Non-Legal Director of MyCRA Lawyers, a firm focused on credit disputes, says identity theft can have devastating effects, including damaging the victim’s credit rating.

“Some identity theft victims can wind up banned from mainstream credit for years because a fraudster has stolen their good name,” Mr Doessel says.

This comes as a result of an Australian Institute of Criminology survey which revealed that 20.7 per cent of those surveyed had experienced identity theft at some time. 14 per cent were also refused credit following the event and 5 per cent had to commence legal action to clear debts and/or their name.

Mr Doessel says when fraudsters assume someone else’s identity they can leave a trail of destruction on their credit file.

“Fraudsters are never so kind as to pay the credit back. Defaults can then mount on the victim’s credit rating and ruin the victim’s ability to obtain credit in their own right,” he says.

Mr Doessel says there are 10 identity theft prevention tips to be aware of:

1. Install automatic software updates on your computer and perform regular scans.

2.       Change passwords regularly and use a variety of passwords.

3.       Keep your privacy settings secure on all sites you use.

4.       Subscribe to the government’s ‘Stay Smart Online’ alerts for computer security updates.

5.       Check your credit card and bank statements each time they come in for strange activity.

6.       Shred all personally identifiable information which you no longer need.

7.       Buy a safe for your personal information at home, and a lock for your mailbox.

8.       Be aware of who gets your personal information and for what purposes. For instance, is it really necessary for the site you are registering on to store your date of birth?

9. Visit the ACCC’s ‘SCAMwatch’ website for updates.

10.   Check your credit file regularly.

MyCRA Lawyers is encouraging all consumers to check their credit file to make sure it is as it should be. You can do this for free through www.freecreditrating.com.au once per year.

“We feel so passionately about credit file awareness, and want to promote how important a credit check is to preventing identity theft and all other credit rating inconsistencies,” Mr Doessel says.

He says during their ‘protect your credit file campaign’ (which began last week during Privacy Awareness Week, and runs through the month of May 2014), MyCRA Lawyers is giving away up to 50 personal shredders to their new clients. (Conditions apply, see website www.mycralawyers.com.au for full details).

“Personal information is so important to protect, and one of the simple ways we can help our clients avoid identity theft is by promoting the shredding of personal documents they no longer need,” he says.

/ENDS.

For interviews and more information please contact:

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

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

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

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

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

http://aic.gov.au/publications/current%20series/rpp/121-140/rpp128/07_results.html

Image: Chris Sharp/ www.FreeDigitalPhotos.net

16/05/2014
Could carry-over credit card debt be the undoing of many a home loan?

In my recent guest post for broker publication The Adviser, I discuss repayment history and credit card accounts, looking at how Australia’s new credit laws could change the playing field for borrowers and brokers, and how repayment history could impact credit ratings and the approval of home loans.

By Graham Doessel, Non-Legal Director MyCRA Lawyers www.mycralawyers.com.au.

You can read my guest post from The Adviser in full below:

Could carry-over credit card debt be the undoing of many a home loan?

Australia’s new credit laws will place late-paying clients of licenced credit accounts such as credit cards and loans on the ‘naughty list’ if they are more than five days late with repayments.

So who’s going to be most at risk of getting a late payment notation?

In our experience, those with carry-over credit card debt, as well as those people with multiple credit cards could be most at risk.

Certainly, when assessing clients who present with bad credit, we find a significant number of clients with defaults who have carry over credit card debt and/or are juggling multiple credit cards and other debts in arrears.

These people are more likely to default because they have undertaken too much credit, often leaving no wriggle room for when life throws them a curve ball. Death, divorce, unemployment, sickness and relocation can all create that upheaval which leads to chaos with finances. If someone in the throes of a chaotic event is unable to pay an account and it falls more than 60 days in arrears, they can have a default placed on their credit file.

In the case of repayment history, it’s going to take much less of a curve ball to make a dent in the credit file. Australia’s credit reporting system proposes to tackle the over-commitment issue with the inclusion of repayment history information to an individual’s credit file. If a client gets more than five days behind in their credit card or loan repayments, their repayment history may show up on their credit file.

Those people robbing Peter to pay Paul – running from one repayment to the next, but never quite getting far enough in the red to cop a default on their credit file – are just the type of credit users big brother is hoping to catch out with repayment history information. It will mean people with bad habits when it comes to credit are going to be stopped in their tracks, and, eventually, won’t be able to take out major credit such as a home loan.

Too many late payments will be used to assess increased risk of default even when a default is not present on the credit file.

So how many people have carry-over credit card debt?

A recent survey conducted by Roy Morgan for ASIC shows that around 2 million Australians do not pay off their personal credit card debt in full each month, rising from 24 per cent of personal credit card holders in 2009 to 27 per cent of personal credit card holders in 2013.

Another recent survey showed the volume of Australians worried about their finances. Mortgage Choice revealed in its Money Survey last month that 53.4 per cent of people surveyed were “very worried” or “concerned” about their financial situation. The survey also found that 55.5 per cent of the respondents had credit card debt, with 45.7 per cent of them owing at least $4,000.

The fall-out goes to the uneducated

No one is immune to incurring late payments on their credit file, and the fear is that clients who don’t fall into the category of the overcommitted could also be tarred with the same brush. Those who are more than five days late because their bill goes missing, or who stay a little too long on holiday, or just get busy and forget to pay are going to be tarnished as a late payer.

And it seems that most people don’t know they run the risk of this. Recent statistics from Veda Advantage revealed that the majority of Australians do not know they can be penalised for making a credit card or loan repayment late. Statistics show that seven out of 10 Australians don’t know about Australia’s new credit laws.

How many late payments will lead to the declining of finance approval is up to individual lenders to decide. What we fear is that even one or two late payments over 24 months could change the interest rate offered.

How will the new laws change the credit landscape?

Not every licensed credit provider will be taking comprehensive credit reporting on board, and some will take a while to apply the changes. But what we do know is the shift to the new system is being encouraged by those within credit reporting, with a probable take-up by most licenced credit providers within the next 24 months.

Brokers may find there’s a teething period in the future, as lenders change the way they assess credit worthiness based on the new available information. What was once accepted by the top-tier lenders could now be declined.

My advice to brokers? Having knowledge of a client’s repayment history as well as any other adverse listings prior to making an application can help match the right product to your client. It may be a good idea to encourage clients to get a copy of their CRA, and even showing them how easy and quick it can be to obtain their credit report could be beneficial to everyone in the qualifying process.

Clients can obtain a free copy of all their credit reports from www.freecreditrating.com.au.

* N.B. Since last Thursday, the grace period for repayment history has been officially extended to 14 days. See today’s post ‘Late payment grace period extended to 14 days’ for more details.

If you would like to know more about your credit report, or need to dispute a credit listing on your credit report you can contact MyCRA Lawyers on 1300 667 218.

Image: Gualberto107/ www.FreeDigitalPhotos.net

09/04/2014
5 credit accidents you want to avoid this Christmas.

Media Release

5 credit accidents you want to avoid this Christmas.

17 December 2013

Australians must put credit issues on their radar to ensure a bad credit rating is not the surprise they get this Christmas season, warns a consumer advocate for accurate credit reporting.

Credit repair pioneer Graham Doessel, who is now Non-Legal Director of MyCRA Lawyers – a firm focusing on credit disputes, says too many Australians are kept in the dark about their credit file, but anyone who intends to borrow money in the next five years should make it their business to prevent simple accidents from hurting their credit rating.

“I fear many people are unknowingly making mistakes with credit right now, which will see them locked out next year,” Mr Doessel says.

Back in September, Credit reporting agency Veda Advantage published results of a survey showing that 80 per cent of Australians have never checked their credit history and 53 per cent were not aware that they could ask for a copy of their credit file.(1)

Mr Doessel says these statistics are severely worrying and show too many consumers are unaware of how important their credit file can be for lenders making financial decisions.

“There are no class lines, whether rich or poor if your credit file is ‘impaired’ by negative notations, your ability to obtain credit will be affected or the interest rate you are offered will be higher,” he says.

“I would like to say it is always cut and dried – don’t pay, get bad credit but in reality it’s not that simple.”

There are number of ways you can make mistakes and end up paying dearly for it. Over the Christmas period the risks can be higher.

Mr Doessel covers the 5 major credit accidents at Christmas time:

1. Accidental late payment.

Right now, if you make a payment late on licenced credit (being loans, credit cards and other finance) – the information is being recorded. You may not intend to actually default on your loan – but Christmas can be a busy time where payments can get overlooked by a few days. Don’t let this happen to you. After March next year, late payment information will be available to lenders on your credit report and will stay there for 2 years. So don’t put off paying your credit card after Christmas pay on time every time to make sure your credit rating isn’t impacted.

2. Accidental default.

If you happen to unknowingly let any bill (including your phone bill or Energy account) slip into default – (more than 60 days overdue) a default listing will be recorded against your name. You may have the funds to pay, you may have simply overlooked the account – but your credit file will carry that default listing for 5 years – and most times you will be refused mainstream credit because of it. So if you plan to go away for Christmas, make a plan to ensure all of your bills are organised prior to leaving.

3. Being careless with your personal information.

Scammers are out in full force at Christmas, but often people are too busy to take care with their personal information. Credit cards are used more frequently and at a variety of locations; we’re being encouraged to sign up for free giveaways; we’re giving out more details online – but you must consider the risks to your credit rating. If fraudsters are able to access your personal details they have the key to your good credit rating. They can run up credit all over town. Often it’s not until victims apply for credit in their own right and are refused because of defaults that they realise their credit file has been misused.

4. Not forwarding new information to old Creditors during moving and transfers.

Christmas and New Year is a very common time for transfers and other work changes to occur that could see people moving interstate. A change of address is a very common reason bills go unnoticed – along with warning notices and the result is a bad credit rating that may not be detected until you actually apply for a home loan. Before you go, tie up all loose ends at your current address, ensuring all changes of address and accounts are settled and confirmed in writing to avoid being blacklisted for credit.

5. Overlooking errors and omissions from Creditors.

Even creditors are affected by the silly season -with staff busy and preoccupied. The volume of transactions may increase while staff decrease, putting stress on the Creditors’ systems. For this reason it is crucial for you to keep watch on your own finances. Check your bank statements and bills at this time. Keep abreast of which bills are due and when. If you don’t receive a bill, chase it up. Busy people make mistakes – don’t let them make it with your credit rating.

You can check what is currently reported about you at www.freecreditrating.com.au.

Mr Doessel says education is the key to ensuring less people are making mistakes with credit. More information on credit reporting in Australia can be found at the Office of the Information Commissioner’s website www.oaic.gov.au. MyCRA also provides up to date information on trends and issues in credit reporting impacting consumers www.mycra.com.au/blog.

/ENDS.

Please contact:

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

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

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

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

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

(1) http://www.veda.com.au/sites/default/files/images/ycai_launch_infographic_final_190913.pdf

Image: Naypong/www.FreeDigitalPhotos.net

17/12/2013
‘Talk Like A Pirate Day’ For Childhood Cancer: Illness and Your Credit File

Aaargh me hearties! MyCRA be helpin’ to raise money and awareness of issues around childhood cancer support through ‘Talk Like A Pirate Day’. Talk Like A Pirate Day is dedicated to raising awareness of the impacts that childhood cancer has on families whilst raising vital funds for a great cause.

We be raising some serious pieces of eight to help out with those families and we be doin’ it through speakin’ pirate all day today. We be havin’ a great time, an’ we hope you be likin’ our pirates Jamie and Zac in the picture.

On a more serious note, we thought Talk Like A Pirate Day was a good opportunity to discuss the serious issue of how you can protect your credit file in times of illness in the family. We look at how your credit file can be affected by illness, and what you can do to protect it – because a financial crisis is the last thing you need.

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

Childhood Cancer Support provides a range of support services to families of children undergoing oncology treatment. These families are from various parts of Australia, Pacific Islands, Middle East and New Caledonia. When you or someone you love is fighting cancer or another serious illness, it can put a massive strain on your finances.

According to Cancer Council research, families can expect to lose more than $47,200 when a family member is diagnosed with cancer, so the financial impact of a cancer diagnosis can leave many patients in desperate need of immediate funds.

If you are unable to work – it is not always as simple as claiming sickness benefit – even if you have it – it’s not always straightforward. Many times in our line of work we have met people who have been unable to claim a sickness benefit or similar, until they have lost all of their assets. This is not a great situation to be in.

The other thing that happens when someone you love is sick – is that all the day-to-day things go out the window. You are consumed by daily hospital visits, late nights and a blur of confusion and worry. Your head’s just not in the right place to focus on finances, and often repayments can get forgotten.

Here are our top tips for protecting your credit file during a health crisis:

1. Tell your Credit Providers.

Now is not the time to be too proud to put your hand up for help. If you or a loved one is sick and it means you may be off work for some time, it is important to have a discussion with your Creditors if you know you will be unable to make repayments on time. Do this BEFORE you go into arrears, particularly for your licenced credit (mortgage, credit cards etc). If you make these repayments more than 5 days late, you will have it noted on your credit file, which stays there for two years. The other reason you should tell your Credit Provider, is you may even be eligible to claim a rebate or concession, or even receive a voucher or grant to assist with the cost of utility bills. Cancer Council Victoria has a factsheet on these – and you can check which you may be eligible for: http://www.cancervic.org.au/downloads/CISS_factsheets/prac-utilities.pdf. Check the Cancer Council in your State for more specific help.

2. If the situation is dire, ask for a Financial Hardship Variation.

New laws have been passed to help if you are experiencing mortgage stress, particularly in times of temporary hardship like illness. You may be able to reduce the size of your mortgage repayments, or even put a hold on repayments for a period of time without resorting to missed payments.

Many people think they should not tell the bank they’re in financial trouble, and keep quiet for as long as they can about it. But it’s in the bank’s best interests to help you when you’re in trouble rather than see you default on your mortgage or have your home repossessed. One of the main differences between asking for and obtaining an official variation in your credit obligations compared with simply not paying your bills is that you avoid the bank placing a default listing on your credit file (provided you meet the new obligations that is).

But there are some things you do need to be aware of. Any time you fail to make a repayment with your bank on time, the late payment will be recorded on your credit file – so for example if you are unable to make this month’s mortgage repayment by the due date – that late payment will be recorded on your credit file – including the date you repaid the overdue amount. It need only be five days late and you could be penalised.

3. Set up systems to ensure your bills are paid on time.

Although you probably don’t have much time, it’s a really good idea to try and set up direct debits with all of your bills as soon as you can – so you won’t be caught out missing a payment if you have even less time in the days and weeks ahead.

4. Seek financial help and advice.

The best place to start getting help with your finances is the Cancer Council in your state. Through the Cancer Councils, AMP offers free financial advice to cancer patients which could be invaluable in times of crisis.

5. Check your credit file.

Hopefully your family will one day soon recover from this unexpected crisis, and when that day arrives, make the time to check your credit file has stayed intact through it all. If there are any defaults, or other negative notations incurred during this time and you believe they are unfair, incorrect or just shouldn’t be there – you may have a case to dispute them and request their removal. Start by grabbing a copy of your credit file www.freecreditrating.com.au.

It is a good idea to keep for anyone to keep their credit file as healthy as possible, but when you have a family health crisis, it is even more important that its clear in case you need to borrow funds.

For more information and help with your credit file, contact MyCRA on 1300 667 218 or visit our website www.mycra.com.au.

19/09/2013